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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.

Starling Bank and Monzo come top in business banking poll

16 August 2022

A government survey of individuals and small businesses has found that Starling and Monzo are the most popular banks - both for business and for consumer banking.

Long-established high street banks are trailing behind newer online banks such as Starling and Monzo when it comes to customer service, according to a government survey.

The UK Competition and Markets Authority (CMA) has made it compulsory for all relevant banks to take part in these surveys and banks must display their ranking prominently both in branch and on their websites and apps.

Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.

The results show that the top-performing banks in Great Britain are excelling both in business and personal banking. The top performers in business banking are:

  1. Starling Bank
  2. Monzo
  3. Handelsbanken
  4. Tide
  5. Metro Bank
  6. Santander
  7. Lloyds Bank
  8. NatWest
  9. Barclays
  10. Bank of Scotland

The bottom-ranking business account providers are: the Co-operative Bank (in 15th place), HSBC and Virgin Money (joint 13th).

The best bank account for your business will depend on what you want from your bank, as the Donut team found out when we reviewed business bank accounts.

Meanwhile, the top performers in personal banking are: Starling Bank and Monzo (equal first), First Direct, Metro Bank, Nationwide, Halifax, Barclays, Lloyds Bank, Bank of Scotland and Santander. The bottom-ranked personal current account providers are: Royal Bank of Scotland (16th), Virgin Money (15th) and TSB (14th).

Adam Land, senior director at the CMA, said: "As the rising cost of living bites, it's important that people and businesses have the information they need to manage their money and make savings. These results show how banks are treating their customers at a time when many are feeling the pinch.

"When times are tough you find out who's fighting your corner and if your bank doesn't match up to the competition - you can vote with your feet and make a switch."

The Current Account Switch Service helps to make the process of changing banks much simpler; this free service is available to anyone with a personal or business current account in the UK.

The survey was established as part of the Retail Banking Order - a set of reforms established by the CMA following its retail banking market investigation in 2016. The CMA enforces the Retail Banking Order; if you think your bank has breached the Retail Banking Order, send an email to: [email protected].

Written by Rachel Miller.

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