Finding the Right Niche Positioning Produces Results.
First Federal Bank of Wisconsin needed a market position that would help to differentiate the bank in the Milwaukee market. The market is challenging from a marketing perspective with more than 50 banks and credit unions located in the five county DMA.
First Federal is a $250 million community bank with its roots in Waukesha, Wisconsin. They have invested heavily in technology to provide their customers with online and mobile banking services.
Their brick and mortar facilities are designed to provide their customers with a relaxed environment where their customers sit with the bankers to conduct their banking. They also know their customers by name.
Leap Marketing conducted a comprehensive competitive analysis and concluded that in order to differentiate First Federal, they were going to need to appeal to customers who want personal service, but also want the convenient services of the more technologically sophisticated competitors. That positioning would allow them to have a broad appeal to an older and younger customer base. This is especially true with the emerging Millennial segments who want more a more authentic banking experience when they need it, but have the technology to manage their money whenever and wherever they want.
Leap’s creative team decided to take a straight forward approach to positioning First Federal: Smaller Bank. Bigger Advantages.
Leap’s media services team evaluated the bank’s footprint and the media available for reaching the target audiences. The agency selected a digital media buy that provided geographic, demographic and contextual targeting, with retargeting capabilities as the primary communication vehicle. This allowed Leap to use website landing pages to further explain the new positioning.
Leap’s media team also understood that the bank’s positioning allowed them to target older customers who were adverse to managing their money and banking through the use of technology. So the team felt that connecting to the community was important in reaching this prospect target. Community newspaper has also became an important part of the media campaign.
The Smaller Bank | Bigger Advantages campaign has been very successful at helping the bank grow. First Federal merged with Bay View Federal Savings last year and is currently building a new brick and mortar branch in the Brookfield and New Berlin, Wisconsin Market. Profits for the first quarter of 2015 surpassed $450,000. Watch for more updates on the acquisition strategy and tactics they are employing to help grow their deposits and loans.
To learn more about the brand positioning capabilities of Leap Marketing please contact John Verre or give the folks at Leap Marketing a call at 262-436-4080.