Click here for a printer friendly version
Post-Acquisition Marketing
Boost home equity awareness in new markets.
The Client
Regional bank
The Challenge
Our client recently acquired another bank in an adjacent geographic area and wanted to:
- increase awareness of the bank in newly acquired markets;
- attract new customers to the bank using home equity products;
- cross-sell home equity products to the acquired bank’s customers.
The Breakthrough
Using a proprietary customer mortgage list, SIGMA proposed deploying a communications mix consisting of mail only, mail and telemarketing, and telemarketing only to help boost consumer awareness and to promote home equity loan products. The creative strategy included the use of an oversized postcard to help draw attention to the message. A photo on the postcard helped promote the branch merchandising effort. The offer included a competitive interest rate with and emphasis on the ease and speed of refinancing. Prospects comprised 75% of the target audience.
The Win
All key program performance metrics met or exceeded client targets, including response rate, conversion rate, cost per application and cost per conversion. Cost of conversion was significantly minimized at an average of $325 per conversion against a target of $500.
Our client was able to quickly raise awareness in a new market area while at the same time generating a significant number of new home equity accounts. Account opening rates were higher than those achieved from home equity campaigns deployed within the client’s original footprint.