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Market Presence
Question: What can banks do to develop their market presence with small and mid-size businesses?
Answer: Small and mid-size businesses (SMBs) represent a great opportunity for banks to refocus their marketing and sales on a fast-growing and profitable market. Estimates suggest that there are over 6,000,000 SMBs in America and the growth of the market is accelerating. For banks to compete and win in this market, they will need to develop a portfolio of services that will help SMBs succeed. This service portfolio will need to recognize the diversity of this vast and fluid market and its various levels of development.
Banks can develop a service portfolio that will attract business from SMBs by becoming indispensible resources that guide businesses through the various phases of their growth. Banks in developing countries view themselves as SMB development partners and the primary institution that small businesses rely upon for assistance and advice.
Banks can help foster the growth of SMBs by offering these types of services:
- Advisory Services: SMBs need to enhance managerial expertise and business assessment capabilities to enhance competitive position, avoid risk, and recognize emerging opportunities.
- Business Acceleration: Some SMBs have the potential to grow rapidly. Banks need to recognize these situations and provide unique finance solutions that address them.
- Information Services: Banks can be strategic information resources that help SMBs understand changing economic and market forces and conditions.
- Promotional and Business Match: Banks can serve as a business development platform by introducing SMBs to key suppliers and potential customers.
Banks that position themselves to offer SMBs these types of services should experience strong risk-averse growth as the SMB market grows and expands.
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First published on BankersOnline.com 5/05/08
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