Results Matter #51
Banking Case Study

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



Interested in learning more about this project and others like it? See all our case studies in our Financial Institutions page.

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 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>