Cambridge Trust wanted to acquire new households in order to increase core checking and savings deposits. The bank also sought to bring in high net worth clients, and clients who were expected to become affluent throughout the course of their banking relationship. As these consumers had likely already established relationships at other financial institutions, the bank knew it would be challenging to get consumers to move their business to Cambridge Trust.
BKM Marketing created a focused targeting strategy by analyzing attributes of the Bank’s top 20% most profitable clients. By leveraging that data, we were able to identify key behaviors and attributes in order to create a model of the best qualified prospect targets. BKM purchased the qualified prospect list for the mailing, and also targeted the residences on the list via IP targeted display ads. Ads were served to prospects a week before the mail’s in-home date in order to build awareness and continued to run through the lifecycle of the campaign. As the campaign ran, the display ads were optimized to best performing placements, and lookalike audiences were able to be created across search, social, and programmatic display in order to both create a multi touchpoint campaign and develop new prospect targets.
In addition to surpassing their deposit goals by 23%, Cambridge Trust exceeded new-to-bank client acquisition goals by 59%, with 476 new households. As a halo-effect result, the bank’s wealth management practice received 53 new referrals as a direct benefit from the campaign.
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75 SGT. WILLIAM B. TERRY DRIVE
HINGHAM MA 02043