Small Business Toolkit
In order to successfully bank small businesses, marketers, product managers and business bankers must understand the needs and banking behavior of
small businesses. The small business segment is extremely profitable to the institution due to its breadth of product and service requirements and the
opportunity for the institution to cross-sell personal, investment and insurance products. The Small Business Toolkit contains all the
research necessary to grow this line of business.
Small Business Toolkit:
- Examines 25 detailed one-on-one interviews with small businesses to determine needs, wants and banking behavior
- Presents 25 case studies from leading business banking institutions about products and service offerings
- Offers industry benchmarks on the following:
- customer service, satisfaction and loyalty
- reasons for account closure
- reasons for selecting an institution
- where financial advice is sought
- share of wallet
Excerpt:
Businesses are invaluable to an institution due to their vast product needs and healthy balances. Adding to this value is that slightly more than half of
businesses (54%) maintain personal accounts with the same institution that retains the business banking relationship. The flip side is that when
businesses feel the necessity to move their relationship, 38% will relocate their personal accounts as well. Therefore, one fifth of business attrition
will result in lost personal accounts (.38 x .54 = .205). This discovery validates the importance of controlling business attrition, since it directly
affects retail and proportionately more of the balance sheet.
In order to protect and cultivate the business relationship, the institution must understand the personality of the business client. Most importantly,
institutions must realize that business clients behave very differently from their retail counterparts, which is the sole reason marketing research
should not be exclusive to just one group.
Assuming the two act the same is false and short sighted. For instance, businesses are far more loyal to the brand or primary institution
and satisfied with the branch level service quality than their retail counterparts; this behavior lays the foundation for succesful cross-sell efforts.
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For more information, contact us at 205.251.6227 or research@bancography.com.
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