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SMALL BUSINESS & CUSTOMER RESEARCH UPDATE

SMALL BUSINESS & CUSTOMER RESEARCH UPDATE. Matthew James Research Manager Thursday, 7 th June 2007. OVERVIEW. SME Update Customer Survey Exit Survey Churn indicators Key relationships. SMALL BUSINESS TRENDS. LONDON’S CONTRIBUTION.

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SMALL BUSINESS & CUSTOMER RESEARCH UPDATE

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  1. SMALL BUSINESS &CUSTOMER RESEARCH UPDATE Matthew James Research Manager Thursday, 7th June 2007

  2. OVERVIEW • SME Update • Customer Survey • Exit Survey • Churn indicators • Key relationships

  3. SMALL BUSINESSTRENDS

  4. LONDON’S CONTRIBUTION 37% OF TOTAL GVA“London and the South East make a disproportionately heavy contribution to economic activity. In 2005, these two regions accounted for 37% of the goods and services (measured by GVA) produced in the country, even though only 30% of the working age population lived in this area.” MIX OF BUSINESS ACTIVITY“However, the economies of London and the South East stand out not only because of their scale, but also in terms of the mix of business activity. The industrial composition of output is noticeably different to that found elsewhere in England & Wales, particularly in the case of London.” Source: Barclays Business Customer Economic Focus, Jan 2007 SMALL BUSINESS TRENDS

  5. VAT REGISTRATIONS 179,000 N Source: Regional Competitiveness and State of the Regions, DTI, May 2007NB: Great Britain & Northern Ireland SMALL BUSINESS TRENDS

  6. BUSINESS STARTS % Source: Global Entrepreneurship Monitor, 2006NB: Great Britain & Northern Ireland SMALL BUSINESS TRENDS

  7. REGISTRATIONS & DE-REGISTRATIONS % Source: Regional Competitiveness and State of the Regions, DTI, May 2007NB: Great Britain & Northern Ireland SMALL BUSINESS TRENDS

  8. BUSINESS SURVIVAL RATES Year of business start Source: Regional Competitiveness and State of the Regions, DTI, May 2007NB: Great Britain & Northern Ireland SMALL BUSINESS TRENDS

  9. EFFECT ON UK BUSINESS STOCK At end of 2005 – 4.342m Source: Small Business Service, 2006NB: Great Britain & Northern Ireland SMALL BUSINESS TRENDS

  10. REGIONAL SPLIT Source: Small Business Service, 2006NB: England ONLY SMALL BUSINESS TRENDS

  11. LONDON BUSINESSES Source: Small Business Service, SME Statistics, 2006NB: ALL EMPLOYERS IN LONDON=164,555 SMALL BUSINESS TRENDS

  12. ANNUAL CUSTOMERSATISFACTION SURVEY

  13. CONSIDERATIONS • What are the key issues & areas for improvement? • What are the actions? • What are the key relationships? • What do customers expect of Workspace? Do we deliver? • Is there anything we don’t know but should? CUSTOMER SURVEY

  14. CUSTOMER SURVEY: AIMS 1. Demographics 2. About business premises 3. Contact & communications 4. Assessment of brand values 5. Business performance CUSTOMER SURVEY

  15. RESPONDENT DEMOGRAPHICS • 551 Response rate (390 paper, 161 online) – down on 677 in 2006 • 50% operate in creative industries or professional services • More than 60% have occupied their current unit for less than 2 years • More than 80% employ less than 10 people • More than 50% have been trading for longer than 5 years CUSTOMER SURVEY

  16. BUSINESS TYPE % CUSTOMER SURVEY

  17. ABOUT YOUR PREMISES • Cost & location remain most important factors in taking space • 87% are satisfied with local service • “It feels like a personal service - very good & friendly” • “This is not a criticism of the staff (who are very good) but the standard of lift maintenance is appalling and needs to be addressed.” • 80% would recommend current business premises CUSTOMER SURVEY

  18. LOCAL CONTACT WITH WSG Consistently high year-on-year andconsistent across the portfolio CUSTOMER SURVEY

  19. SERVICE ISSUES CUSTOMER SURVEY

  20. WORKSPACE VALUES CUSTOMER SURVEY

  21. RESPONSIBLE COMPANY CUSTOMER SURVEY

  22. SATISFACTION WITH… • SERVICE87% are satisfied with the service they receive from Workspace • “Very quick & efficient – always a friendly voice at the other end of the phone” • COMMUNICATIONS93% are satisfied with communications from Workspace • “Newsletter is good - nice to know what's going on. Idea of TradeLink is excellent”. • WORKSPACE AS A LANDLORD91% are satisfied with Workspace as a landlord • “The service is fuss free which for small businesses is ideal. We receive a friendly service from the landlord and its staff. It’s a pleasure to be here.” • 82% WOULD RECOMMEND WORKSPACE; 6% WOULD NOT CUSTOMER SURVEY

  23. CUSTOMERBUSINESS OUTLOOK

  24. CUSTOMER PERFORMANCE +52 +20 +32 +4 +35 +12 Source: NatWest/SERT Quarterly Survey of Small Business in Britain, Q4 2006N=538 CUSTOMER SURVEY

  25. CUSTOMER PROSPECTS +68 +12 +50 -4 +46 -1 Source: NatWest/SERT Quarterly Survey of Small Business in Britain, Q4 2006N=538 CUSTOMER SURVEY

  26. BUSINESS OUTLOOK • Increasing competition (26%) and increasing business costs (20%) are seen as the biggest challenges facing customers • Access to customers, location in relation to key contacts and ‘kudos’ of London address cited as most popular reasons for being in London • 21% think they will benefit from the 2012 Olympics, and a further 25% are unsure • Those that will benefit will do so either directly or indirectly. • Directly by winning business arising as a result of the Games • Indirectly by the availability of projects normally taken by those involved in the Games CUSTOMER SURVEY

  27. EXIT RESEARCH

  28. AIMS AIMS: 1. What proportion leave the portfolio & what proportion move within it 2. What types of businesses are leaving the portfolio 3. Why businesses leave the portfolio 4. Levels of satisfaction with Workspace 5. What tenants think of Workspace 60 interviews completed each quarter EXIT RESEARCH

  29. SUMMARY OF FINDINGS • Over the last five surveys, on average 20% move to other WSG properties each quarter • The number of tenants moving to another estate or business premises with a different landlord is about 50% • No pattern by industry type, but the smallest at most risk • 50% had been in their current premises for between one and three years • 88% see their local manager or Workspace representative at least once a week EXIT RESEARCH

  30. SUMMARY OF FINDINGS • Main reasons for leaving is COST - average is 38% • On average 25% have experienced a service issue, but less than 10% said it contributed “a lot” to their decision to leave • 95% believe experience has lived up to expectations… BUT, seemingly low expectations. • What makes a good landlord (unprompted): • Give a good service 27% • Listen to tenants 22% • Don’t know 23% • Charge fair rents 18% • Be helpful/friendly 12% EXIT RESEARCH

  31. KEY RELATIONSHIPS > Those most likely to recommend are those who: 1. Agree that Workspace provides good value for money 2. Are satisfied with the contact at local level 3. Agree that Workspace delivers a competitive package 4. Are satisfied with Workspace Group as a landlord 5. Agree that any service issues have been resolved quickly SUMMARY

  32. CONSIDERATIONS • What are the key issues & areas for improvement? • What are the actions? • What are the key relationships? • What do customers expect of Workspace? Do we deliver? • Is there anything we don’t know but should? SUMMARY

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