Our Work: BB&T Bank

Case Study

BB&T Bank — Small Business

This regional bank had developed a pilot program to help grow their small-business banking base. After developing a highly competitive product offering, BB&T wanted to utilize a test-and-learn approach to market growth within their branch network.

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The Challenge

The client recognized that most banks only passively market to small businesses for checking accounts and the use of mass media to generate Small Business Checking often attracts the wrong audience. Also, many branch bankers avoid focusing on business segments due to complexity of needs leading to inconsistent and uncoordinated marketing to segment. It was important to market a ”solution” and not the product.

The Strategy

Our experience showed that Business checking accounts generate more fee revenue than consumer checking and that returns from small business segment exceed most other segments. Also, small Business Free Checking balances are as much as 3 times consumer balances. Using a multichannel approach, RMG focused on creating upside revenue potential through combining business and personal offers to qualified prospects. We also created messaging to business owners and employees offering attractive cross-sell opportunities for existing customers.

The Solution

Step 1 was to profile current small business clients, developing the initial tool for prospecting efforts then deploy trade area mapping to fine-tune prospecting efforts at a branch level. Step 2 was to select a prospect universe using the combination of client profiling and trade area mapping. Finally we developed high impact communication devices that generated leads. By measuring leads, sales and balances, we could allow for future process enhancements. This program ran in-market for more than 3 years based on success.

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