"I’m a business owner…not an accountant."

The other day, I was talking with one of my business-owner friends about where I work.

“What is it that your company does again?” she asked.

“We provide technology solutions for community banks and credit unions,” I replied.

Usually after I tell people what CFC does, the person I’m talking with smiles politely with a glazed look in their eyes and nods.  They’d like to think this response suggests that they understand what I’m talking about, but unfortunately, it doesn’t.  I’m not sure if it’s the words “technology” and “bank” in the same sentence that throws them off, but because I pride myself on my communication skills, I give them an example of one of our technology solutions (the coolest one, of course):

“Do you have a smartphone?  Well, there is a technology that allows you to take a picture of the front and back of a check and deposit it into your account any time of day.  We offer that.”

“Really?! That’s awesome! I’ve heard of that!”

And, because I sometimes get carried away with my storytelling, I continue:  

“Yeah, if you’re a small business owner with lots of checks, which you are, most financial institutions offer remote deposit capture, which is kind of the same as the smartphone thing, but you get a scanner.  You just run your checks through the scanner and they are deposited into your account.  It’s nice because you can do it whenever you want and you don’t have to drive anywhere.  You should really ask your bank about it.”

As I’m saying all of this, my friend’s look changes to a look of curiosity and then interest.  As I answer her questions about remote deposit capture I think, “Why am I telling her this and not her financial institution?”  Why wouldn’t her FI have mentioned this service?  Or maybe it did, but it didn’t make sense?  Or maybe her FI doesn’t even offer the service?

With that being said, here are a few ideas on how to keep your small business customers engaged at your financial institution:

1. Communicate constantly:  If the owner of a small business comes into your institution to open an account, you probably give them a packet of information on the services you offer and send them on their way.  Chances are they’re not going to take that packet home and read about every single service you offer.  Nope.  They’re going think it was a nice take away and file it.  Typically, small business owners aren’t accountants. They are going to need some guidance.  Put together a small business e-newsletter (or direct mail campaign) and send it out on a quarterly basis.  Feature one or two of your products and include feedback from your business customers on how they use these services.  Engage with small business owners and let them know that you’re here to help.
2. Educate – internally and externally: Great, you’ve gotten the word out about your products!  Are you ready for people to start asking questions?  Prepare for inquires by educating your staff on your intuition’s business services.  They will take pride in knowing how to communicate with anyone who calls or walks through the door.  Also, make sure your website represents your service offerings to the best of its abilities.  Include interactive elements like intro videos and demo webinars that not only explain product benefits but also how your products work.  Get your business customers thinking about how your services will save them time and money.  
3. Reassess costs:  Costs tend to fluctuate.  Make sure that you’re not pricing your business services out of the market because you haven’t reassessed how things have changed in recent years.  As certain technologies age, costs decrease.  Pass this savings on to your business customers.  They will appreciate your honesty and give you their loyalty.

Whatever you do, just keep in mind that we all need some support and guidance now and again.  Ultimately, we just want to know that you, our financial institution, have our best interest at heart.