3 tips to boost commercial account growth

While retail banking is the backbone of community financial institutions, developing a thriving book of commercial business can make all the difference to the bottom line. As you take on planning for 2017, here are some tips to help increase your commercial accounts in the New Year:

1. Boost your mobile banking

According to a survey by Raddon Financial Group, 52% of businesses with up to $10 million in annual revenue rely heavily on mobile banking. ¹ It’s even more prevalent among millennial business owners, with 68%.

With the ease of mobile banking, business owners can conveniently handle multiple banking transactions throughout their busy day, without disrupting their schedule. It’s clear—it’s time to build up your mobile capabilities if your institution wants to attract more retail business.

2. Help improve their marketing efforts

Many small businesses owners don’t have the time or means to actively market their business online. Set your institution up as a resource for local businesses by hosting a marketing seminar. You’ll get face-to-face time with business owners, while they learn how to grow their marketing reach through social media and digital advertising.

If your institution has the resources, your Business Development team could even create a marketing agency to provide support for local merchants in your area.

3. Encourage your cardholders to shop local

Take it a step further by offering what your competitors aren’t—a rewards program that rewards local spending. By providing incentives for your cardholders to shop at locally owned businesses, you’ll set a precedent as a local-first institution, further opening the door for new retail business.

Buzz Points is an innovative rewards program that rewards consumers for choosing local businesses over national chains, and for banking with a local community bank or credit union. The localized rewards program is a win-win-win for cardholders, community financial institutions and locally owned businesses.

Want to learn more about how Buzz Points can help you achieve your 2017 commercial account growth initiatives while boosting your local footprint? Download our latest case study “Filling the Gap: Buzz Points, Richwood Marketing Boost Richwood Commercial Account Growth.”

Sources:

¹ https://thefinancialbrand.com/59746/small-business-mobile-banking-potential/