I have a checking account at Bank of America and when I was there the other day, I noticed I was eligible for their preferred rewards program. Due to various factors such as account balances you can become eligible for different levels of their rewards program. The bank teller actually handed me a trifold about the program and told me more details about the benefits and special offers it includes—all at no cost to me! Turns out they have benefits for credit cards, interest rates on saving account, auto loans, mortgages, and more. The rewards program gives me access to all these other products with some additional discounts and benefits as well.
Why does Bank of America have this rewards program? They know that in order for them to get the most value out of their clients and in order for the clients to get most value out of the bank, they have to make sure their clients are aware of all the different products, services, and programs they have. If the bank can give just a liiiittle bit of incentive or added value, it makes sense for a current client like myself to utilize these various other products and services from Bank of America instead of their competition. Why not go to one location to take care of your car loan, business banking, and mortgage needs with added benefits instead of going to three other businesses? This is definitely a benefit for clients but what's this doing for Bank of America? This is increasing the number of transactions for all of their clients in their business and helping them make more revenue and profit.
What's your version of the Bank of America rewards program? What can you do in your business to highlights some of the various benefits your clients can receive from different products and services you have to offer? How can you create a rewards program that helps cross-sell and helps your clients understand the different services you have to offer that they might benefit from? Successfully doing this will help to increase the number of transactions for your clients and help you make more money. If you can't figure that stuff out contact us and we will definitely help you out.
We offer complimentary 2-hourstrategy sessions (a $2000 value) for businesses that want to look at opportunities in their business. We can chat briefly about the details of that session to see if it would be beneficial for your business.
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