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How to create a marketing plan for your small business - build a brand, target customers and set prices that will maximise sales.

The internet has transformed business marketing. No matter what you do, the internet is likely to be at the heart of your marketing strategy.

Social media is firmly established as a marketing tool. Having a presence opens up new lines of communication with existing and potential customers.

Good advertising puts the right marketing message in front of the right people at the right time, raising awareness of your business.

Customer care is at the heart of all successful companies. It can help you develop customer loyalty and improve relationships with your customers.

Sales bring in the money that enables your business to survive and grow. Your sales strategy will be driven by your sales objectives.

Market research exists to guide your business decisions by giving you insight into your market, competitors, products, marketing and your customers.

Exhibitions and events are valuable for businesses because they allow face-to-face communication and offer opportunities for networking.

How COVID-19 has changed business banking for small firms

1 December 2020

A new report has found that the coronavirus pandemic has significantly changed the way that SMEs use business banking.

A survey of 2,000 small business owners conducted by YouGov for Pay.UK has found that SMEs are three times more likely to say they are satisfied than dissatisfied with their bank's service since the pandemic started. But it says lockdown has "changed their behaviour dramatically, in a way that points to significant changes to customer behaviour both now and in future".

Sole traders, micro-businesses and larger SMEs were polled in February 2020 and again in September 2020, enabling researchers to see how attitudes to business banking have changed during the pandemic.

The results show that the proportion of SMEs using business current accounts has increased from 69% in February to 74% in September - driven by the need for firms to have a business account in order to receive access to government-backed lending schemes.

In addition, the proportion of SMEs who say they regularly use a bank branch has dropped by almost a quarter (22%) in six months; at the same time, 15% of those polled said their use of mobile or online banking has gone up.

When it comes to choosing a bank, the importance of physical branches has declined. When asked in September 2020, 17% of SMEs said the availability of nearby bank branches was important when selecting their bank or building society, down from 22% in February 2020.

This trend is most noticeable in the North East where 35% of SMEs believed nearby branches were important in February, falling to 18% in September. The importance of branches also varies between industries. One in ten IT companies (11%) said nearby branches were an important factor compared to 29% of leisure and hospitality businesses.

Overall, four in ten SMEs (38%) say they have been satisfied with the support they received from their business current account provider since the pandemic began. Only 13% of SMEs said they were dissatisfied.

The findings show that the most important factors for small firms looking to switch accounts are:

  • Low or no charges for business banking (50%);
  • Good interest rates (35%);
  • Advanced digital features (34%)
  • A personal connection through a relationship manager at the bank (30%).

However, the findings show that 41% of SMEs have never switched their business bank account, rising to 53% among micro-businesses with less than 50 employees. Although 55% of those polled said they are satisfied with their current business bank account, 49% of dissatisfied SMEs have never actually switched.

Pay.UK offers a free Current Account Switch Service for small businesses with a turnover of up to £6.5 million and small charities with an annual income of less than £6.5 million.

Written by Rachel Miller.

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