For community banks, particularly in smaller markets, traditional checking acquisition direct mail programs fall short on a number of counts.
- Their average 0.2% response rate makes a positive campaign ROI almost impossible with the smaller prospect pools that community banks have to work with
- Of the new accounts acquired, 30%+ attrite within the first 12 months
- The focus on “Free” devalues the community bank brand and attracts price shoppers
- The promotional offer is limited and tired
We take a different approach
Emphasize the bank brand and positive attributes of community banking
Encourage prospects to engage with the bank, revealing their priorities
Generate inquiries for a range of products, not just checking accounts
Utilize the bank’s best brand asset – its people – as community banking ambassadors
Provide associates with a service-based platform to initiate sales
how it works
The program uses frequent, targeted communications, community relations and social media to maximize response rates. Free community events are held and run by the bank's staff, who in effect become brand ambassadors, engaging prospects during the events and through timely follow-up. Product offers encouraging broad banking relationships are presented with the opportunity to request information on financial matters and concerns.
The community nature of the events increases brand awareness, which is reinforced through use of social media, increasing prospect willingness to engage with future product offers and generate referrals.
Results
The program has out-performed traditional customer acquisition programs that focus merely on checking accounts, leading to opportunities to establish deeper customer relationships:
