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Prelim Interviews with Experts Shape 2022 SMB Study Design

Phase 5 is currently hard at work on the upcoming 2022 Small & Medium Business Study, focused on the financial services needs of SMBs. As part of our customer-centric approach to designing this study, we are first connecting with the financial institutions that serve small businesses, conducting in-depth "hypotheses" interviews to gather input about what is most important for their leaders to know in terms of serving the SMB segment.

Thus far, we have interviewed executives from several large banks in both the United States and Canada, as well as a payment network and a financial advisory firm.  Early findings from these hypotheses interviews have shown how the Jobs To Be Done for SMBs have changed, in large part due to the shift to digital tools and channels, something that the pandemic certainly accelerated. These preliminary insights will enable us to focus our time and resources on the areas that will have the most impact for financial services companies, the end consumers of our 2022 SMB Banking Study.

As we now enter the next stage of study preparation, we will be reaching out to small business owners to explore their perspective on what is needed and expected from the large financial corporations supporting them. We will then combine insights from both sets of preliminary interviews to develop the final survey. In doing so, the questionnaire will be shaped by an understanding of where banking/finance companies most need strategic guidance, and where small & medium businesses have identified underserved areas and/or unmet needs.

We're very excited about how this study is unfolding and will continue to provide updates on our News page, as well as in social media*. Stay tuned! And contact us if you'd like to participate.

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Written by Steve Hansen

Steve Hansen, MBA, is the President of Phase 5 US and the leader of the firm's Data Analytics practice. With almost 2 decades of experience in client-side marketing strategy, market research, and product management, Steve brings a client’s mindset and drive for actionable results to each project. He has extensive experience in capturing the view “from the outside” with a special focus on product and service innovation. Steve is based in Minneapolis, Minnesota.