To add new accounts and position the institution for future growth.
This $344 million financial institution wanted a comprehensive, data-driven strategy that would provide continuous client communication. It was important to build a well-rounded plan with measurable results.
In coordination with their MARQUIS OnTrax consultant, the institution identified 7 strategies that would reach a variety of client segments and help build a variety of loan and deposit programs. The strategies included:
- Monthly Onboarding
- New Account Programs
- Quarterly Auto Invitation to Apply
- Quarterly Auto Runoff
- Quarterly Most Valuable Member Anniversary Card
- Quarterly Checking/Direct Deposit Postcards
The campaigns were quickly launched and deployed, and the institution soon began seeing results.
Within the first 6 months, more than 50,000 marketing pieces were sent out. The overall response rate was 6.33%, generating new balances of nearly $12 million. A marketing expense of $86,426 translated into $300,900 in annual marginal profit. For every $1 spent, the institution gained $3.48 in marginal profit.