How to Sell Business Credit Cards

how to sell credit cards

Identifying an effective method of promoting commercial credit cards is a tremendous way to increase your overall customer penetration rate. Business credit cards provide an important service to the client while solidifying its relationship with your financial institution.

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Effective Business Credit Card Sales Campaign

Identify commercial clients who currently do not have a business credit card with your financial institution.

Ask your commercial loan officers, branch managers and outside calling officers to make a list of everyone who does not have a business credit card with your financial institution. This is the group to target for your sales efforts. Typically, most financial institutions' system databases should be able to provide a list of customers or, if you are a smaller institution, you can pull a list manually.

Develop a marketing campaign that targets the specific audience.

As with any marketing and sales campaign, stress the features and benefits of your specific business credit card. If you are planning a special promotion in conjunction with the card, be sure you highlight the offer in every communication channel. Examples of a special promotion include a special rate offer or a balance transfer campaign.

If you are targeting a special niche audience--for example, accountant's offices--you could tailor your credit card campaign to directly benefit accountants such as a reduced rate during tax season.

Direct mail, either traditional postcards or email blasts, leads the charge in a targeted business credit card campaign. You may also want to consider creating outside calling officer flyers, in-branch signage and targeted newspaper or trade journal advertising.

Launch your marketing campaign, along with outside calling efforts.

Send your initial message to your list of business customers via direct mail or email. Begin to

implement any other marketing including advertising and signage. When the campaign begins, conduct a few outside calling blitzes.

Arm your officers with business credit card material, such as flyers and brochures, and ask them to visit as many prospects as possible within one day or afternoon. Officers should tell the customer that they were stopping by to tell them about the exclusive credit card offer and to attempt to sign customers up to receive the credit card.

You could also include an internal sales contest in association with the business credit card campaign. Your overall sign-up numbers may increase if you sweeten the deal by offering a cash incentive to the officer who signs up the most clients during one blitz day.

Follow up with phone calls with regard to your marketing campaign.

Arm your staff with phone numbers for prospective clients. A few weeks after they receive the initial direct mail or email blast, ask employees to conduct follow-up phone calls.

You can either select a specific time of day to hold a telemarketing blitz or you can provide a list of names and phone numbers to officers and ask that they contact everyone on the list by a certain date.

Like with the outside efforts, you can always include an internal contest where you provide money incentive or pizza parties for signing up new business clients.

Review and reflect on results.

When the campaign wraps, gather your team and calculate the return on investment (ROI) and discuss what went well and what went wrong with your campaign. Be sure you get input from employees who made outbound phone calls and in-person, outside calls, too. This will be vital to helping you identify what business customers responded to most.


Category: Credit

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