Are you ready to revolutionize your bank’s revenue stream? Imagine transforming your financial institution into a powerhouse of financial stability and customer loyalty. Community banks are sitting on a goldmine with business credit card programs—untapped potential that can drive substantial fee income and resilience. Did you know that 82% of businesses applying for new credit cards already possess three or more? It’s time to tap into this thriving segment and make waves in the market.
By integrating business credit card programs, you’re not just adding another product—you’re building a fortress against fluctuating interest rates, diversifying your income streams, and (finally) becoming truly sticky with your business customers. Strategic partnerships are crucial when launching business card programs. Torpago, the leader in cutting-edge, white-label business card platforms for banks, is your solution to success in the business credit card space.
Maximizing Your Business Credit Card's Reach and Impact
Leveraging the Power of Branding
A Distinctive Brand
A distinctive brand for your business credit card program is essential in today’s competitive market, where numerous options are available to business owners. Effective branding encompasses visual and emotional elements such as the name, logo, colors, tagline, card design, and overall customer experience. This alignment catches the business owner's eye and significantly influences their decision-making process by highlighting the unique advantages your card offers.
A strong brand ensures your business credit card is easily recognizable, fostering customer recognition and brand recall. Trust and credibility are also enhanced, as a well-established brand conveys reliability and security, encouraging customer loyalty and recommendations.
Distinctive branding sets your card apart from competitors, emphasizing unique features and benefits that attract new customers and retain existing ones. Additionally, creating an emotional connection through compelling brand storytelling fosters deeper loyalty, making businesses more likely to choose your card over others, even if the financial terms are similar.
How Branding Impacts Customer Trust and Loyalty
The impact of branding on customer trust and loyalty is profound. It significantly influences businesses' purchase decisions, enhancing the perceived value of the business credit card. The brand's reputation and image are crucial in this decision-making process, making customers more willing to choose your card over a competing alternative. Key benefits of a distinctive brand for business credit cards include:
- Customer Recognition: Ensures your card is easily recognizable and fosters brand recall.
- Trust and Credibility: Enhances perceived reliability and security, boosting customer loyalty.
- Competitive Differentiation: Highlights unique features and benefits, attracting and retaining customers.
- Emotional Connection: Creates a bond with customers through compelling storytelling.
- Influence on Purchase Decisions: Enhances perceived value and influences businesses to choose your card over competitors.
Effective branding example: Sunwest Visionary Card
Sunwest Bank, a Utah-based institution, recently launched a business credit card in partnership with Torpago. The bank, which describes itself as an "entrepreneurial business bank built for entrepreneurs by entrepreneurs," caters to customers who are "visionary entrepreneurs." This description aligns with how many business owners perceive themselves and their long-term business goals.
In developing its business credit card program, Sunwest embraced its brand identity. The card was named "Visionary" and prominently features the "for entrepreneurs by entrepreneurs" tagline, a unique branding element not commonly found on other cards. Additionally, Sunwest chose black for the card color, a distinctive choice that helps it stand out from competing offerings.
Showing Value by Highlighting Your Bank's Strengths
While your business credit card program may be new, your bank is not. You already have happy customers and a reputation in your community for providing value to your customers, whether it’s for providing top-notch service, serving as a trusted long-term partner for their business, or offering specialized financial products tailored to a specific industry.
When choosing messaging and visuals for marketing materials to support their new business credit card program, community banks should consider their existing strengths and highlight the personal touches they can offer that big banks cannot.
Service quality is one particularly valuable selling point that can help your offering stand out, as many banks are making it increasingly difficult to get a hold of a person when there’s a problem. Being able to say that you offer 24/7 support with real people available via chat, phone, or email will make your business credit card more appealing to a significant number of potential customers – and our program management services allow banks of all sizes to offer this level of support without having to invest in building their own support team.
The value to a business of developing a long-term relationship with a bank that serves as a supportive partner will far exceed any sign-up bonus or overly generous rewards program that a big bank will offer – and your marketing materials should communicate the message that your credit card is part of that relationship.
Piquing Interest by Underscoring Technology Features
Modern businesses want their credit card to be more than just a tool for spending money, they also want tools to help them manage their spending and expenses while making their day-to-day easier. Leveraging partner programs like Powered By allows banks to take advantage of a cutting-edge tech stack and offer advanced functionalities as part of their business credit card program. Communicating the presence and benefits of these advanced features will help make these programs more appealing and successful.
For example, Sunwest Bank emphasizes these benefits in its marketing materials for the Visionary card. These include spend management, ERP integrations, automated receipt capture and expense categorization, and unlimited virtual cards. Some of these features can be hard to find even among big bank offerings, making them a significant competitive benefit for community banks.
Offering Competitive Incentives
While a strong value proposition and rich feature set can go far, it may still be necessary to offer financial incentives to prospective customers to get them to apply for your card or to use it with some frequency. These can include sign-up bonuses, waived annual fees if they open a business checking account or an appealing rewards program.
Because these incentives can be costly, it’s important to work with a program provider like Torpago that allows you to run a fully-owned program – meaning the program runs off your bank’s BIN and balance sheet vs. those of a partner bank that takes its own cut. This model reduces your program’s costs and lets you keep more of the fee income that your customers generate, increasing profitability and making attractive incentives financially viable. This makes it easier for you to attract customers and have a program that’s successful long-term.
Tactics for Marketing Your Credit Card
Once you have launched your business credit card program and identified your key selling points, it’s time to tell your customers and your community about it! As with any product, there are many physical and digital marketing options available for promoting your new business credit card – here are some tips for two approaches proven to work for community banks.
Engaging Customers During Branch Visits
Branch visits provide an excellent opportunity to upsell existing customers and entice prospects who are shopping for a bank by introducing them to your full range of products. Providing branch staff with the right materials and training about your new credit card will enable them to effectively engage customers and drive applications.
Eye-Catching Displays and Signage
Creating visually appealing and informative displays within your bank branches attracts interest and provides customers with key information about your program. Here are some strategies to consider:
- Interactive Kiosks: Set up digital kiosks where customers can learn about your credit card offerings, watch demo videos, and even start the application process. To maximize visibility, these kiosks should be placed in high-traffic areas of the branch.
- Prominent Signage: Use bold, eye-catching posters and banners that highlight the unique benefits of your credit card program. Ensure that these signs are strategically placed near entrances, teller windows, and waiting areas to capture the attention of all visitors.
- Informational Brochures: Provide well-designed brochures that customers can take home with them. These brochures should include detailed information about the credit card's features, benefits, and application process. Ensure that QR codes are included to easily access your online application portal.
Hands-On Demonstrations
Another powerful way to engage customers is through hands-on demonstrations that bring the benefits of your credit card program to life:
- Live Demos: Train your branch staff to perform live demonstrations of how the credit card works, showcasing features such as mobile payments, expense tracking, and rewards redemption. These demos can be conducted at set times throughout the day or one-on-one as customers inquire.
- Demo Cards: Create demo cards with small, pre-loaded amounts that customers can use to make purchases or test features like contactless payments. This tangible experience can significantly enhance their understanding and interest in the credit card.
When choosing a technology partner, ensure that their solution makes it easy to set up these cards and includes support for virtual cards, which can be easily added to a customer’s digital wallet. Our Powered By platform makes it easy for banks to provision all of the cards they need for demo purposes, as well as making it effortless for customers to issue cards to their users and set up spending policies.
Leveraging Branch Staff
Your branch staff plays a crucial role in promoting your credit card program. Equip them with the knowledge and tools they need to market the card to customers effectively:
- Training Programs: Conduct regular training sessions to ensure all staff members know about the credit card's features, benefits, and application process. Provide them with talking points and FAQs to help them confidently address customer inquiries.
- Incentive Programs: Implement staff incentive programs to encourage credit card promotions. Offer rewards or bonuses for staff members who successfully drive applications and sign-ups.
Integrating Physical and Digital Marketing
To maximize the impact of your physical branch marketing efforts, integrate them with your digital campaigns. This is particularly important when using selling points like mobile app features in your marketing materials – you want the first experience a prospective customer has to be as technologically capable as the product experience will be:
- QR Codes and URLs: All physical marketing materials should include QR codes and easy-to-remember URLs. This will make it simple for customers to transition from offline to online, allowing them to learn more and apply for the card at their convenience.
- Coordinated Campaigns: Launch digital campaigns that complement your in-branch efforts. For example, if you have a new display or demo setup, promote it on social media and email newsletters to drive foot traffic to your branches.
Measuring Success
To ensure your physical marketing efforts are effective, you’ll want to track key metrics and gather customer feedback:
- Application Tracking: Monitor the number of credit card applications initiated and completed within the branch. This data can help you assess the effectiveness of your displays, demos, and staff interactions.
- Customer Feedback: Collect feedback from customers who engage with your in-branch marketing. Use surveys or direct conversations to understand their experience and identify areas for improvement.
Utilizing Direct Mail Campaigns To Drive Applications
Direct mail campaigns are a time-tested approach for banks to acquire customers for a variety of products and this is true for business credit card programs. Modern technology tools make it easier than ever to precisely target businesses that meet your ideal customer profile and make these efforts more cost-effective.
Leveraging these tools allows you to combine personalized messaging with visually appealing materials that capture the attention of potential customers and encourage them to apply. Here are some key strategies for creating successful direct mail campaigns.
Utilize Advanced Targeting Techniques
Modern data tools and technologies have transformed direct mail targeting, making it easier to identify the right recipients. Tools like Seamless.ai and Zoominfo help you find businesses that fit your ideal customer profile and identify the right contacts to send promotional mail to.
These tools also enable you to segment your mail messages and personalize content, similar to email marketing capabilities. Accurate targeting ensures that your mail reaches the most relevant audience, increasing the likelihood of generating applications.
Design Eye-Catching Mailers
To stand out in a crowded mailbox, your direct mail pieces must be visually striking. Use high-quality images, bold colors, and clear, concise messaging to grab the recipient's attention. A well-designed mailer attracts interest and conveys professionalism and credibility, which are crucial for financial products like business credit cards. These should align with the branding of your credit card, using the same colors, taglines, and selling points.
Financial institutions are increasingly using colorful brochure-style mailers instead of the traditional envelope, which helps the mailer stand out from the bills and other mail that customers receive, increasing the likelihood that they will read the mailer and apply for your credit card.
Simplify the Conversion Process
A direct mail campaign aims to drive recipients to take action, typically by visiting a website. To facilitate this process, incorporate personalized URLs and QR codes in your mailers.
QR codes are particularly effective, allowing recipients to access your website quickly using their smartphones. Personalized URLs should be simple and relevant to the recipient, avoiding hard-to-type codes. Directing recipients to a dedicated landing page with pre-filled application forms can significantly reduce friction and increase conversion rates.
Accessing a White-Labeled Credit Card Program
Implementing a successful business credit card program involves choosing the right partner. Torpago offers a comprehensive solution enabling community banks to launch cutting edge and efficient credit card programs. Their white-labeled products ensure that your brand remains at the forefront, providing an elevated customer experience that distinguishes your institution from competitors.
A Modern Credit Card Program Solution
Torpago’s solutions enhance your card and expense management offerings, driving growth and creating deeper customer relationships. The infrastructure is flexible, whether you are launching a new program or improving an existing one, ensuring that your specific needs are met. With physical and virtual card designs, spend management platforms, and application landing pages, the entire experience is white-labeled to maintain your bank’s brand domain.
Torpago's modern tech stack offers:
- Comprehensive White-Labeling: Torpago offers fully customizable card designs, spend management platforms, and application landing pages, keeping customers within your brand’s domain.
- Tailored Programming: Whether enhancing an existing program or starting fresh, Torpago provides a flexible infrastructure that adapts to your bank’s requirements.
- Total Economic Control: Banks can set their own rates and rebate incentives without being tied to an agent program.
Seamless Program Launch Support
Launching a credit card program with Torpago is streamlined and supported by a team of experts. From project planning to sales enablement, Torpago’s comprehensive support ensures a smooth implementation. Their cloud-native platform, built for scalability and flexibility, integrates seamlessly with ERP, payroll, and accounting systems, facilitating effective expense management.
With Torpago, banks can access:
- A Suite of Management Services: Torpago's program supplements a bank's capabilities, allowing them to pick and choose underwriting, fraud services, customer support, and more.
- End-to-End Support: Torpago’s team guides you through every step, from underwriting to customer support, ensuring a seamless launch.
- Advanced Technology Integration: Incorporate Torpago’s cutting-edge technology into your credit program offerings, including mobile applications and real-time spend alerts.
By leveraging Torpago’s robust solutions and expert support, community banks can efficiently launch and manage modern credit card programs, fostering stronger customer relationships and driving sustained growth.
To learn more, reach out to our team and request a demo.
