Every engagement with a client provides an opportunity for you to strengthen your relationship with them. By ensuring that each contact makes them feel that they have a strong business partner that they can trust, rely on, and build their business with, you are fueling their loyalty and strengthening your customer relationship.
Conversely, each negative interaction contributes to your customer’s likelihood to move to another provider.
It can seem like a challenge to give a consistent level and attention of detail to all clients particularly when they are SMBS with very separate series of requirements, the interesting thing however is that it does not have to be this way.
Acquirers that are able to manage the entire security and compliance journey, understanding each touch point and suggesting products and services that are beneficial to their SMB clients, can reap rewards such as a reduction in churn, increased revenue and greater client satisfaction. The key is to use data to build a picture of each journey, evaluating and reacting to each instance.
Understanding your clients’ needs
According to UK focused report – Redefining Digital Banking for SMBs, businesses feel more engaged by their acquirer if they are provided with access to tools and business insight.
Some of the most interesting insights of this report are that 67% of SMBs surveyed want tools and advice on running their business and planning for growth and development, additionally 42% would change banks if another bank had a demonstrable understanding of their business and lastly 33% would change banks if another bank acted like a business partner rather than a financial transaction provider.
The main take away from the report is that the deeper the understanding that the acquirer has of the business the increase in relationship stickiness that it creates.
Strengthening your customer relationship
The stronger the bond that you, the acquirer have with your client the less likely that they will move to another service provider, concrete customer relationships are formed by truly understanding at what stage your clients are at in their journey, whether that be them establishing what security or compliance requirements they have or that they may need guidance in expanding their business.
The key to understanding your customers is by gathering the data that they provide at each touch point and proactively using that to assist and target services and products that make them feel that they have a business partner in their acquirer.
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