Branding Strategy Among The Swedish Banks - The Micro Company Perspective
Abstract: Question: What different factors affect the SMEs to choose a specific bank? Purpose: The purpose with this research is to find out how SMEs perceive the value and brand of the bank they are using for the financial services of their business. We will strive to find out how they perceive their banks and what underlying factors that affected their choice of bank the most. Method:We have used a quantitative method and a deductive approach for this thesis. Hypotheses were created with theory as a base and tested on a sample population containing micro companies in the community of Halmstad, Sweden. The data were compared with mean, standard deviation and variance using SPSS. Cronbach’s alpha and Pearson’s correlation were used to improve reliability and test the correlation between statements used in the study. Theoretical framework: The theory is based on Aaker (1991) and Keller (1993) and their research and theories about branding, surrounded by findings done by other researchers within the subject. The factors circling the brand phenomenon are explained; awareness, association, attitude, loyalty and activity. The bank industry and SMEs will be introduced to the reader, why branding becomes so important when dealing with services and the bank sector. Empirical framework: The empirical findings contain the data collected from the survey handed out to the sample population. The findings are explained in tables and diagrams and are further used to compare with previous research and come up with a conclusion. Conclusion: The most significant finding in the study is the importance of a personal contact at the bank, the micro company’s personal relation with one or more employees on the bank. Banks are not at all seen as unique in their supply of services, so the personal connection is an important factor which leads to loyalty. The respondents are satisfied with the performance of their banks, the supply of services covers their need. The micro companies do want the best possible solution to their specific situation, however, they do not seek for that optimal solution actively.
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