PPP = Potential, Potential, Potential
Turn Potential into Profit
The best prospects are the ones you’re already doing business with.
Cross selling or upselling product lines is not a new concept, but many banks are still going about it in a very traditional way. If you don’t already have a multi-channel approach to converting loan clients to deposit account clients you could be leaving more money on the table than ever before.
The real value to banks in PPP loans.
The real value in the PPP loan program is the amount of new faces that have engaged with your brand. Not only have they already done business with you, but more than likely they are extremely grateful that you were able to help them at a critical point in their lives.
A staggering amount of all community bank PPP loans are going to new customers. They’re prime candidates for conversion to a deposit customer. We know what small and mid-sized business owners (SMBO) mean to community banks. On top of that value, we can assume that these SMBOs have likely had a negative experience with one of the big banks, prompting them to come to you for a solution. The propensity to change bank relationships for this demographic cannot be overstated, but you’ll need to act quickly.
Depending on how advanced your internal CRM and data capabilities are you can easily begin a tightly segment campaign towards these high value individuals. Utilizing social channels (especially LinkedIn) as well as other more targeted methods you will be able to serve up relevant messaging as you help them through the final stages of the PPP forgiveness process. Staying top of mind and relevant will make the cross selling much easier on your internal team. Even if you’re still getting you internal data capabilities up to speed, it’s not too late to develop a campaign to convert this audience.
Are you ready to create a campaign to drive customers to all your product offerings? Schedule a free consultation with our Certified Financial Marketing Professional lead strategist, and creative director today.