Prime the pump
March 16, 2018

The ‘On Time Bill Payment’ marketing strategy

Imagine this: On payday you receive the usual envelope, but instead of a pay slip there’s a note… “Dear Peter, We have made a decision to pay salaries every eight weeks going forward.  If you have a problem with this decision, please let us know and we will find someone else to do your job.”

I can imagine the fireworks that will go off in your head, as you think of the mortgage, the gas bill, the water bill, the electricity bill, the grocery bill, the insurance bill, taxes…Outrageous, isn’t it? But businesses that opt to pay their bills late, or change their payment terms, inadvertently send similar messages to providers all the time.

Have you ever considered the marketing strategy called “on time bill payment?” It is an intentional strategy that fuels your credibility and strengthens your brand.

Beth Laurence, in an article “Why Businesses Should Pay Their Bills on Time If at all Possible,” said it keeps your reputation intact in the business community and preserves your credibility. Persistent late bill payment affects your credibility and makes everything you say to your internal and external customers, stakeholders and investors questionable.

It ensures excellent future service and encourages businesses in your network to recommend you to other businesses. Whether you are giving or receiving, every day you form judgments of people you interact with. Late bill payment makes providers form judgments of you that are crucial to future business relationships. It is not only satisfied customers who talk to prospects about your business. Everyone you cut a cheque for can either sway business to you or away from you.

Exhaust your efforts to strengthen your brand, your relationships and to maintain your credibility. If, despite your best efforts, you still come up short – communicate. Explain what the problem is, how you are solving it and when you expect to be able to pay.

Contact us today at marketing@searchlight.vc or (784) 456-1558 or (784) 494-0031. We’ll help you get noticed.