First Federal Bank

Market Entry Campaign

“We knew what we were doing in our legacy markets wasn’t going to translate as well in the Boise market. Galapagos helped us develop a compelling strategy that sets First Federal up as a real alternative in the marketplace for families and businesses that simply are not aware of the First Fed difference.”
— Jason Meyerhoeffer, President & CEO, First Federal Bank

THE CHALLENGE

First Federal Bank has a strong, marketing-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 defined a distinctive value proposition and promotions had not been distinctive.

THE GOAL

In a highly competitive market, develop an effective marketing strategy and supporting plan to re-introduce the Bank in the Boise market and lay the foundation for significant future growth.

APPROACH

First Federal engaged Galapagos to develop its market strategy following this methodology:

  • Research market composition of the current and proposed Boise branch locations

  • Analyze market composition by consumer and business segments

  • Quantify market opportunity by product line and customer segment

  • Identify specific segments to target

  • Identify the primary needs of prospective customers in the market

  • Evaluate competitor performance and positioning

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

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

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 foundation for further market expansion.