A small, one-year-old bank with deposits of $3.3 million, 700 accounts, and a growth rate of 7 to 10 new accounts per week.
The bank sought to accelerate new account acquisitions to bring the level of deposits to $10 million within one year.
A Closer Look:
Based on research, we identified the primary target market and the characteristics of greatest value to that market. We determined that the bank's greatest opportunities lay in positioning it as a traditionally friendly, service-oriented, neighborhood-style bank.
We developed a creative campaign relying on bread, a symbol of traditional wholesomeness and good neighborliness. Implemented over six months, the campaign used direct mail, supported by print advertising, posters, and give-away promotions tied in with the theme. Communications challenged the target market to "Have your bread and eat it, too..." " Be a breadwinner," and "Bring your dough to the bank." Public relations efforts included newspaper articles on the bank, a bread baking contest, and public service announcements.
The Bottom Line:
Within two months of beginning the campaign, the bank increased its rate of new accounts to more than 70 per week; deposits more than doubled to $6.9 million. In less than four months, its one-year goal of $10 million in deposits had been achieved. accounts to more than 70 per week; deposits more than doubled to $6.9 million. In less than four months, its one-year goal of $10 million in deposits had been achieved.