SME Acquisition in Banking

Challenge

A leading bank in Australia was aiming to achieve significant growth in market share through improved share of wallet of existing customers and acquisition of new customers in the small business market. Initial research had confirmed that the small business market was sceptical to ‘big bank’ offers – perceiving them as offering little differentiation and lacking relevance and empathy with their needs.

Therefore, GSG was asked to identify how the bank could succeed in the small business market and win profitable share. Specifically, identify insights that could inform what approach the bank should adopt (with its customer contact, service offering and advertising) to differentiate itself as a genuinely attractive banking alternative to small business

 

Solution

GSG worked with consumer segments to understand the range of needs across; getting rid of the most frustrating aspects of banking; targeting relevant business packages to business type, lifestyle of circumstance need;  investing in genuinely recognising the wider needs of small business for support in saving time, money or accessing resources/networks.

GSG then defined the three key elements that a successful small business acquisition campaign should include.

 

Result

The bank continued to undertake a pilot program that enabled the development of a national ‘umbrella’ positioning communication for the banks small business offer and the effectiveness of a local area marketing approach to generate specific enquiries by chosen segments.