04/25/2017

The Rules of Engagement: SMB Edition

Mehul Patel April 25th, 2017

How should you engage SMB customers to sell business mobile? New industry research concludes it may be best to put down the phone.

Celent approached 397 small and medium-sized businesses (SMBs) to ask them how they prefer to engage with their banks. Their answers were loud and clear. Read on to find out the best communication tactic to get their attention.

SMBs don’t talk to their bankers. Fifty-one percent of SMB respondents said they ‘rarely, if ever’ speak to their bank. Only 20 percent said they engaged with their banker on basis of ‘quarterly or more often’.

And they prefer to keep it that way. Celent asked SMBs how often they would want their bank to contact them about new products or services that could benefit their business. Almost 40 percent said ‘rarely, if ever’. About two-thirds said they would want to hear from their bank ‘annually or somewhat more frequently’.

When you do contact an SMB, consider the communication channel. Only three percent said they would appreciate a text message. Direct mail and a phone call each won 9 percent of votes. Seven percent would opt for a conversation at the bank branch and only 6 percent preferred an in-person visit.

If you’re still reading this blog, good. Because SMBs did give a resounding response on their preferred communication method.  SMBs overwhelmingly (as in, two-thirds) said they would like to receive news about their bank’s new beneficial services through email. Financial institutions, take note. The best way to promote business mobile RDC to a untapped market opportunity of 4 million incremental SMBs could start with a quality email campaign.

This content is accurate at the time of publication and may not be updated.