Problem: A major regional retail bank, operating in multiple locations across the region, was facing challenges in identifying its customer segments and optimizing its marketing strategy. The bank’s leadership was uncertain about the effectiveness of their marketing efforts and desired a clearer understanding of their customer base. Avant Research Group, LLC. was engaged to address these concerns.
Process: Avant Research Group initiated the project by conducting a comprehensive analysis of the bank’s current marketing initiatives. This involved a detailed assessment of their advertising spends across various channels, including digital, print, and community outreach. Simultaneously, Avant delved into the demographics of the audience targeted by each marketing channel.
To gain deeper insights, the research team engaged in extensive fieldwork. This included interviews with the bank’s customers, conversations with employees, and collaboration with the bank’s marketing team. Avant Research Group also conducted research studies at different bank branches and relevant venues in the region, seeking to understand customer behaviors and preferences. Additionally, an online panel study was conducted to capture insights from the potential market within the region.
Outcome: Through rigorous analysis and data interpretation, Avant Research Group successfully classified the bank’s customer base into three distinct strata. These segments were defined based on a combination of factors, including banking behaviors, demographics, and location. By comparing the psychographics of each stratum with macro-level data, Avant identified a significant opportunity for narrowcasting.
The proposed advertising strategy involved tailoring ad copies for different media to target each consumer stratum effectively. This approach ensured that the bank’s marketing messages resonated with specific customer segments. Within a year, the bank experienced tangible benefits: a reduction in advertising expenditures coupled with a strategic reallocation of resources.
Moreover, the refined marketing strategy contributed to the bank’s expansion efforts. The client redirected the saved advertising dollars toward acquiring new branches in a market area heavily represented by consumers who aligned with the identified segments. This strategic shift not only enhanced the bank’s overall efficiency but also facilitated its growth in regions where the customer base was most receptive to their services.
In summary, Avant Research Group played a pivotal role in helping the regional retail bank not only identify its customer segments but also refine its marketing strategy, leading to significant cost savings and strategic expansion.