The goals of the bank. 1. building awareness and trust. 2. support various lines of business. The challenge: allocate the limited resources in such a way that they can balance the objectives.
The goal of marketing: 1. increase new customers and accounts numbers. 2. improve satisfaction and retention and cross-selling. l
-emphasize on first five indicators (3A)
Online (compared with its competitors they have very low online awareness. e.g. bank of america has an awareness of 83% but BBVA compass of 32%) –
– focus on spanish speaker living in states.
Move some “cash” from TV to online
sports sponsorship. football and NBA,
these partnerships will be used on display at relevant websites (cnn sport, nba.com etc etc) to increase awareness between avid sport fans that would see partnership with great league as a very strong and valuable!
It would be vital for BBVA Compass to promote their multiyear sponsorship deals online. Effective way would be to use display and banner ads at sport-related websites. With such a strategy they can avoid problems of sometimes low match between financial institutions and sport in general. On the other hand promoting it strictly on the sport websites might have positive impact. Connecting themselves with such a strong partner as NBA might serve as evidence for reliable, strong and all-American bank.
Online Banking: How Technology has Affected the Bank Industry Aluscine Kabir Diana Mickle Jennifer Ross Betty Tek este University of Phoenix COM 525: Managerial Communication and Ethics Edward L. Dempsey March 14, 2005 Modern technology has set the stage for today's industries to adopt faster, more effective and efficient tools to improve their business and productivity. A vast majority of ...
invest more internet commercial
– customized message based on target group
– Page 12 exhibit 7: delete the cost of application that is over 200 dollars. – invest more in the paid marketing search than display (but take into consideration that paid display scores higher on awareness) – application started through paid search is 40 000 compare to 11 000 when “banner” (display search) and conversion for paid seach is 17% and it is 38% for “display” – goal – we have to increase conversion rate for paid search…. – how to do that?
– make application process more streamlined and easy.
– have direct link to application process (application checking account) – survey based on what type of people using search engines and tailor the application form for them –
banners – more impulsive (Cognitive style?!)
paid search – analytics
different application processes for different groups…this assumption has to be proved – people that comes from paid search are probably checking also different banks and services so they just start application, check what s there and leave…we have to give them some reward when application form pop up…for example give them additional benefit when they finish application within exact time SPLITTING BENEFIT between more steps – paid search – UP TO 150! – info about getting 50 when finishing application, then additional 100 when they fund account within required time frame if they do not deposit within some time they are going to receive email reminder of not forgetting and not losing 100
organic optimization – long term strategy – SEO – idea behind is to get same or much more for the same price as price for paid search – also people that searching for bank would probably omit clicking on paid search but rather click on first link below paid search…higher relevance –
ARTICLE ESSAY THE ARTICLE " In India, pressures on the water supply created by a Coca-Cola plant have caused wells to dry up. Is it just a politically motivated thirst that has led local people to protest?" was written by Mark Thomas for the February 2, 2004 edition of the New Statesmen. Coca-Cola opened a new manufacturing plant in Plachimada, Kerala, a drought strike area, and pretty much ruined ...
-customizing the message that fits the location , demographics of the potential applicants better( Not too personalized but creates a targeted message) Emphasizing the reasons of choosing primary bank
-In paid search : the appear of the website should be different than the cashback, but rather focus on the reliability and quality of the bank’s service.
55% online 65% branches.
We should increase the
Banking sector’s average CLV over 5 years is 800 dollars. Acquisition cost at 200 below. –
– mention morphing to increase sales (checking accounts opened) – BT example
Direct link the page to the bank website thus all the customer will be using the same website image.
increase the bank open rate from internet based but mostly with debit account. such application may contain adverse selection thus it is safe to give only debit account.
one of the reason why there is low retention rate is that online customers (dynamic, probably young) find themselves paying higher fees as their deposits are low…how to increase their deposits? that 100 that is bonus when they fund their account is going to be top value when you deposit above certain amount, therefore we have to force them to deposit more money. those who deposit less will get just 50 or sth
Increase the deposits: increase the interests if the saving period is longer – increase switching cost !!! – increase prize of cancelling your account
switching cost. →
Increase the retention of checking account:
loans, investments – cross selling…
diversify their product portfolio