Midwest Bank Acquires 49% More New Checking Accounts And Lowers Acquisition Costs With Digital Campaign

The Challenge

A bank with 140 branches across the Midwest was looking to increase its checking account business. It sought to use a strategic, hyper-personalized, digital-only campaign to attract customers with higher balances at a lower cost per acquisition.

Results

We helped the company achieve big gains by creating a low-cost, high-impact digital campaign:

78%*

Higher checking balances* (*compared to “no touch” control)

*compared to “no touch” control

49%*

More new checking accounts

*compared to “no touch” control

$2.27

Per click for overall digital engagement

$200**

Acquisition cost** per new checking account (**versus industry average $350)

**versus industry average $350

The Solution

We clustered branch trade areas into groups based on market similarities such as density, buying behavior and demographics. We then modeled the most potentially profitable and responsive prospects and sent them personalized ads, landing pages and offers using social media, generating great results at a low cost per acquisition.

What did we do

We started by understanding and defining the key desired business outcomes:

Number of checking accounts
Higher average checking balance
Lower acquisition cost

How we do it

We developed a data-informed digital campaign strategy based on five essential steps. We:

Developed an audience strategy that grouped market areas based on behavior and demographics.
Modeled prospects to target higher-income, more responsive potential checking customers.
Delivered hyper-personalized ads and landing pages with unique offers.
Focused on display ads via Google, Facebook and Instagram over four months.
Optimized campaign using A/B testing and measured results, delivering new accounts at below-average costs.

Services provided

Strategy

Audience
Channel
Messaging

Data & Analytics

Modeling
Analytics
Measurement & Reporting

Creative

Web
Editorial

Omnichannel

Display & Digital Media