Case Study Background
BankFive has a pedigree that most local banks dream of. This Fall River, Massachusetts-based financial services institution has 13 locations, a history dating back more than 150 years, and the support of the entire South Coast of Massachusetts. They’re community leaders, independent, and keep current with new and improved banking technology. BankFive is as well-positioned for growth as any bank can be.
Despite having everything in its favor, BankFive is predicting an astonishingly low .02% growth rate in deposits over the next few years in its geographic region. In addition, BankFive has maxed out its geographic footprint. In order to expand beyond its current boundaries, BankFive would have to build more branches, which are prohibitively expensive.
What could BankFive do to bring in new customers and put the deposit trend line back on the upswing? There was only one direction for them to go, and that was online. BankFive already had an online presence, but they were seeing online-only banks starting to pick up momentum and grab market share. They needed a partner that could not only help build them an online-only site, but help them maintain high search engine rankings, keep them optimized, and help them stake a claim in the online-only banking world.
The Strategy and Solution
BankFive created an online-only entity known as Bank5 Connect, and partnered with McDougall Interactive Marketing to help them take it from concept to launch. McDougall created the site’s design, copy, and nuts and bolts over a period of four months and guided it to a successful debut at www.bank5connect.com in July 2013.
While it was tempting to focus on paid search, McDougall knew that competitors like Ally Bank were also doing content marketing and promoting thought leadership, so a more integrated approach was called for. Through the sharing of helpful content and the promotion of their own thought leadership, McDougall sought to increase conversions and create a stronger value proposition.
Bank Marketing Tactics
- Value proposition optimization
- Conversion optimized website
- Highly persuasive landing pages
- Video and podcasting (optimized for Google Hummingbird with transcriptions)
- Ebooks written for top-of-the-funnel calls to action
- Persuasive and informative website content (100% of content written by McDougall Interactive)
- Weekly blogging
- Social media account setup
- SEO essentials
- Paid search management (Google Adwords, Facebook ads, etc.)
- Crazy Egg heat mapping and extensive user testing analysis
- Third-party analytics tracking to determine ROI when users sign up and make deposits off the main URL
The new site was an instant hit and has generated millions of dollars in deposits at a fraction of the expected paid search spend and in a very short amount of time. BankFive signed a substantial new contract with McDougall for all their financial services marketing needs for all of 2014.
Of McDougall Interactive’s work, Jennifer LaFrance, BankFive’s First Vice President, says, “I wanted to let you know that I am thrilled with the design of Bank5 Connect. You and your team did a fantastic job on a tight time schedule. I couldn’t be happier with the results.”
And here is what marketing director John Cooke, now our great friend, has to say:
Get more information about our bank marketing services.