SME customer advocacy findings a worry for banks
(3 August 2005 – Australia) More than 65 percent of SMEs have never felt sufficiently impressed by their service provider to recommend them to a business associate or colleague.
Even more worrying for banks, a massive 73 percent described the relationship they enjoy with their bank as "antagonistic".
East & Partners added some questions on customer advocacy to recent Corporate, Commercial and SME research programs to gauge the feelings of CFOs and Treasurers towards their banks.
Given the immense power of customer referral or advocacy, in many cases the results of these proprietary questions do not make happy reading for service providers, particularly in the SME segment.
Corporate and Commercial CFOs, on the other hand, were more disposed towards their banks with 40.8 percent and 30.5 percent respectively saying they had recommended their banks to business associates – an indication of improving relationship management behaviour and capability being deployed by banks in these segments.
Interestingly, in light of the high level of competitive pitching taking place in the banking markets, only 13.5 percent of Corporate CFOs said they had chosen their provider. More than 80 percent said they had inherited their banking relationships.
If you would like a free copy of the East & Partners Customer Advocacy File, please email Paul Bartholomew at paul.b@eastandpartners.com
East & Partners added some questions on customer advocacy to recent Corporate, Commercial and SME research programs to gauge the feelings of CFOs and Treasurers towards their banks.
Given the immense power of customer referral or advocacy, in many cases the results of these proprietary questions do not make happy reading for service providers, particularly in the SME segment.
Corporate and Commercial CFOs, on the other hand, were more disposed towards their banks with 40.8 percent and 30.5 percent respectively saying they had recommended their banks to business associates – an indication of improving relationship management behaviour and capability being deployed by banks in these segments.
Interestingly, in light of the high level of competitive pitching taking place in the banking markets, only 13.5 percent of Corporate CFOs said they had chosen their provider. More than 80 percent said they had inherited their banking relationships.
If you would like a free copy of the East & Partners Customer Advocacy File, please email Paul Bartholomew at paul.b@eastandpartners.com
Subscribe