Small Business Acquisition and Engagement Campaign
Well-planned marketing campaigns can help businesses quickly realize lofty corporate goals
A large regional bank achieved three unique business goals through a single marketing campaign and realized campaign payback in less than three months.
Challenge:
A large regional bank’s marketing team set out to acquire new small business relationships and increase the usage of merchant services and remote deposit capture products among current business customers. In addition to their own team goals, there was also a bank-wide initiative for more aggressive lending acquisition. They were hoping that one marketing program could help them achieve all three.
Solution:
Using Business Insights 360 data as a base and custom-built product-level models (fine-tuned to the bank’s unique response propensity and credit qualifications), our team constructed targeted audiences that leveraged:
- Existing small business clients for cross-sell
- Retail customers who own a small business for up sell
- Prospects for new customer generation
The campaign resulted in material growth across small business deposits, loan approvals and new merchant services relationships. More specifically, the bank saw 15 percentage points of additional growth in new-to-bank business deposits and 10 percentage points of additional growth in new-to-bank loan accounts. There was a 2.7-month campaign payback with over 1,700% return on marketing investment.