THE CHALLENGE
This community bank realized that the context in which community banks have operated successfully had changed significantly. To guide and ensure future success (and even survival), the bank committed to redefining and reinventing its value proposition to ensure long-term relevance and viability.
THE GOAL
The bank sought to embark on an institutional strategy that questions the status quo while retaining all the positive attributes of the community banking philosophy. They aimed to redefine themselves as an organization completely driven by customer needs, reengineering its internal processes for how it does business, and reinvigorate the bank’s brand to reflect all the transformational changes taking shape.
APPROACH
With Galapagos guiding the process, the bank undertook a three-year initiative to:
Clearly define the strategic goals
Build organizational consensus around the definition and goals of the strategy
Redefine its purpose, vision, and mission
Evaluate the competitive environment
Segment the customer base and markets
Identify the needs of customers
Evaluate and realign the current marketing mix (product and service offering, channels, brand)
Design new models that align marketing, sales, and service resources with customer opportunity and needs to deliver an exceptional and valuable customer experience
Evaluate current resources and processes
Realign/redesign organizational processes and resources to support the new models
Define the personnel, training, and technology resources required to support the new models
Launch internally and to the market
Even with a global pandemic thrown into the mix, the Galapagos team worked hand in hand with the bank to successfully launch its new brand in the Fall of 2020 – complete with a new name, logo, website, and fresh re-entry into its legacy markets.
With a solid foundation to move forward, the bank continues to work with Galapagos as it looks to expand its presence into surrounding growth markets and build out a strategic focus on small and middle-market businesses.
“Changing the culture and strategic direction of any organization is quite a challenge to undertake. We relied on Galapagos to help take us where we needed to go to remain a strong, independent, community-based institution. I’m excited about Eaton’s future knowing that we’ve really done the legwork to set us up for success.”