Friday, 28 April 2017

Information and commentary for the small business banking industry

Questions your customers want you to ask

17 Feb

What they’re not telling you

Although it’s true that there will always be people who like to complain, and who will make the most of any opportunity to be the squeaky wheel, the majority of your small business customers probably won’t say anything if there are things about the bank that they think can be approved. That’s why it’s important to ask – and keep asking.

Whether you conduct surveys through email, polls through social media or just sit down and chat with them when they come into the bank, there are some fundamental questions banks should be asking of their small business customers in order to provide the definitive banking experience.

What they want you to ask

Acting on the responses to these key questions will not only help your customers to become even better customers, but they’ll tell others about you, and there’s no substitute for the effectiveness of word-of-mouth. And their responses will help drive your bank’s business.

  • Why do you enjoy banking with us? It could be that you approved a business loan when other banks wouldn’t, one that specifically meets their needs, lifestyle and financial. They might have had a fantastic experience with one of your small business specialists regarding start up, credit cards or insurance, and their business has been successfully launched as a result. Whatever the reasons are that your customers enjoy banking with you, you need to find out. And it’s the kind of feedback they won’t generally give you unless you ask.
  • What else do you wish we did? You know you’ve got some satisfied customers, because you’ve asked them what they enjoy about doing business with you. Now it’s time to find out what else you can do. Consider the transactions your customers are working through with you, and ask them what else you can provide. They might provide you with an idea for a service that no other bank is offering, and this will boost your competitive advantage with a minimal effort on your part. But you won’t know unless you ask.
  • It’s all about the power of word-of-mouth. It’s the most effective – and cheapest! – advertising you can engage. If people like doing business with you, chances are pretty good that they’re thinking about friends, family or colleagues who would also benefit from becoming your customers. So make it easy for them to spread the word about you.

It’s always a good idea to offer them incentives for bringing in new customers, and encourage them to network with potential clients through industry events. These are great ways to build and maintain a solid relationship.

If you’ve given your customers a good reason to spread the word about you, it enhances your brand and attracts new customers.

So put some effort into asking your customers these questions. They are simple, you can act on the responses effectively, and strengthen your existing relationships while creating new ones.

Here at TSBC, we can offer you great content around creating the ideal customer experience with a great range of content for the small business section of your bank’s website. Contact us on sales@tsbc.com to find out how we can help you.


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Glen Senior
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.

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