A Midwest Bank | Indiana | Assets: $950 million

They sought to expand their footprint by opening a fourth branch in a nearby Indiana county, where they held less than 1% of deposits. The bank’s objective was to create a modern model for branches across the new footprint.

They also needed to understand how to tailor their product offering and service messaging to be relevant to the consumers in this market. Utilizing Marquis’ KEYS Conversational Analytics, the bank conducted a Market Area Analysis (MAP). They gained important insights into the demographics, psychographics, and financial behavior of prospects in the designated area – defined as a 10-minute drive from the address of the new branch.

The MAP quickly revealed the key information needed to develop their goals and strategic plan, including:

• Total population: 70k
• Total households: 25k
• Average age: 38
• Average household income: $157K
• Total potential dollars: $2bn

Top four life stage groups:

1. Flourishing families
2. Financial elite
3. Wealthy achievers
4. Upward mobility

Starting from zero, they set a goal to achieve $1 million in deposits each month for the first six months after opening – with the branch being profitable by its third year.

With the insights revealed by the Market Area Analysis (MAP), they discovered the need to implement a marketing plan with multiple tactics. To achieve their objectives, they focused on a targeted prospect campaign. Armed with data from their MAP, they enlisted the help of the Marquis Strategy team to create and execute a direct mail campaign. They decided to create a single mailer drop to just over 15,000 prospects in the nearby area. The bank understood that to capture attention and attract customers, they needed bold messaging and an appealing offer that would resonate with the market area and help them achieve their deposit goals.

They decided to use “exclusivity” as their messaging tactic to generate buzz and interest. Working with Marquis’ creative team, they developed a postcard that served as an exclusive invitation to open an account at the new branch, where customers could expect VIP treatment.

The bank leveraged the bold orange colors from their recent rebranding to help grab recipients’ attention. The postcards were printed and sent utilizing Marquis’ in-house production facility, streamlining the process. With all resources under one roof, the bank was assured that the campaign would be delivered securely and accurately.

The single direct mailer contributed to 24% of households, 26% of accounts, and 29% of deposit balances at the new branch. Results included:

• 19 new money markets ($2,092,884)
• 14 new 7- or 10-month CDs ($312,427)

With account and deposit goals met and exceeded for the first month, the bank is now focused on expanding its onboarding program to retain new customers. With Marquis’ digital communication tools, they can continue to engage customers through automated, personalized touchpoints, ensuring customers continue to see the value of choosing the bank.