TITLE:
Effective Strategies Used by Trinidad and Tobago Financial Institution Leaders to Attract and Retain SMEs
AUTHORS:
Billy Brian Seaman, Kim Critchlow
KEYWORDS:
Financial Services, Customer Retention, Banking Strategies, Relationship Marketing, Customer Relationship Management, Small and Medium-Sized Enterprises (SMEs), Economic Development
JOURNAL NAME:
Open Journal of Business and Management,
Vol.13 No.3,
May
14,
2025
ABSTRACT: Ineffective strategies to attract and retain small to medium enterprises (SMEs) can significantly affect business revenue. Financial institution leaders in Trinidad and Tobago (T&T) who fail to effectively engage and retain SMEs are at risk of facing instability and long-term challenges. Grounded in relationship marketing theory, the purpose of this qualitative pragmatic inquiry research project was to identify and explore effective strategies used by T&T financial institution leaders to attract and retain SMEs. The participants were four financial institution leaders in T&T who effectively implemented strategies to attract and retain SMEs. Data was collected using semistructured interviews and publicly available documents. After thematic analysis, four themes were identified: 1) customer relationship management, 2) utilization of organizational resources, 3) strategic performance tracking and analysis, and 4) challenges and work-life balance. A key recommendation is to implement systems to personalize services for SMEs. The implications for positive social change include the potential to empower small businesses, promote financial inclusion, and foster trust and entrepreneurship—each of which can positively impact individuals, communities, and the economy.