This entry was posted on Thursday, October 2nd, 2008 at 9:52 am and is filed under Opening New Accounts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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| Objective: | To increase new accounts and deposits while building the bank’s image as the civic hometown bank. |
| Strategy Execution: | Adding a “civic touch” to their marketing program, “Places in the Heart of Collierville,” the bank offered a miniature, lighted replica of a local historical building on the town square. The bank sold the miniatures for $35 each and gave part of the proceeds to the local church, which was the model for the miniature. As an incentive to new depositors, the model building was offered for certain levels of deposits. The tag line used on all printed materials was “Where they have their branches, we have our roots.” |
| Results: | The initial order was for 300 miniatures to attract a projected 25 new depositors. With reorders totaling 700 more replicas, a total of 55 new accounts were opened with $500,000 in deposits. $10 or More,000 was raised for the church, as well. |
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