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Ways To Grow Your Fintech Business Clientele Using Walmart Techniques

Grace Christos

Entrepreneur

  The clientele is simply the customers of a shop or a business establishment. Most businesses that spring up today do not have a clear database of who their customers are, let alone how to grow this customer list. That is why shops like Walmart and other shops in the international community seem to grow continuously. They take special care to ensure that their clientele is always intact. Then, how do you grow your business clientele as a FinTech company?
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  1. Keep Records

By way of email list or click per site, whatever way customer data can be recorded, pay the price and build it. For years now, Walmart has kept the data of all the people that have made use of their services for as long as they remember. It is an important step that emerging Fintech companies ignore. There is a place for safety and security, there is also a place for data collection to aid company growth and to a large extent, targeted protection of already existing customers.

  1. Conduct Survey

According to Walmart, once in a while, they send out surveys to customers. This survey target the records to know about the products they purchased and why they purchased those products. This survey is also backed with coupons or discounts on products the customers already purchased. FinTech companies can add this angle by giving a certain percentage of interest to customers who complete the surveys. This way, they can have enough data to draw out a conclusion.

  1. Sort Out Feedback

After the surveys have been carried out, the next thing Walmart does is that they sort out the feedback. Using the help of data analysts, they categorize the already existing customers into groups; those that keep coming back to use their services and the one-time customers. This allows them to sieve out the people they need. FinTech companies can in the same light divide the data to aid decision making.
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  1. Implementation

From the already gathered data, there are people who use their services recurrently. Walmart then expands the reach of the processes that cause these customers to keep coming back. On the other hand, for the one time customers, they work to change the things that these customers complained about.

  1. Keep Tweaking

As a FinTech business, you do not have to take suggestions hook line and sinker. Walmart advises you to keep tweaking things up until you reach a fine balance between customers need and the company’s goals.

  1. Massive Outreach

After these have been put in place, the process should be implemented across a wider range of audiences and this would require advertising and massive sensitization. This is a critical time for companies to receive data from the new set of customers they are reaching.

  1. Rinse And Repeat

Rinse the process and repeat the ones that work. It is true that Walmart may not be a FinTech company, but they have created systems that work. They are able to achieve this massive growth by inculcating tech into processes that would otherwise have been manual. Featured Image Source: Entrepreneur
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