Strategic alliances can multiply your reach—and your value—to customers

ripple effect of alliances

When was the last time you thought about putting your well-known contacts and customers together to bring more value to everyone? As a banker, you know lots of people. Are you using that knowledge to expand your reach?

It's time to step back and think about how you can help others with more innovation and less "banking as usual."

Who are some people or organizations that are a natural match with each other? Here are a few to get you started. 

who/what/why/benefit

1) Tax professionals

Why? The new tax laws are changing in significant ways. Just a few examples:

  • home equity loan interest: experts are still wrestling with what is or isn't tax deductible
  • mortgage interest deductions are down
  • medical expenses are deductible to 7.5 percent of adjusted gross (down from 10 percent)

What?
Could you partner with a tax professional now to offer some educational seminars or website articles to your retail customers and your bankers?

The Benefit
s
This is an opportunity to find better ways to serve your customers and offer different deposit and loan products that help you both be more profitable. And the CPAs may gain some new clients as well.

2) Marketing professionals

Why? Many small business owners struggle to keep on top of their marketing—especially when it comes to their social media. Many also have difficulty developing an integrated, budgeted marketing plan. They throw things at the wall to see what sticks. They’re wasting money and slowing their growth.

What?
Invite a marketing firm (hopefully your customer) to give a “Low Cost Marketing” or a “Social Media 101” lunch-and-learn to your small business customers.

The Benefits
Small business customers who are spending more wisely and growing properly will grow with you. And while your small business customers maybe too small to hire that marketing firm now, they may grow into a different situation. This is a great way to build loyalty that lasts a long time.

who else can be a smart referral connection?
Here are a few more ideas:

  • car dealers, farm implement dealers or fleet leasing agents
  • architects and builders

Take a little time to brainstorm with your team to see where other potential strategic alliances could be developed.

Make a list, then give your ideas the WHO/WHY/WHAT/BENEFIT test.

one more benefit
When your staffers have the benefit of these trainings, they're more knowledgable. They'll be able to talk more confidently about the bank's products and do a credible job making recommendations to customers.

dive in
Once you have your list together, it's time for action creating your program.

  • set key dates
  • determine who owns the responsibility
  • know who will follow up
  • decide how you'll measure
  • do you need to test?
  • go!

There's no time like the present to build a pool of alliances and valuable resources for your institution and customers. Your better bottom line is waiting.


 If you need help building a better program for your institution, call Martha at 785.969.6203.

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