We're excited to share that the Summer 2023 issue of Financial Brand's Insights Magazine features Phase 5 Partner Steve Hansen's article, "The Loyal-Not-So-Loyal Small Business", which outlines 5 strategies for financial institutions to meet underserved small business needs and earn a greater share of their wallet.
The article is based on findings from the 2023 SMB Banking Study Phase 5 conducted earlier this year. The study's customer-centric design was founded upon preliminary input from both the study's subjects (small business owners and operators) and end-users (financial services companies), and then leveraged a Jobs-To-Be-Done (JTBD) framework in the survey itself to deliver meaningful insights.
Here are the five strategies Hansen suggests to help financial institutions avoid loyal-not-so-loyal behavior from small business customers:
(1) Focus on Key Opportunities
(2) Offer Help in Orientation
(3) Segment the Underserved Needs
(4) Develop Solutions for Multiple Needs
(5) Serve Needs through Customer Experience (CX), User Experience (UX), and Marketing - not just products!
You can read the complete article and get all the details here, including key data points, charts, and testimonials from actual respondents. And if you'd like to learn more about the study, request a custom report, or discuss how Phase 5 can help you on your journey to customer-centricity, contact us!