Number One: Educate Your Customers
Most business owners select their commercial bank based on the products and services offered by the bank. In most cases, physical location doesn't determine the decision. Customer service, loan rates, fees and banking products are typically the criteria that enter into the selection process. Good service and low fees are the two most important benefits to a commercial customer.

 

On the retail side, however, the criteria can be different depending on the product. Customers typically set up checking and savings accounts with a bank no more than three miles from home. They might, on occasion, shop around for low loan rates on car and home loans or for high rates on deposit products. Retail customers really look for convenience, so the bank's geographic location matters.

 

If your customer currently uses another bank for his or her primary retail accounts, it's likely that he or she hasn't even inquired about what retail products you have to offer. This is your opportunity to educate your customer on the comprehensive line of your bank's retail products. Remember, you're the expert. Your customer has a personal relationship with you and trusts your advice and guidance. On the other hand, most retail customers do not have a personal relationship with the person or persons handling their retail accounts.

 

When you open up a commercial account for your customer, offer them literature on your retail products in the form of a "welcome kit." Include important reference information concerning bank hours, branch locations, commercial services you offer and fees. In addition, include a full listing of all your retail products and services. And you might want to include coupons with special offers on any of your retail products as a new customer "thank you." Remind your customer that, since they now have a commercial account with you, it would be very convenient for them to also keep their retail accounts at your bank.

 

In addition, be sure to introduce your commercial customer to key personnel on the retail side of your bank, including the branch manager, the personal banker manager and retail loan officer. This will make your customer feel appreciated and welcomed.

 

Number Two: Research the Retail Needs of Your Client
Include in your new commercial account application a short questionnaire about the client's retail banking needs. Find out where he currently does his retail banking, how long she's been a customer at the other bank, and where his or her current bank is located. Will she have a need in the future for any type of loan, be it personal, home or car? Will he require checking, savings or money market accounts or a safe deposit box? It's also a smart idea to ask what matters most to the client in selecting a retail bank. Is it convenience? Customer service? Products? Low loan rates? Free checking? Let your customers tell you what their needs are.

 

Number Three: Communicate with Your Clients Regularly
Research shows that the majority of customers want to know more about your products and services. If your bank has a newsletter about your retail products, make sure that the mailing list includes commercial customers.

 

Whenever your bank has a special promotion on their retail deposit or loan products, send out a special mailing to your customers. You might even want to include a personal note along with the promotional flyer. And when your customer comes into the bank to discuss banking business with you, keep a stack of promotional flyers at your desk and hand them to that customer before he or she leaves. These small marketing programs take only minutes of your time, but they're crucial in deepening strong customer relationships.

 

Every retail account you open up with your commercial customer forges another link in building a solid banking relationship. Education, research, and communication are the three steps which, when properly implemented, will help turn all of your customers into a lifetime of business.