Top-Ranked Midwest Bank Increases Checking Campaign Response Rate By 201% With Micro-Market Strategy

The Challenge

A top-ranked Midwest bank sought a way to grow new checking accounts bank-wide while also boosting responses from more affluent prospects who would bring higher balances and more cross-sell opportunities. The bank also wanted the program to increase efficiencies by improving conversions at a lower mail volume.

Results

We helped the Midwest bank:

201%

Increased overall response rates

13%

Boost in mass affluent response rates

104%

Increased average mass affluent balance

33%

of increase through direct marketing

The Solution

We developed a micro-market methodology using branch and surrounding community data, then created personalized offers and messaging to drive engagement with affluent prospects. We focused on reducing mail volume and costs while increasing response.

What did we do

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

Increase in overall response rate
Higher mass affluent response rate
Higher average mass affluent balance
Measurable increase from direct marketing

How did we do it

We developed and implemented a cost-effective and highly targeted micro-market methodology using five essential steps:

Analyzed both branch and surrounding community data to cluster audience targets.
Built model to forecast prospects’ average deposit balance, using that to create personalized offers.
Created messaging strategy based on unique cluster market attributes.
Reduced mail volume and costs by 15% while increasing responses through better targeting.
Measured to show that acquired targets had higher balances, higher retention and better cross-sell ratios.

Services provided

Strategy

Audience
Channel
Messaging

Data & Analytics

Modeling
Analytics
Measurement & Reporting

Creative

Print
Editorial

Omnichannel

Direct Mail
Display and Digital Media/li>