Small business bank accounts holding their own online

Small business bank account customers are fighting the good fight over the internet when it comes with competing with larger companies, one recent survey reported.

The new research study, carried out by the University of Southampton and Yell, made use of several hundred customers and a battery of blind focus groups in order to compare internet sites of smaller firms to larger ones without being told how large each business actually was.  Small businesses, who have been struggling lately to obtain working capital from the nation’s High Street providers whose business loans prove harder and harder to qualify for, actually did well during the comparison, as consumers were hard-pressed to determine which website belonged to a larger enterprise, and even preferred the small business websites over their larger competitors by two out of every three survey respondents.

Yell UK chief executive, Richard Hanscott, commented on the survey results, remarking that digital marketing continues to work on tearing down traditional promotion barriers, allowing smaller sized firms to compete for market share from larger companies on an even playing field.  The investiture of time in an effective website can open any business, regardless of industry, to a larger pool of customers, Mr Hanscott also said.

The research findings also indicated that the most appealing things to consumers upon reviewing business websites were proximity, simplicity, and authenticity.  Online shoppers need to get a feeling for the people behind the firm before committing to a purchase by a 71 per cent margin, the study found, while even more important was the confidence-booster of prominently displayed phone numbers and business addresses, with 77 per cent of respondents indicating a preference for the details being present.

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