Marketing Goal
Increase low-cost core deposits and potential NSF fee income; build profitable customer relationships through a new checking acquisition program.
Target Market
WordCom’s proprietary selection process will analyze carrier routes in your market area using multiple factors (new openings, existing customer penetration, distance from branch, etc.) to identify carrier routes with the greatest potential for response. Another component of the program can pinpoint households within carrier routes that have potential to be highly profitable customers who are best suited for high-end checking offers. The complete program can successfully target both free checking and relationship checking customers within the same cost-effective mailing.
Program
- The Message: In today’s competitive market place, “free checking” has become a common commodity, so it is essential to differentiate the product by features, service, and/or account-opening incentives.
- Timing: It has become accepted business practice to view checking acquisition as a year-long sales activity, so mailings to the target market should go out on a regular cycle with four to seven repetitions per year.
- Mailing Package: Tests have shown there is equal effectiveness using a combination of colorful postcards and self-mailers vs. the need for a letter/envelope mailing package.
Results
Direct match-backs to the mailing file should provide a .3% to .6% account-opening rate (.6% to 1.25% when measuring the whole carrier route), depending on the incentive and competition in the market. That should result in an acquisition cost ranging from $59 to $163.
Case Study: Checking Acquisition 1 »
Case Study: Checking Acquisition 2 »
For a complete listing of all case studies click here »