Local Oklahoma Bank
Opening Accounts: The competition for retail banking customers is fierce. With free toasters on every corner, not to mention the associated bank branch, retail consumers have plenty of choices for their financial needs. Local Oklahoma was a growing financial institution looking to add more accounts to their customer base. Creating a relationship with a new customer is good. Making it last is better.
A Strategy to Bank On: We developed objectives for retail campaigns based on ROI, not volume. Obviously, it takes X amount of dollars to run an effective consumer campaign – reach and frequency still matter. So we based our campaign objectives on achieving at least a double-digit return. This figure was based on the average revenue per checking account over the course of 12 months.
Courtesy Costs Nothing: Next, we built a solid free checking brand called FreeBee Checking. We turned the associated mascot “FreeBee” (yes, a bee) into a household name, effectively giving the checking account a personality. As such, we were marketing a brand, not just the features and benefits of a product. People buy brands.
Check the Numbers: The ROI for the FreeBee Checking campaign was consistently over 100%. When you figure in the average length of time that the bank held a free checking customer, the return was over 350%. And when we marketed other services and accounts to these new customers, we helped Local Oklahoma establish long-term relationships with both them and their families.
After Our Transaction: After over a decade with VI, Local Oklahoma became part of IBC Bank, now an $11.8 billion bank with 215 branches in 88 communities throughout Texas and Oklahoma.