Diversification is an essential step for increasing your competitive shares when you have reached the market saturation point. Comparative to other industries, it’s not very easy to add new products and services in your fund transfer organization.
A multitude of companies makes the mistake of doing the same tasks for years and years, which makes them get defeated by others in the market.
The most effective way of adding new products/services is to look in a “horizontal way” rather than the “vertical way” Think about it.
How Can You Provide Value-Added Services To Your Customers?
It will help you in getting a lot of new ideas about Transfering Money:
- We are providing mortgage/car or microloans to the customers.
- Special offers for customers who have to pay for school fee/rent or any other type of periodic payments.
- Online/Offline Retail Payments.
- Latest tools to send money online. Payment of Bills and Groceries etc.
- Mobile application app and Credit Exchange.
- Peer to Peer Transfers.
The above-written list is an example of how you can provide value-added P2P options to your existing and potential customers. It depends on how much are you willing to expand your network and mindset.
What Can You do to Encourage Entrepreneurs to Make Transfers?
As we all know, the total money transfer amount of P2P fees doesn’t even make the 5% of B2B payments which are in trillions of amount. So, How can you create strategies to attract big gamers in the industry to invest in you?
If we don’t count banks, then there are like 8000–1000 players (approximately), but if you count the B2B players, then this market comprises of even less than 750 players.
To gain maximum opportunities, you have to achieve both of the customer categories. It will make your brand reputation and will also give you a chance to flourish to the maximum. In short words, you can say, DON’T RESTRICT YOUR MARKET TO ONE CUSTOMER TYPE!
If you keep on thinking, innovation will always make its way for you. But if you stick yourself within a box, it will never let you be creative. Diversification is essential to keep-up your place in the industry. Otherwise, your organization will start falling into the decline stage, and you will surely never want that!
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