We know banking.

How can you differentiate, generate awareness and aquire new business?

We work exclusively with community-based financial institutions so we understand your business and the challenges it faces. We see the big picture and with our expert knowledge, we can uncover and interpret opportunity to craft effective strategy tailored to your situation.

MARKET OPPORTUNITY ANALYSIS

Our Market Opportunity Analysis identifies your best opportunities for growth and outlines the strategies to help you achieve it.

  • Customer Base Segmentation

  • Growth Performance Measurement

  • Market Composition Analysis

  • Growth Opportunity

  • Competitiveness Audit

  • Marketing Plan Recommendation

  • INSIGHT

    First Federal Bank had a strong, market-leading brand in its legacy markets and wanted to expand into the fast-growing Boise, ID, market. Though the Bank had a physical presence in the Boise market for a couple of years already, it had struggled. The current legacy brand had not resonated; the Bank had not defined a distinctive value proposition and promotions had not been successful.

    First Federal engaged Galapagos to develop and launch an effective marketing strategy and to reintroduce the Bank in the highly competitive Boise market and lay the foundation for significant future growth.

    Galapagos employed its Market Opportunity Analysis as the guiding methodology for understanding the dynamics of the Boise market. The process identified:

    • Market composition of the current and proposed Boise branch locations

    • Market potential across various consumer and business segments

    • Market opportunity by product line and customer segment

    • Specific segments to target

    • The primary needs of prospective customers in the market

    • Key competitors, their performance, and positioning

    • Required changes to the current marketing mix to optimize its appeal and to better differentiate the Bank

    • Required changes to the current brand to better engage key prospects and differentiate the bank

    • An effective marketing plan, including media mix, promotional tactics, and product offers to generate awareness, new business, and support a successful market launch

    STRATEGY & EXECUTION

    Using data from the market analysis as a foundation, Galapagos developed a market entrance strategy and campaign that differentiated the Bank and aligned it with the best growth opportunities, while still allowing it to remain true to its roots. With a re-invigorated team and a growing brand presence, the Bank is now building on a successful footing for further market expansion.

    MANAGEMENT

    The results have been robust thus far. Within the first 12 months, the Bank has realized an 11% acquisition rate for new business customers; 24.6% acquisition rate for new consumer households; and consumer wallet share expansion of 1.9% for deposits and 9.8% for loans. In addition, business loan volume generated in the new market is now 3x the loan volume in the Bank’s legacy markets combined.