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Transition
Small Business National Research

Semi-Annual Research Study of Small Business Financial Behavior.

Program Overview
RFG's small business national research program is an in-depth analysis of small business demand for financial products and services. The program will help financial institutions design the right products, service structure and channels around the needs of key small business segments in order to:

  • Improve small business marketing efficiency

  • Increase share of wallet with small businesses

  • Evaluate competitive strategies

Report Overview
This semi-annual, nationwide study of small businesses is presented at regional workshops in May and October.  The Small Business National Research evaluates the survey responses from small business financial decision makers and addresses critical issues facing financial institutions regarding small business products, services, and marketing strategies including:

  • Target Marketing – Which financial products are most attractive to small businesses? How does small business segmentation help refine targeting and attract the best prospects?
     
  • Business Development – What is the financial potential of business debit cards, business credit cards and merchant credit card services? When and why do small businesses change financial providers?
     
  • Satisfaction / Loyalty – Why aren’t small businesses loyal to one financial service provider? What are the share of wallet advantages of being a firm’s primary business financial provider? How do consumer and small business loyalty compare?
     
  • Market Intelligence – How often do business owners use their personal accounts for business purposes? What are the best investments for channel upgrades to serve businesses?

Small Business Segmentation Model
The study provides strategic and tactical information that clients can use to improve profitability and marketing efficiency relative to the small business market.  The data is tabulated based on RFG’s unique small business segmentation model as illustrated below.

Annual Sales
Size

Type of Business (NAICS Code)

Retail / Wholesale
Trade Firms

Service-Related
Firms

Other
Business Firms

Less Than
$100 K

Trade
Entrepreneurs

Service
Entrepreneurs

Other
Entrepreneurs

$100 K to
$499 K

Micro-Trade
Firms

Micro-Service
Firms

Other
Micro-Firms

$500 K to
$1.99 M

Small Business
Trade Firms

Small Business
Service Firms

Other Small
Business Firms

$2M
and above

Emerging
Middle Market
Trade Firms

Emerging
Middle Market
Service Firms

Other Emerging Middle Market Firms

Key Research Highlights
The Small Business National Research will give you insight to many critical issues regarding small business products and marketing strategies including:

  • What are the most important attributes in attracting and retaining small business customers?

  • What kind of segmentation scheme helps lower product acquisition costs and achieve small business growth goals?

  • What are the best methods for reaching small businesses for financial services?

  • What is the profile of a firm that uses the owner’s personal accounts for business purposes?

  • How can your business development officers determine the appropriate lead products to promote by type of business?

 

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