It Pays to Serve the Financial Market
Customer need and supplier innovation converge with profitable results for distributors
FROM VALUABLE basics—such as the fact that banks and credit unions do not co-mingle their languages—to the latest in anti-counterfeiting techniques, suppliers are a valuable source of information for distributors either looking to get started in the financial market or interested in increasing existing selling opportunities.
"Distributors new to the market need to understand there is a separation between a bank and a credit union. They are two different channels," remarked Jim Staricha, national sales manager for Northstar, a division of Ennis located in Brooklyn Park, Minn. "For example, banks have customers who use personal checks, while credit unions have members who utilize share drafts," he explained. "If a distributor goes into a credit union and starts using bank language, it could be very embarrassing."
Suppliers can also help to get distributors up to speed on the products typically sold to buyers in the financial markets and introduce them to value-added items that can set the distributors apart from the competition.
For instance, Staricha stated that his company continues to see a huge amount of orders for three-on-a-page checks, and that business-size pocket-checks and desk- book-style checks are also in demand, "Three-on-a-page checks are a huge product for us that is particularly popular with smaller and start-up companies," he said.
Distributors already serving end-users in the financial market can beef up profitability by seeking out new, innovative, value-added products to introduce to the account.
Marvin Makofsky, president of Long Island, New York-based Conformer Expansion Products, suggested educating customers about a secure and cost-effective solution for mailing out personal checks. "A major issue for check printing companies is the lack of security when mailing out personal checks in the traditional box-design packaging. Everyone knows what is inside of that box, which makes it vulnerable to theft," he said.