INSIGHT

When the expertise or the resources aren’t available internally, Galapagos can partner with a financial institution via our Strategic Essentials Program to maximize the impact of those resources. The program aligns an FI’s strategic goals and marketing priorities to develop and implement a plan with a focus on those initiatives delivering the greatest impact and best return.

One Midwestern bank has a team that wears many hats. Although they are committed to executing on their strategic priorities, each member of their team is stretched thin. Despite the desire to accomplish a broad range of initiatives to achieve their strategic objectives, they simply don’t have the bandwidth in terms of time and expertise internally to tackle the full scope of marketing programs they would like to execute each calendar year.

STRATEGY

Enter Galapagos. First, we spent time with the bank’s executive team to understand their business objectives and key challenges. Then we performed a competitive assessment, as well as an audit of their current marketing. This analysis gave us a detailed view of their performance and opportunities and allowed us to determine how best to align marketing initiatives with the bank’s priorities. We recommended a 12-month plan prioritizing six high-impact programs likely to generate the best return, replacing the bank’s current plan which contained over 20 projects and programs.

EXECUTION

Working alongside members of the bank, we designed and managed each program from concept to launch to measurement. The experience and resources of Galapagos meant that we could hit the ground running. Regular status meetings ensured all projects hit each designated program milestone. Programs were designed with an understanding of compliance guidelines and the unique marketing challenges faced by FIs. And successes learned from other FIs were put to use to drive better results.

For this client, the engagement delivered:

A customer expansion program that targeted customer households with the propensity to expand relationships with the bank

A new digital checking account designed to engage younger customers and those single-service mortgage and consumer loan customers from the bank’s southern markets where branch distribution was thinnest

Two product promotions: The first for business banking and the second for home equity lending

Development of three new landing pages, designed to augment prospect engagement and drive more sales through the online channel

A social media and website content program designed to support the bank’s business and mortgage expertise and its commitment to community involvement

A community relations plan and calendar that prioritized over 100 sponsorships and contributions into a series of higher-impact community events designed to showcase the bank’s major commitments to its local communities and to local businesses

MANAGEMENT

As a result of the Strategic Essentials Program, the bank was able to cut its annual marketing expenditure by five percent, while increasing its focus on key business lines and markets. The annual media budget was reduced by 11% while increasing the number of customer impressions significantly; 85% of the bank’s budget spent on sponsorships, events, and donations now targeted its three main business objectives, compared to 35% previously; customer wallet share increased by six percent and the program generated a 4:1 return on marketing investment; web traffic and click thrus increased by over 150%; the number of social media content posts tripled; and new accounts generated by promotions increased by 25%.