Anthony, a graphic designer from Fall River, had a business question: “Does anybody have any ideas where I can advertise my business for free on the Web?” he wrote.
Within minutes, a response came: Craigslist, Yahoo Local. And by day’s end, there were more suggestions.
Anthony is one of thousands of small business owners who have turned to a social networking Web site launched last month by Bank of America for owners to discuss their experiences with other owners – and ask and answer some questions, too.
The Small Business Online Community Web site is part of Bank of America’s effort to win over some of the nation’s 25 million small business owners. But on the community site, it’s not an in-your-face campaign. There are no advertisements, only a small logo in a top corner of the site that links to another bank Web site pitching products aimed at small businesses.
Anyone can view the site or register, even those who aren’t Bank of America customers.
“The goal of the community is to help small businesses overcome their challenges – that’s our focus,” said Sophia Tolsma, senior vice president of small business e-commerce for Bank of America.
In an interview last week, Tolsma declined to reveal the number of community members or the number of times the site has been visited. But she said the bank has seen an increased usage since the site was officially launched last month, and bank officials have deemed it a success.
“Small businesses can network, share, learn and dialogue,” Tolsma said. “And we’ve gotten tremendous response.”
At least one analyst has praised the bank for tapping into the growth of social networking on the Internet.
The online community “illustrates Bank of America’s desire to be more than simply a provider of banking transactions, but instead a trusted partner and adviser,” wrote Christine Barry in a report for Aite Group LLC, a Boston-based consulting firm.
“Those banks not willing or able to follow a similar approach will find it increasingly difficult to retain existing customers and grow their businesses in the future,” added Barry, the wholesale banking research director at Aite.
Small-business customers, once a segment dominated by smaller community banks that relied on their knowledge of the local landscape, have increasingly become the focus of larger banks as well in recent years.
Aite Group said its research indicates about 80 of the nation’s community banks and 69 percent of the nation’s 30 largest banks are focusing more attention on small-business customers than they did years ago. In the last year, Bank of America launched a bundle of online products designed to assist small businesses with their everyday financial needs.
According to Aite Group, Bank of America now serves more than 20 percent of all U.S. small businesses – about 4.5 million customers, more than any other U.S. bank.
Barry said the Small Business Online Community might allow Bank of America to increase those numbers.
The Web site has several features, including a “forum” section in which small-business owners can share experiences, ask questions and participate in discussions organized by topic.
There are also articles written by experts in various industries, a “stories” section in which business owners can share their success stories, a “members” section in which member profiles can be used for networking.
Tolsma said there have already been some tweaks. Noticing that a lot of the site’s users were announcing their businesses randomly on the forum, Web site designers added a “business announcements” folder. More changes will be coming, Tolsma said. •
