$7.8 Million in Deposits in 90 Days.
For one $4 billion asset bank, marketing had become more guesswork than strategy and the approach was falling short of the institution's goals.
Challenge
Like many financial institutions, the bank had a large footprint to work with but limited clarity on where the best opportunities actually were. Out of 376,932 households in its market area, the question was simple: which ones were most likely to open an account?
Without that answer, marketing dollars were being spread too widely.
Solution
WordCom used MicroModeling to identify the households most likely to respond based on the bank’s own recent checking account openers.
The process starts with a simple premise: if a bank’s brand and product set are already resonating with a certain type of customer, similar households in similar areas are more likely to respond as well.
To find them, WordCom analyzed the shared characteristics of recent openers and built an optimized audience definition using demographic, lifestyle, and behavioral data points. The result was a prioritized set of geographic segments with a higher concentration of likely responders.
Instead of marketing to all 376,932 households, the bank was able to focus on the best 78,862.
Across two waves of 50,000 each, the campaign reached 3,851 customers and 75,209 prospects.
Results
Within 90 days of each wave, the campaign delivered:
- 0.37% response rate
- $355,986 in response balance
- $7,770,678 in all openings deposit balance
The bank did not need to reach everyone. It needed to reach the right households with greater precision.