RFG - Small Business National Research

Small Business National Research sets the stage by reviewing key economic statistics affecting the marketing of small business services. Competitive information from a variety of sources concerning the most recent marketing strategies and tactics being employed nationally will be examined. Following this introduction, small business responses to questions in the following areas will be explored.

The Economy's Impact on Small Business Behavior:

How long do small businesses expect the current economic downturn will last? What business actions have they taken to weather the downturn? What future actions will they take to cope with conditions? When the economy turns around, for what purposes will they first be seeking loans?
How do 2009 sales levels compare to the previous year and what effect does this have on their future financial prospects?
In what ways has the credit crunch affected small businesses, and what opportunities for financial providers are now present as a result?
How can financial institutions best assist small businesses in weathering the economic downturn?

Business Development and Product Usage:

What is the penetration level of the Big 4 financial institutions among small businesses? Do their customer profiles look different from other competitors? How do their satisfaction ratings compare to others?
What is the best way for a financial institution to reach small businesses who are seeking financial product/service information?
What level of interest do small businesses have in a business services package account; which products and services would they include in the package if they had a choice? Which products and services have current users reported choosing for their package?
What is the average percentage of mixed relationships (primary business and personal) among small businesses, and how does your institution compare? What are the reasons small business proprietors give for maintaining separate business and personal banking relationships? Find out what might be preventing your institution from owning that most profitable “mixed relationship” with your small business customers.
Which small businesses should be targeted for which business products and services?

Attracting and Retaining Small Business Customers:

When small businesses are considering changing financial providers, what factors have the greatest influence on the selection of their new provider?
For small businesses that have recently switched providers, what do they give as their top reason for having made the switch? What might cause otherwise loyal customers to switch? The answers to these questions will help you retain customers you may not know are in jeopardy.
How important is a company’s main business banking contact to their overall banking relationship; what key attributes do firms want these contacts to have?
What is the profile of online business bankers in terms of the online services they use and their frequency of use? How do they compare with their retail counterparts? Are you offering the right array of online services?
Among small businesses, what is the current penetration for mobile banking; how many plan to adopt it within the next 12 months? Does your institution have the right information to invest resources appropriately to meet your business customers’ mobile banking needs?
In this market, what interest rate increase prompted firms to move their deposit accounts from one institution to another? What interest rate reduction prompted them to move their loan accounts from one institution to another? What do you need to do to stay competitive?

Market Segmentation: