Janel Bazih VP/Head of Marketing, Spencer Savings Bank David Waldron President, White Whale Solutions Isabella Ponticello Account & Sales Development Manager, White Whale Solutions In the Spotlight: MARKETING COMMITTEE Q: What are some of the first things banks should consider when designing a marketing strategy for a new product launch? BAZIH: The first step in any marketing strategy for banking—and even earlier during product development—is to understand how your customers make their banking decisions. Market research helps us identify our target audience, analyze the current landscape, develop a useful product, and then communicate its value to customers. It’s also important to consider the many marketing channels out there and be thoughtful with the channels that you choose. Different customer segments engage with different platforms, so selecting the most effective mix of digital, print, and in-person strategies is key. Additionally, timing plays a critical role. Launching a campaign when your audience is most receptive, whether that’s tied to economic conditions, seasonal trends, or life milestones, can significantly impact the success of your product launch. WHITE WHALE SOLUTIONS: Who the target audience is for that product—what do they “look” like: Understanding the target audience is crucial. Banks should conduct thorough data analyses to create detailed customer personas. This includes demographic information (age, gender, income level), psychographic details (lifestyle, values, interests), and behavioral insights (spending habits, product preferences). Knowing the audience helps in crafting messages that resonate and in selecting the most effective channels for communication. At Whale, we leverage commercial segmentation systems like P$YCLE, PRIZM, Mosaic, and Personicx. The ability to tailor our messaging and channel strategies to specific audience groups leads to more effective and personalized campaigns. What channels to use: Selecting the right channels is essential for reaching the target audience effectively. Banks should consider a mix of traditional and digital channels, including paid ads, email marketing, print advertising, and in-branch promotions. The choice of channels should align with where the target audience spends their time and seeks information. Creative and copy approach: Our creative approach is focused on designing impactful content that prompts the audience to pause, capturing that crucial extra second to ignite their interest and engage them with the message. The creative elements and messaging should be compelling, clear, and consistent with the bank’s brand identity. It’s important to highlight the unique benefits and features of the new product, using a tone and style that appeals to the target audience. Visuals, graphics, and copy should work together to tell a cohesive story that captures attention and drives action. Q: What are some of the KPIs banks should be looking at when evaluating the success of a program? Are there some that should be disregarded? BAZIH: With so much data available in digital marketing, it’s easy to get lost in the weeds or sidetracked by vanity metrics. You’re really looking for KPIs that reflect the health and growth of your business. Customer acquisition cost (CAC) and customer retention rate are usually good places to start. CAC helps you understand the cost-effectiveness of your marketing efforts, while retention rates provide insight into customer satisfaction and loyalty. These metrics together give an accurate picture of how well you’re attracting and keeping customers. Net Promoter Score (NPS) is another valuable KPI, measuring customer satisfaction and the likelihood of customers recommending your bank to others. Alongside NPS, business metrics like deposit growth and loan origination volume help show the financial growth and effectiveness of your product offerings. These KPIs reflect trust in your bank’s services and the success of your lending programs. Vanity metrics such as social media likes, impressions, or the sheer number of transactions don’t always necessarily correlate with profitability or business growth. They’re nice to share in meetings for positive morale and to validate your efforts, but you ultimately want to measure your marketing by tangible financial results. WHITE WHALE SOLUTIONS: Customer Venn Analysis: Our methodology involves a comprehensive analysis of our client’s performance by tracking the convergence of three critical areas—high deposits, electronic services, and lending products—within a Venn diagram framework. Over time, we aim to shift these areas into the center of the Venn, where their intersection represents optimal client performance and synergy across all three categories, leading to a more balanced and profitable banking strategy. Deposits: Measuring the amount of deposits can indicate the success of a savings or investment product launch. New money: Tracking the influx of new money into accounts and/or into the bank helps gauge the product’s attractiveness and customer trust. Account openings: The number of new account openings is a direct measure of customer acquisition efforts. Marketing Return on Investment (ROI): Calculating the ROI of marketing campaigns helps determine the efficiency and profitability of marketing spend. Channel performance: It’s crucial to track which marketing channels generate the most engagement and conversions. This data informs future campaign optimizations, ensuring resources are allocated to the most effective channels. 26 In the spotlight: MARKETING Committee
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