BY Adam Ambro
Challenge: Getting the word out to loan seeking consumers
Renee McDonald, a veteran sales rep from OnMedia, has had a successful run using AdMall, having won multiple Sell Smarter! awards now. Knowing AdMall could assist her when pitching a new campaign to a client, it proved crucial when she met with a local bank trying to appeal to loan seeking consumers in the market.
“They are a savings and loan bank that is now expanding into all services and want to get the word out [to loan seeking consumers] in the community,” said McDonald. “They also expanded their loan department into two other communities. They are rather small and are locally owned and operated. The challenge was losing their marketing personnel and [not being] sure what direction to go into with their advertising. I showed up and offered them some solutions that they really liked.”
Solution: Turn to AdMall’s sales tools
“We were able to pull AudienceSCAN data on loan seeking consumers and bank switchers to show what tactics they should use to get the clients they want,” said McDonald.
“AdMall helped us show them that their type of person they wanted to reach would be looking at these specific forms of advertising, how and why. We used the AudienceSCAN and digital audit tools.”
Result: An all-digital campaign
The banking company was convinced by McDonald’s approach of using AdMall’s AudienceSCAN report to reach out to the target audience of loan seeking consumers, and they agreed to a $36,000 campaign that consisted of CTV and video pre-roll.
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 15,080 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: 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.
National and regional banks operate in multiple market areas. They accept deposits and make loans to both consumers and businesses. In the past 20 years, fiscal problems related to loans and banking have included the savings and loan crises, real estate devaluations and stock market corrections. Consumers who are seeking higher return on investment outside of the typical savings rate buy CDs. While banks offer FDIC insurance, consumers often seek higher return and invest their money directly with other institutions offering mutual funds or other kinds of diversified funds but with slightly higher risk ratios than offered by traditional passbook savings.
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.