A midsize ($6 billion) bank with 115 branches in the Northeastern U.S. wanted to get more focused and intentional with its acquisition program. Market dynamics influenced the strategy: With the lending environment loosening up for small businesses, this bank wanted an acquisition strategy that would help it attain small business customers as well as consumers.
The business of getting connected
The bank has made a significant investment in acquiring new small business and consumer account holders. It understands that in order to build meaningful, long-lasting relationships with these account holders, the bank needs to be attentive to them during the entirety of the banking journey — not just the introduction. With the help of Deluxe, the bank strives to genuinely connect with its customers from acquisition through retention.
Deluxe helped the bank size up the market and develop a direct-mail strategy aimed at acquiring new primary consumer and small business customers — not just new accounts.
Right on schedule, the bank launched a series of eight targeted mail campaigns over a one-year period. The success of the campaigns can be largely attributed to the quality of the mailing list.
Deluxe was able to pinpoint those who were most likely to respond (and drive revenue for the bank) by using geo-targeting, demographic data and proprietary analytics from Deluxe Marketing Services. Deluxe helped the bank identify specific customers that make the buying decisions and worked to predict their next move.
The bank saw impressive results in acquiring new households and small businesses by partnering with Deluxe Marketing Solutions.
Cultivating lasting relationships
By doing eight targeted mail campaigns over a 12 month period, the bank gained:
$20 in profits for every $1 invested in its acquisition program
13,000 new accounts
- $17M value of new deposits and loan balance
The bank will be able to take what it learned from the mail campaign to connect with customers and drive revenue again in the future.