In order to engage in a continuous improvement strategy, a top national bank sought to understand how effectively its total service offering measured against leading competitors and national norms in the small business segment. The bank needed to understand specifics about its strengths and opportunities for improvement from the customers' point of view.
Barlow Research proposed conducting an oversample study, which leverages the detailed Small Business Banking questionnaire in a way that can compare response patterns among customers who consider the bank their primary bank with customers of other banks. Additionally, this data was trended over time to give the bank a rich and insightful view of the market they compete in.
This data illuminated aspects of the bank's service offerings that were performing more effectively than competitors, as well as areas where improvements were needed in order to remain competitive. Conducted annually, the Small Business Oversample provided the bank with a tool to establish key strategy improvement goals every year. Additionally, they received key insights into brand strength, which were emphasized to meet and exceed small business customers' needs.
"Barlow's research program has given our organization the data needed for our team and other teams on the Business Banking side to be confident in the decisions we make. This is our benchmarking tool that lets us know how good of a job we're doing, and it has helped us make improvements in important areas every year."
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