Don’t let customer itches fester
Making it easy for your customers should be a mantra for every business.
Anything that causes friction or annoyance is a potential risk. Itches get scratched. Which aggravates it. Worse repeated scratching and it festers.
In today’s market customers are looking for solutions and are walking out the door if they are not delivered.
So, it was for a financial services business. Payment terms were a source of sporadic grumbling, irritation and a potential competitive threat. The business wanted to be proactive and fix the issue.
They wanted a payment solution for their customers. One that delivered enhanced value to the customer and delivered on a strategic business objective: “customers first”.
They met with IA to present their finance business case.
Working partnerships for mutual success
IA considered the business case and presented a counter proposal: a joint venture
“We don’t often partner with our finance clients. But if the alignment is right and the commercials stack-up then we are open to entrepreneurial opportunity”
The joint venture enabled IA to have direct input into the product development, identifying target markets and the finance terms being offered to customers.
The payment solution is a huge success. Take up by the business’s customers has been much larger than anticipated. It has also enabled the business to successfully explore new markets.
As a result, the joint venture was profitable in Year 1, a rare achievement, and 18 months ahead of schedule.
Finance is used to fix business problems and anything that irritates your customers is worth fixing.