What is B2B Acquisition?
Curious about B2B Acquisition and its role within our organization? At MoneyMatch, B2B Acquisition is synonymous with Corporate Sales. To give you an insider’s view of this dynamic team, we had the pleasure of sitting down with our talented department head, Cynthia Quah. Cynthia graduated from Upper Iowa University in Mass Communication/Media Studies. She started an early thriving career in event planning for over five years before discovering her true calling in sales! Transitioning to the role of Head of Sales & Business Development at the fitness center, Ministry of Burn, she combined her passion for fitness with her expertise in sales. In 2021, Cynthia joined MoneyMatch as a “hunter” herself before growing to spearhead the team!
Read on to delve into the world of building and nurturing client relationships, and driving success in the competitive B2B sales landscape.
The B2B Hunters
Hi Cynthia, can you introduce to us the B2B Acquisition team that you lead in MoneyMatch?
The current team consists of senior and junior hunters. A hunter’s day-to-day includes sourcing for new leads through cold calls, social media, events, or other innovative ways. From there, they’ll need to secure meetings with businesses to pitch and get them onboarded as a user. A business user will only be passed to our Relationship Management team after successful onboarding and first transaction.
As the Head of B2B Acquisition, my main responsibilities are to plan and strategize for the team. Besides that, I also train my team in closing deals and assist them with any challenges they might encounter. I find it essential to not only work towards achieving KPI, but also to work smarter and prevent burnout.
How do you ensure that your team stays motivated and engaged?
It’s important for me to observe the team enjoying and being passionate about what they do. To encourage that, I practice 1:1s and weekly “huddles” where my team can openly share their feedback or concerns, and are kept in the loop of the current focus and expectations. Aside from occasional team-bonding activities outside of work, I also believe in leading by example. As a leader, I portray the best version of myself in front of the team, and make it a priority to inspire and spread good vibes.
Staying Ahead in the B2B Space
How do you define success in your department? What strategies do you use to achieve your target?
I categorize success into two categories:
- Personal success: When a hunter hits his/her individual KPIs and onboards profitable customers. Or when they successfully converts traditional bank customers into MoneyMatch users! I also monitor and recognize personal growth or character development as success.
- Group success: When the overall onboarding and activation numbers meet or better yet, exceed our target.
In order to achieve our target, we keep ourselves updated with the current industry news and learn from past performances. This approach encourages smarter targeting which will in turn lead more deals closed within a short amount of time. Another strategy is to stay consistent and resilient, especially with following up on reluctant leads. Lastly, is to adopt an opportunistic mindset. We aim to make connections with everyone we meet and find opportunities wherever we go.
What metrics do you use to track performance and identify areas for improvement?
In B2B Acquisition at MoneyMatch, both quantity and quality matters, although onboarding and activation numbers are still primary measures. Our proprietary sales analytics platform, CSP, helps me monitor our numbers, analyze the team’s performance trend, and make forecasts based on historical data.
To help the hunters identify areas for improvement, I would start with roleplay sessions for new joiners where I would test their skills and product knowledge. If I have the time, I would also join their first few meetings with prospects and observe what’s lacking.
MoneyMatch: Your B2B Payments Solutions Provider
How does MoneyMatch differentiate itself from competitors in the fintech industry? What unique value proposition does the team offer to potential customers during their pitches?
During meetings, the key selling points that we highlight would be our significantly low rates, our fixed transfer fees, and how users only pay for their transfers without any additional commitment fees. Besides that, we’d also guide them through Pulse, our all-in-one fully digitized platform for cross-border business payments, to showcase how seamless sending money overseas can be with MoneyMatch.
On Pulse, live rates are refreshed every 15 minutes, and we support big volume business transactions up to MYR 10 million a day. Aside from that, we provide our customers with special custom rates for transfers of MYR 50k and above. As an added bonus, MoneyMatch also offers occasional discounts and giveaways for active users.
We make it a top priority to ensure that all customers have personalized experiences, so each business user would have a chat group with Relationship Managers, Operations, and Customer Support to always be in reach and for their requests to be actively attended to.
What type of business customers do MoneyMatch look for?
First and foremost, it’s a part of our mission to help Malaysian SMEs that are underserved by traditional banks gain access to better rates and more personalized services. So, any business who deal with foreign telegraphic transfers or international business payments to oversea suppliers, vendors, or employees, have the potential of being a MoneyMatch user. We don’t limit ourselves to specific industries or nature of businesses, but we do actively avoid those who fall into high-risk categories.
B2B Acquisition in Fintech
How do you ensure that MoneyMatch sales processes and practices are compliant with regulatory requirements and industry standards, such as KYC and AML regulations?
As a fintech company, it’s extremely crucial for us to be in compliance with regulatory requirements and standards. We work closely with our Compliance team, especially when it comes to onboarding new business users. They’ll also share with us the latest policies, and list of prohibited and high-risk industries through bi-weekly meetings to keep us in the loop.
What are the definitions and examples of high-risk and prohibited businesses for MoneyMatch?
High-risk companies are businesses that we believe poses elevated financial risk
and legal liability to MoneyMatch. They include but are not limited to Motor Vehicles, Investment/Credit Services, and Non-Profit Organizations.
Prohibited companies on the other hand are any businesses that we believe poses elevated financial risk, legal liability, or violates regulations set by the Malaysian Government. They include but are not limited to Counterfeit/Unauthorized Goods, Drugs/Pseudo-Pharmaceuticals, and Adult Content & Services.
Would AI Shape the Future of B2B Sales?
Finally, with the growth of AI and automation, how do you envision the future of sales in the B2B space to be in the coming years?
The way I envision it, there would probably be less or no more physical site visits. Aside from that, platforms or software would be equipped with technology that would provide auto-generated analysis/reports, an automatically updated user database, and automated screening. On top of that, hunters would also be able to attend virtual and interactive events around the world to network and build connections without limitations.