Midwest Bank Acquires Hard-To-Reach New Business Accounts, Exceeding New Account Goal By 36%

The Challenge

A Midwest bank was having difficulty attracting new small business accounts. It sought to launch a more successful omnichannel campaign that would boost generation of these business accounts at a low acquisition cost.

Results

We helped the bank acquire new small business deposit accounts and loans:

$60K

Average small business account balance

$136K

Average small business credit account balance

$63

Average acquisition cost per new business account

The Solution

We targeted small business prospects, using propensity modeling to identify the most likely future customers. We reached prospected through personalized direct mail with $25 gift cards and a call-to-action leading to landing pages, email and digital display advertising. The campaign was conducted mid-year to allow for maximum cross-selling by the fiscal year’s end and exceeded new account goals by 36%.

What did we do

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

Increase new small business accounts
Increase average small business deposit balance
Increase average small business credit account balance
Lower acquisition cost for new business accounts

How did we do it

We developed a focused campaign based on six essential steps. We:

Developed an audience strategy targeting high-propensity small business prospects.
Created a connected omnichannel messaging strategy.
Sent personalized direct mail invitations with a $25 gift card.
Included call to action leading to landing page, email and digital display advertising.
Launched campaign mid-year to allow maximum cross-selling before end of fiscal year.
Measured with A/B testing to optimize messaging and recorded results exceeding new account goals by 36%.

Services provided

Strategy

Audience
Channel
Messaging

Data & Analytics

Modeling
Analytics
Measurement & Reporting

Creative

Print
Web
Editorial

Omnichannel

Direct Mail
Email
Display & Digital Media