Data-Driven Bank Marketing at a Glance:
United Bank turned data into strategy and strategy into measurable success. Through advanced analytics and multi-channel integration, its “Free Checking That’s Actually Free” campaign achieved CTR rates 150% above industry average, 18 million impressions, and nearly 1,000 new checking accounts at an acquisition cost well below benchmarks. United Bank followed these principles of data-driven success:
- Use behavioral and proximity data to identify ideal audiences and deliver precision marketing
- Align digital, direct mail, and retail experiences to boost awareness and conversions
- Track performance across touchpoints to discover where data drives the most efficient ROI
- Use analytics to adapt campaigns in real time, ensuring relevance and success
United Bank’s Commitment to Relationship Banking
Since opening their doors in 1839, United Bank’s commitment to their customers and communities comes through in everything they do. This Mid-Atlantic-based bank has grown on the power of their relationship banking approach delivered through their 200+ branch network which serves people in West Virginia, Virginia, Maryland, Ohio, Pennsylvania, North Carolina, South Carolina, and Washington, DC. United Bank’s long-standing history and dedication to relationship banking underpins their customer-centric strategy across their branch network.
To support the brand’s growth, especially in their most highly competitive markets like the DC area, United Bank combined their strategic and striking branch experiences with a smart digital acquisition campaign designed to attract and engage new customers and to improve customer experience in banking. Enhanced with direct mail and staff incentive programs, this bank marketing campaign promoted a highly differentiated product – a genuinely free checking account – and smart banking strategy delivered big for the bank.
Strategic Marketing Planning in Banking
Using the local branch as a way to leverage location and community connection, United Bank used targeted data to bring the campaign to life. To support their brand’s growth in its largest metro markets – especially their deepening influence in metro Washington, DC’s intensely crowded and competitive landscape – the brand employed a proximity data-driven marketing approach.
Essentially, their strategic marketing planning employed the use of target market analysis, goal setting, and implementing data-driven tactics. Fueled by powerful market and mobility data, the campaign targeted the cities and counties of United branches geographically and the behavioral audience segments of “in-demand households” and “tight working class” to encourage and influence new audiences with a customized offering focused on convenience, access, and ease.
By employing a solid strategy, this market planning enables sustained growth for United Bank while continuing to strengthen relationship banking and customer engagement.
Creative Campaigns for Enhanced Customer Engagement
Partnering with Adrenaline, the creative for this marketing campaign honed in on “Free Checking That’s Actually Free,” a no minimum balance, no hidden fee account targeted to meet the needs of a key target audience demographic – a price-sensitive retail banking customer looking for value. This budget spender consumer was a new source of acquisition and activation for United Bank, as the bank expanded their product offering to attract and engage more retail banking customers beyond their more traditional business base. At the most basic level, the campaign was about customer engagement that would ultimately drive growth.
Leaning into targeted data for audience demographics, needs, and behaviors both online and offline, the campaign delivered the right message on the right channels at the right time. Programmatic display and video and paid search ads met new customers at the point of need, with direct mail and email campaign elements, all supported by internal in-branch staff.
Marketing Mix in Retail Banking
The Free Checking campaign launched on March 18 and ran through May 31, integrating digital channels into the marketing mix in retail banking with programmatic display and paid search components. Those digital campaign efforts were supplemented by direct mail drops that took place over a five-week period.The diverse marketing mix connects with customers across various channels, which aligns the campaign with strategic growth goals. Additionally, the internal staff program built excitement and involvement by recognizing United Bank branch and customer care employees for their performance throughout the campaign.
The smart bank marketing mix focuses on reaching people where they are – in and around high-opportunity and convenient branch locations. Meeting consumers where they are, mirroring the kind of convenience, ease, and access highlighted in the content of the campaign messaging itself, reaffirms United Bank’s differentiation in the markets they serve.
Delivering Real Results through Strategic Bank Marketing
Programmatic display and video and paid search ads had a massive impact. Click-through rates reached 150% above the industry average, and the campaign delivered nearly 18 million impressions with page views – mostly from audiences in competitive markets like DC – that were in the six figures. In the five months since launch, the landing page has had 105,785 pageviews. From these data-driven marketing efforts, United Bank has driven 83,890 clicks from the campaign. But most importantly, those clicks turned into customers.
In all, the checking campaign directly delivered nearly one thousand new checking accounts and new United Bank customers in just a few short months, with a cost per acquisition that was significantly lower than industry benchmarks. The campaign’s success proves not only the power of targeted digital marketing, but also the power of a multipronged approach to growth. Combining smart bank marketing and smart branch strategy across all channels can help your banking brand stand out, connect, and convert.
To learn more about Adrenaline’s brand and marketing services or to get help with your bank marketing strategy, contact our experts today.
Adrenaline is an end-to-end brand experience company serving the financial industry. We move brands and businesses ahead by delivering on every aspect of their experience across digital and physical channels, from strategy through implementation. Our multi-disciplinary team works with leadership to advise on purpose, position, culture, and retail growth strategies. We create brands people love and engage audiences from employees to customers with story-led design and insights-driven marketing; and we design and build transformative brand experiences across branch networks, leading the construction and implementation of physical spaces that drive business advantage and make the brand experience real.
