Track: Data-Driven Marketing
The “80/20 Rule,” also known as Pareto’s Principle, applies to small business banking. Analysis of banks small business portfolios over the past 20 years, by First Manhattan Consulting Group, consistently shows that the best 20 percent of small business relationships provide more than 80 percent of the profits for this line of business.
There is a tremendous opportunity out there for banks and lenders to build relationships with a group that often feels underserved or forgotten. To do so effectively though, you must understand the nuances that make them unique, so you can build the right product and customer experience as well as effectively target the most appealing “opportunities.” This session will discuss: 1) what small businesses are looking for when they consider shifting their accounts to a new bank, and 2) how banks can target the small businesses with the most attractive “revenue wallet” for the bank.