Submitted by: Jess Taylor 08/11/2016
Businesses that turnover between £1 million and £25 million a year have little time for extra admin, meaning just 4% of companies switch banks annually. And SMEs think banks are all the same – so even when they get a raw deal they tend to stay with ‘the devil they know’.
Research showed what mattered to high-value SMEs was service – it was the main reason for switching. So it came as a revelation that for over a decade Financial Directors had voted Lloyds ‘Best Bank for Service’.
Research suggested it would take five to 10 contacts to trigger a switch.
By concentrating on a service proposition rather than a commercial one, Lloyds asked SMEs to score their current bank’s quality of service and turned dissatisfaction into new customers worth millions of pounds per year.
This scorecard borrowed from the scoring criteria of the FDs’ Excellence Awards, with a few of Lloyds’ own USPs included. It was mailed along with a branded pencil.