A Changing Market Place | Growth Opportunity.
When opportunity presents itself, smart business people grab for the brass ring.
The Bank of Sun Prairie (BOSP) management is pretty darn smart. They knew that when a large, statewide bank who is headquartered in their backyard was sold to a much larger, out-of-state bank that things would be changing in their market place.
Financial Services Industry research shows that the acquired bank can loose more than 20% of their customers within the first year of the acquisition.
And one of biggest reasons for customers to switch to a new bank is emotional. In fact, that same research shows that nearly 36% of the customers that switched banks made that decision for emotional reasons. The other reasons they switched were related to the conversion process when moving over to the new bank’s system. (Fee changes, account changes, personnel changes, etc.)
Leap Strategic Marketing recommended that BOSP put together a year-long marketing and advertising campaign to leverage this opportunity and capture those disenfranchised customers who live in their trading area. As the research shows, while emotions frequently drive that switching decision, the process of switching banks is a time consumer process and selecting their next bank takes time.
The agency recommended a marketing and advertising campaign with a creative approach that appeals to the basic need of all human beings to feel important.
Here’s the creative positioning our team developed: When someone makes a change without asking how you feel about that change, you feel unimportant. This campaign positions the Bank of Sun Prairie as the bank that cares about people. Messages will make the target audience feel like they are the most important person at the bank.
The Bank that Puts You First | Branding Campaign Creative
This new marketing and advertising campaign was designed to execute multiple strategies and tactics throughout the coming year. The campaign will remind consumers and small businesses that the Bank of Sun Prairie is really the community bank that will put them first. Leap Strategic Marketing will keep people who read our blog posted on the progress of this campaign and the new account growth it generates for our client in the months to come.
If you would like to learn about this campaign or the financial services expertise of Leap Strategic Marketing, please contact Laura Bonesteel by dropping us an email or giving us a call @ 262-436-4080.