The importance of diversifying product portfolios



In conjunction with the launch of the E2E International 100 list for 2024, we hear from Universal Partners, a business dedicated to helping businesses achieve their financial goals through tailored solutions and also a key partner to E2E.

Universal Partners shares insights on the importance of diversifying product portfolios in order to maintain existing client bases whilst also winning new ones; introducing methods to do this smartly and efficiently.

Customer relationships, such as going beyond transactional relationships and connecting with people whilst developing a deeper understanding of the business, as well as technology and its ability to aid future endeavour into new markets, are the key points discussed in this article.

Customer relationships

Perhaps the first and most important factor to both the retention and attraction of clients is client relationships. The way in which you communicate with your clients is a direct reflection of your business, and so to ensure existing clients feel valued, and to reassure potential new clients, businesses should endeavour to go beyond transactional relationships and instead connect as people.

Always taking time to understand the client, such as understanding their business objectives, challenges, their industry, their pricing models, and also connecting on a human level with the individuals, has been part of our culture from day one.

Sadly, this is not too typical in the industry as competitors tend to focus on making revenue fast rather than the longer-term approach. However, this approach enables better insights into what customers really need, which really helps in making smart business decisions about future product offerings.

This was key when we introduced Invoice and Supplier Finance products into our portfolio earlier this year, after several clients flagged this on surveys and during account manager catch-up calls as something their business needed.

All of this combined creates a stronger feeling of trust between business and client, which in a competitive business landscape, is crucial to maintaining clients and attracting new ones.

The important role of technology and digitisation

The business world is adopting a tech-first approach, and the act of digitisation is an important step towards not only diversifying your product offering, but also assisting with the likes of customer service and streamlining internal processes.

Technology within the CRM (Client Relationship Manager) enables information to be organised and sorted according to trends and dissected according to industry or business type. Certain products will also be automatically flagged as ‘of interest’ according to other data we hold on the clients from their registration or through their international payments.

Having the tech behind the scenes makes the decision-making processes more scientific and instils more confidence when making those decisions. Last year we started our own tech and data division which required a lot of investment but has quickly provided this value to the business.

There are other types of technology that can also support the growth of businesses, including:

Artificial Intelligence

AI can be used as a forecasting tool, predicting market trends, identifying potential risks, and also suggesting optimal business strategies.

Digital marketing

Digital marketing encompasses endless tactics, from social media marketing and content creation to allowing businesses to better engage with both existing and potential customers. It can allow businesses to generate greater brand awareness and open the door for communication with their client base.

Market research and analysis

If a business really wants to provide bespoke and tailored solutions to better address their client’s needs, leveraging big data and analytics can help them to understand market trends, consumer behaviours, and potential demand.

Combining the element of the human touch with intuitive technology provides the foundation for diversifying the product portfolio in a way that keeps current clients sticky and helps win new business from competitors who may be standing still. Some insight into the Payments and FX industry would show that the industry has evolved a lot and has become more difficult from a regulatory perspective. Some large businesses in the area have been bought or have been underperforming which places greater emphasis on the need to keep evolving.



Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top