|
Banking Alliances Lead to New Business
IMR, March 15, 1999While many distributors sell products to banks, South Shore Business Checks & Systems relies on banks to help sell its products. The Hanover, Mass.-based distributorship has alliances with 11 banks that recommend the company to businesses opening accounts. "It's amazing how much business you can get if you have a good relationship with banks," says South Shore Owner Steve Donovan, who meets many bank contacts at chamber of commerce meetings and trade shows.
Banks promote South Shore as a check supplier in several ways. When companies open bank accounts, the financial institutions give them South Shore's business card and gift certificates supplied by Donovan for $5 off an order of checks. Some banks even collect information about the check order and fax it to the distributorship to place the order. "I try to keep it as simple as possible for banks," says Donovan.
So what's in it for the banks? "It's a lot easier for banks not to bother with check orders," says Donovan. "[Check orders] take away from time they could be spending selling bank services." When placing check orders, most banks refer to catalogs supplied by huge check printers such as Deluxe and Clarke American. Donovan says many bank employees who place orders get confused. For instance, a bank customer may request 2-part checks. A bank employee may then order 2-part carbonless checks, when the customer actually wanted checks with vouchers. Unlike many bank employees, South Shore understands check features, check production and software programs on which most checks run. "It's very easy for us to help banks," says Donovan.
While the banks recommend South Shore as a check supplier, many companies gradually use the distributorship for other printing needs. "Checks are the most sensitive document that companies buy," says Donovan. "Once they buy them from you, they'll buy almost anything. They trust you." He says South Shore's new business increased between 20 and 25 percent during each of the past two years, and 75 percent of that business came from bank referrals.