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Expand Market Share :: Case Study

Industry: Banking

Asset Base: $900 - $1.2 Billion

Business Profile: Mid-size community bank in the mid-west

Customer's Perception of Need Challenge
  • To update the look and feel of marketing materials. The perception was that these materials did not accurately represent the company.
  • To transition their sales culture from one that is primarily reactive to one that is proactive in meeting customer needs.
  • To do more add-on selling
 To develop a new brand and to expand the current market share by balancing the bank’s needs with customer needs and desires

Pioneer Marketing: Model Implementation

Explore Chart
As we profiled and prioritized the customer base, we uncovered two unique, lucrative customer segments previously unidentified by the bank. We also discovered new, immediate revenue opportunities as we identified target audiences, customer preferences and gaps in the sales and marketing process. Further research looked closely at the company culture and the way employees demonstrated this culture. Questions foremost in this process were:
  • What does the customer want and need?
  • What are the bank's core competencies?
 Marketing goals and timelines were set that incorporated both original needs and newly identified opportunities. Strategies were outlined for the development of a brand built on the rich company history and respected community standing and that relates to today’s customer needs and preferences. During the process Pioneer Marketing built in regular communication steps with the bank’s senior management. This assured that the new campaign would support the bank’s sales goals through improved awareness and lead generation; increase sales of products and services to new and current customers; and improve employee engagement.
Establish Expand
The solution included a mixed-media campaign incorporating the new brand image and position. A unique package of direct marketing materials supported a diverse menu of customer events. New sales tools facilitate the prioritizing and tracking of all leads and responses. We also implemented an internal communication program that maximized their technology infrastructure and employee meeting schedule. Pioneer Marketing profiled the market opportunity as the bank planned to expand through the construction of a new location. A study of area demographics fueled a plan to extend the new brand into the new market. We identified programs to increase awareness of the bank and incentives to generate prospect interest. Key attack strategies for quickly building awareness focused on traffic patterns in the new community and a strong direct mail campaign. We even worked with the architect on how to project brand chemistry into the design of the new building.

Results

The following milestones are highlights of this market expansion initiative:

  • Generation of 800 leads during the first 4 weeks of initiating the model
  • Creation of a new sales and lead tracking process that maximized sales training
  • Generation of over $6 million in home equity loans during an 8-week period.