Banks can retain small-business clients in today's market by improving customer satisfaction.
Position | Marketing News |
In light of the daunting market challenges facing small-business customers these days, banks have an opportunity to differentiate themselves--and could potentially increase revenue--by delivering a more satisfying experience, according to the recently released J.D. Power and Associates 2009 Small Business Banking Satisfaction Study. In particular, effective relationship management is critical in raising and maintaining high levels of satisfaction, the company says.
The study, redesigned for 2009, finds that nearly one-half (48 percent) of small-business customers have a negative outlook about the economy, which may be impacted by tighter credit conditions.
The study finds that assigning account managers to small-business customers is essential to delivering a satisfactory experience. Overall satisfaction averages 726 on a 1,000-point scale among customers who were assigned an account manager, compared with 669 among customers without a designated account manager. Currently, 46 percent of small-business customers are not assigned to an account manager.
"Many banks avoid assigning an account manager to each small-business customer because they consider it too costly or an activity reserved only for the highest-value customers," said Beird. "However, not every small-business customer...
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