Branding, Creative & Design, Advertising, Digital and Analytics
Market: regional banking and financial services providers during a time of extreme turbulence in the industry.
Inherited situation: not long ago the banking industry was in turmoil. The general consensus was people rejected big banks. Consumers sought alternatives where they would be appreciated and not feel like part of a faceless mega-corporation whose only interest was the bottom line.
Challenges faced: in the 2 years prior the bank did not use the services of an agency in a strategic manner. All customer acquisition efforts were tactical in nature and the brand was becoming detached from its customer base. The bank truly did not understand who its customers were and what motivated them. At this time there was a resistance to large banks, new customer acquisition overemphasized direct mail, and legacy technology systems hamped efforts.
Solution elements: a consumer segmentation study was initiated to understand who were the bank’s most ardent customers. Understanding the drivers of loyal customers lead to an update of advertising creative and the development of new benefits (totally free atms). An aggressive localized digital marketing program that integrated with traditional approaches including TV, radio, print and out of home was launched. Workarounds for existing legacy systems were developed to track customer acquisition effectiveness.
Results achieved: in a little over 2 years the engagement resulted in the bank exceeding new customer acquisition targets in every sub-market. The digital program broke ground for the bank as a means to reach new and younger demographics interested in a community focused bank with big bank services and support. The success of the program led to the stock price more than doubling during our tenure and enabled subsequent acquisitions of several smaller bank networks solidifying Banner Bank as a premier regional power.
Learn more about our approach and how we have helped other clients get the results that they need, visit here. Alternately, if we can help answer and question or help you define the results that you need – we’d love to hear from you.