The SMB payments market has become highly competitive, with more payment providers than ever before. As a small business payment provider, it’s not enough to just stay competitive to win new business – you also need to constantly be aware of threats to your existing business.
But it doesn’t need to be difficult. In fact, winning new business and retaining your existing customers can be easy if you have the right tools.
By harnessing the power of dynamic data and acting on real-time sales triggers, you can build real relationships with growing businesses – and that’s the key to unlocking a real, sustainable revenue stream.
Get the big picture
Start by understanding your customer. What are their current needs? Who are their existing providers? What industry challenges are they facing? What are their future goals?
Once you understand your customer, you can determine if you can help. If you genuinely believe that your offering will help them in running or growing their business, you have a good chance of building a relationship. (And if you don’t, don’t waste time trying to force-fit a solution.)
Anticipate their needs before they know them
Closely monitor events in their business. Consider the different challenges each event could present – for example, working towards opening a new location is exciting, but may have a short-term negative effect on cash flow – and how you can help overcome those challenges. By offering a service or product that answers a need as it occurs and saving them the time to shop around, you show that you have their best interests in mind. You also close the door to any competitive threat!
And if they’re not your current customers, identify their existing providers, and what has changed for the business. If your solution responds to the change and improves its position, then it’s the right time to act.
Use dynamic data to create a first-mover advantage
Dynamic data is data that is consistently collected from multiple diverse sources and continuously refreshed, so it changes over time as new information becomes available.
To truly understand your customers and monitor their events, you need dynamic data. You can’t rely on static data anymore – the SMB payment solutions market is too competitive. To stay well informed and identify key moments to act, it’s critical to have a continuous stream of fresh data. Know when businesses are growing or struggling, hiring, dealing with new industry developments, or facing other challenges – before your competition hears about it.
When sales and marketing teams targeting SMBs use dynamic data, they get regular alerts of changes and events for their predefined targets – letting them act upon true data and real-time sales triggers.
Turn customers into cheerleaders
By adapting to your customers’ changing needs, you can create long-lasting and meaningful relationships. With a proactive, needs-based outreach strategy, you build trust while delighting your customers with your service offering.
There’s only one other marketing tool that’s even more powerful than dynamic data – and that’s a happy customer. Why not harness the power of both?
Using true dynamic SMB profiles from Leadgence, organizations selling to SMBs can now go beyond traditional data, which is often static and generic, to execute more well-informed and focused efforts and target specific audiences based on dynamic needs.