THE CHALLENGE
First Federal Bank has a strong, marketing-leading brand in its legacy markets and wanted to expand into the fast-growing Boise, ID, market. Though the Bank had a physical presence in the Boise market for a couple of years already, it had struggled. The current legacy brand had not resonated; the Bank had defined a distinctive value proposition and promotions had not been distinctive.
THE GOAL
In a highly competitive market, develop an effective marketing strategy and supporting plan to re-introduce the Bank in the Boise market and lay the foundation for significant future growth.
APPROACH
First Federal engaged Galapagos to develop its market strategy following this methodology:
Research market composition of the current and proposed Boise branch locations
Analyze market composition by consumer and business segments
Quantify market opportunity by product line and customer segment
Identify specific segments to target
Identify the primary needs of prospective customers in the market
Evaluate competitor performance and positioning
Evaluate changes to the current marketing mix to optimize its appeal and to better differentiate the Bank
Design a marketing plan, including media mix, promotional tactics, and product offers to generate awareness, new business and support a successful launch
Using data from the market analysis as a foundation, Galapagos developed a market entrance strategy and campaign that differentiated the Bank and aligned it with the best growth opportunities, while still allowing it to remain true to its roots. With a re-invigorated team and a growing brand presence, the Bank is now building on a successful foundation for further market expansion.
“We knew what we were doing in our legacy markets wasn’t going to translate as well in the Boise market. Galapagos helped us develop a compelling strategy that sets First Federal up as a real alternative in the marketplace for families and businesses that simply are not aware of the First Fed difference.”