A top-ranked mid-tier bank wanted to generate high-dollar savings and CD accounts with the mass affluent market. It hoped to reach more than $50 million in yearly deposits through a program that would also cut its acquisition costs down to $200 per account.
We helped the bank boost deposits and increase ROI:
Million in deposits generated per year
In average new customer deposits
Acquisition cost per account
Below acquisition cost goal
We developed a location-based market strategy that went beyond distance from branches to isolate specific areas with a high propensity to generate new accounts. Using advanced modeling, we created a two-tier audience strategy that pinpointed affluent prospects with a large predicted balance who were most likely to respond. We sent them direct mail and coordinating display ads leading them to landing pages with comparison charts and a strong offer that generated increased deposits at lower acquisition costs.
We started by understanding and defining the key desired business outcomes:
We developed a focused campaign based on five essential steps. We: