Marketing Goal
Increase critical core deposits in high-dollar interest bearing savings products.
Target Market
WordCom would analyze the bank’s database and market area to identify the best prospects using a combination of existing product history, predictive modeling, and/or demographic selections.
Program
- The Message: The tone and content of the message will vary based on which product is focused on (CD/MMA/Savings) and the slice of the customer or prospect market being targeted. The key factors would be rate, security, and flexibility.
- Timing: This offering is most often triggered by the institution’s need for funds, but consideration has to be given to the market. The time of year and the state of the economy will dramatically impact results (positively and negatively).
- Mailing Package: The mailing package can vary, depending on both the audience and the offer. A simple offer of a high-rate CD can economically be sold using a colorful postcard that “shouts rate.” But a more complex and upscale MMA offering should to be communicated via personalized letter.
Results
While smaller savings accounts with average balances of approximately $3,000 could have account-opening rates of 2% to 3%, CDs or MMAs with significant average balances of $25,000 to $30,000 would be highly successful with account-opening rates of <1%.
Case Study: Money Market »
For a complete listing of all case studies click here »