Having a relationship manager who is Hispanic is valued by Hispanic-owned small businesses, according to a recent study by Synergistics Research, a provider of multi-sponsor marketing research for the financial services industry.
The national telephone survey, entitled "Financial Insights: Hispanic Small Business Owners," was conducted with 600 Hispanic small business owners of firms having annual sales of $100,000 to $5 million.
Three of 10 survey respondents reported having a relationship manager who handles their company's financial needs, Synergistics said.
Almost half of the small businesses that have a relationship manager indicated this representative is Hispanic.
When asked to rate how important this is to their company, having a relationship manager who is Hispanic was "important" to more than 70% of those who have one. Almost six in 10 said it is "very" important.
"In terms of marketing issues related to Hispanic identity, the role of the relationship manager is most critical in giving a provider a strong competitive position," said Synergistics CEO William McCracken. "Those financial institutions wishing to increase their presence in the Hispanic small business market would do well to implement a strategy of using branch-based relationship or account managers with a Hispanic 'connection' to reach out to current and potential [members]."
CUJ Resources
For info on this story:
* www.vicor.com
* www.synergisticsresearch.com
* www.rennhack.com
