BY Adam Ambro
Challenge: Attracting a younger audience with new ways of advertising
Fred Terranova, a sales executive for OnMedia, had been selling media for just under a year and a half when he approached a local community bank that was stuck in their traditions and hesitant about adopting new ways of advertising.
“The business owner has been a long-time owner of [the community bank],” said Terranova. “The bank is very 'old-school,' and likes to stay in their ways. The decision-maker is curious, and likes to ask a lot of questions, and be reassured in the decisions she is making.”
Like many traditional businesses, they were facing challenges of appealing to a younger audience, who may not have known the benefits of choosing a smaller, local bank over a national name.
“The main challenge they were facing was reaching, and obtaining, a younger customer [base],” said Terranova.
Solution: Turn to AdMall’s AudienceSCAN survey data
Looking for new ways of advertising for the local bank, Terranova turned to AdMall’s AudienceSCAN report, specifically, the advertising response portion, which will show a client the media formats most likely to influence their target audience to take action. It was this data that ultimately prevailed with the client.
“I was able to use the advertising responses in the past 30 days and 12 months, along with data on TV programming sources in order to secure an increase in digital [advertising] in a bank that historically only advertised on TV and traditional media sources,” said Terranova.
Result: A new way of advertising for the usually traditional community bank
Terranova’s sale ended up being a $19,000 annual contract.
“They bought OTT and YouTube for the first time ever,” said Terranova. “This [AudienceSCAN] data and some industry facts from AdMall allowed me to help the client feel confident and secure in the proposal I was presenting.”
Though he might be new to the media sales world, Terranova had some advice for any other reps looking to use AdMall for their next sale.
“I would highly recommend AdMall to others because it is an easy way to get some reinforcement of what we are selling,” said Terranova. “And it makes the clients more comfortable in doing business with [new ways of advertising].”
AudienceSCAN® is SalesFuel’s proprietary annual study of online shoppers, digital audiences and consumer behavior in America. Now in its 14th year, this in-depth analysis of over 15,500 U.S. online adult consumers gives you the exclusive insight to better understand what’s in the hearts and minds of your account’s best customers. More than 1,355 customer groups are profiled with details on consumer behavior, purchase intent, digital+technology usage, health+wellness concerns, automotive preferences, leisure interests, dining habits and more. Business development specialists use AudienceSCAN to identify new markets, new opportunities and new channel partners. Marketers can use AudienceSCAN data to reach the people who count (instead of counting the people they reach), while crafting a message with impact to those who are most likely to buy.
More About: Community Banks
Community banks are generally locally owned independent institutions, managing less than $1 billion in assets, though some manage assets worth billions of dollars. Historically, community banks have the interest of the local community as a priority and often invite local business leaders and prominent citizens to sit on the board of directors. These banks serve individual investors with savings and loans services but they also loan money to local businesses.
Though banking is an increasingly competitive business, newly chartered FDIC banks continue to open. To stay competitive, community banks are rolling out the convenience of online services while they try to maintain a personal touch with clients in local communities. Additionally, frustration with the "big banks" has led many customers to seek out local community banks.