Is your financial institution neglecting small businesses in your community? Their offices are sometimes tiny, their schedules are often full and their employees may be minimal, but they can bring immense value to your bank or credit union. And the potential market is huge! Author Gene Marks, in his book entitled Outfoxing the Small Business Owner, shares this statistic: “80,000 small businesses open up every year in this country.” And they’re all going to need business banking accounts, money management solutions, loans and more.
When it comes to financial services, small business owners are looking for efficiency, productivity, quality and value. What they strive to offer their customers they also expect to receive when they’re the customers. Save them time, save them money, do things well and help them get stuff done. In return, you’ll likely earn their business today and their loyalty in the future. Here are some common traits of small business owners to keep in mind as you consider how best to market to them:
- They’re looking for immediate relief. “Small business owners would love to have a three-year and five-year plan; the reality is that we often have a one-week plan, and it’s a rough draft. We’re usually looking to fix something right now” (ducttapemarketing.com).
- They’re short on time. “Small business owners are very busy people. They may need your product or service, but they don’t have the time to think about it. They are up early and deep into their work by the time that first cup of coffee hits their lips” (earlytorise.com).
- They have high expectations. They’re used to going the extra mile to win new clients and please current ones, and they expect their service providers to do the same for them.
- They don’t want convoluted instructions. Be clear and brief; then let them get back to work.
- They want things to work right the first time. If your online services are down frequently, your phones are rarely answered by a live, helpful person and your hours are minimal, you’re severely hurting your chances of developing lasting relationships.
- They constantly have an eye on cash flow. While you’re marketing a new product to them, they’re wondering about return on investment.
Knowing how small business owners think, you can see how offering the following financial products and services could benefit them and promote your financial institution:
- Business checking and savings products
- Business credit and debit cards
- Vehicle and equipment loans and business lines of credit
- Investment property mortgages and business real estate financing
- Online account management and automatic bill payments
- Remote deposits and mobile banking
Here are just a few of the many benefits of having small business owners as your customers or members:
- Loyalty – “If you fix my problem, and you do it in a way that is simple, effective and affordable, and if I come to trust your words and actions...I’ll go out of my way to keep buying from you because what I know about you is more comforting than what I don’t know about someone else’s pitch” (ducttapemarketing.com).
- Growth – As the small businesses grow, your financial institution grows. When offices need to be remodeled or expanded, small business owners are more likely to return to you for additional financing if you’ve developed a positive relationship with them. Also, consider the fact that a small business owner would likely do both personal and business banking at the same financial institution, and these entrepreneurs are often participants in organizations of business owners, benefitting from each other’s knowledge, connections and referrals. Consider the viral marketing possibilities!
- Community involvement – Along with the whole “buy local” campaign that’s become popular in recent years and the Small Business Saturday that follows Black Friday in October, by supporting small businesses you’re showing your community spirit and helping your local economy thrive, which in turn helps everyone.
So if you’re wondering where to focus your next marketing campaign, consider your local small businesses. Don’t wait for them to grow before connecting with them. Reach out to new businesses opening in your community, and be sure to follow up periodically with your current small business customers and members to ensure they’re satisfied with your services and their specific needs are being met. Don’t miss out on big opportunities for marketing to small businesses right in your own community!