b1BANK Sees a 325% MROI on a New MAX Money Market Campaign
CLIENT
b1BANK
CAMPAIGN
Money Market
INDUSTRY
- Banking
SERVICES
- Data Analytics, Digital, Print & Fulfillment, Strategic Marketing
Executive Summary
After launching a new money market account for both consumer and business banking, b1BANK had the goal of obtaining $20MM in deposits within two months. Whale helped them exceed this goal through a strategic, multi-channel marketing campaign that entailed data, digital, email and direct mail.
Client Overview
b1BANK is headquartered in Baton Rouge, LA and has over 50 branch locations. b1BANK is a full service financial institution with the philosophy that “Banking should be uncomplicated”. b1BANK’s mission is to be the financial institution of choice for enterprises, their owners and employees.
Campaign Objectives
1. Identify clients and prospects with a high propensity to open an account
2. Develop a marketing matrix and use it to execute a multi-channel campaign that strategically targets these clients and prospects
3. Exceed the campaign goal of $20MM in deposits
Whale Strategy
Whale’s acquisition methodology is built around an empirical test and learn process.
– We have a market-tested acquisition strategy that starts with our industry standard targeting and multi-channel initiatives.
– As responses from the initial programs come in, we recalibrate to maximize the targeting algorithms to provide an increasingly custom solution.
– The goal is to deliver a low-cost, high performing model that will be consistent, repetitive and highlight the products key benefits.
Solution
Whale collaborated with b1BANK to develop a multi-channel campaign targeting both clients and prospects of consumer and business banking with a propensity to open one of their new money market accounts, in addition to a winback segment of consumer and business prospects who used to be clients. To start, Whale developed a prospect database and marketing matrix for direct mail, email, and digital, with unique, profiled contacts. This matrix allowed for strategic and cost-effective targeting that achieved impressive results.
Whale Deliverables
– Data Analysis: Purchasing prospects, appending data to existing customers, and segmenting individuals into a marketing matrix.
– Strategic Development: Creation of channel strategy, drop schedules, and overall marketing management.
– Campaign Execution: Execution of campaign including deploying prospect emails and direct mail print and production.
– Tracking: Tracking account balances and campaign metrics (clicks, calls, etc.)
Success and Results
Campaign started on 10/18 – results as of 12/15
- Generated 934 accounts totaling
- $31.7MM in deposits
- $20.6MM in new money
- $22MM in MMA accounts
- Estimated first year revenue of $1.2MM
- Marketing ROI of 325% (includes digital marketing spend)
Through developing the marketing mix and executing the campaign, Whale helped b1BANK exceed their goal of $20MM in two months. They gained over 934 accounts, $31.7MM in deposit balances, and $22MM in MMA balances, resulting in an early return on investment of 325%.
Future Plans & Optimizations
The outcomes of this marketing initiative underscored the significance of identifying your target audience and pinpointing the most effective channels to reach them. This strategic approach proved instrumental in surpassing our objectives. Whale will continue to utilize this methodology for future b1BANK campaigns.Â
Client Feedback
"If you're looking for a marketing partner that combines strategy, creativity, and a genuine commitment to your success, Whale is your solution. They consistently deliver results and help us achieve our goals quickly and efficiently."
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