The Challenge

A large mid-tier bank wanted to boost new checking accounts for customers with higher deposit balances because these customers are more responsive to cross-selling. The bank wanted to simultaneously reduce its acquisition costs for these high-value customers.

Results

We helped the bank boost business at lower costs:

$23M
In new checking deposits/year
20%
Lower costs per account
170%
Increase in average account balance
.40%
booked account rate

The Solution

We created a location-based market strategy that isolated areas with a higher propensity to generate new high value deposit accounts. We used advanced modeling to target prospects who were most likely to respond and who had higher balances. We reached them successfully with direct mail, display ads and landing pages optimized for conversion.

What did we do?

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

  • Increase in new checking deposits
  • Lower acquisition costs
  • Increase in average account balance
  • Higher booked account rate

How did we do it?

We built this campaign based using five essential steps. We:

  1. Developed a location-based strategy targeting areas most likely to generate new accounts.
  2. Prioritized prospects based on propensity to respond and average statement balance.
  3. Created landing pages that were tested and optimized for conversion.
  4. Led customers there through personalized direct mail and coordinating display ads.
  5. Measured results compared to previous year.

Services provided

Strategy

  • Audience
  • Channel
  • Messaging

Data & Analytics

  • Modeling
  • Analytics
  • Measurement and Reporting

Creative

  • Print
  • Web
  • Editorial

Omnichannel

  • Direct Mail
  • Display and Digital Media