Bbva Case Study
The goal of marketing: 1 . Increase new customers and accounts numbers. 2.
Improve satisfaction and retention and cross-selling. I awareness -emphasize on first five indicators (AAA) Online (compared with Its competitors they have very low online awareness. E. G. Ann. Of America has an awareness of 83% but BAA compass of 32%) – – Offline – focus on Spanish speaker living In states.
Eve some “cash” from TV to online sports sponsorship. Football and NAB, these partnerships will be used on display at relevant websites (CNN sport, nab. Com etc etc) to increase awareness between avid sport fans that would see partnership with great league as a very strong and valuable! It would be vital for BAA Compass to promote their multilayer sponsorship deals online. Effective way would be to use display and banner ads at sport-related websites.
With such a strategy they can avoid problems of sometimes low match between financial Institutions and sport In general.
On the other hand promoting It trickily on the sport websites might have positive impact. Connecting themselves with such a strong partner as NAB might serve as evidence for reliable, strong and all- American bank. Invest more internet commercial – customized message based on target group acquisition – Page 12 exhibit 7: delete the cost of application that Is over 200 dollars. Invest more In the paid marketing search than display (but take Into consideration that paid display scores higher on awareness) – application started through paid search Is 40 000 compare to 1 1 000 when “banner” (display search) and conversion for paid each s 17% and it is 38% for “display” goal we have to increase conversion rate for paid – make application process more streamlined and easy. – have direct link to application process (application checking account) – survey based on what type of people using search engines and tailor the application form for them banners – more impulsive.
Acquisition cost at 200 below.
– – mention morphing to increase sales (checking accounts opened) – BET example Direct link the page to the bank website thus all the customer will be using the same website image. Increase the bank open rate from internet based but mostly with debit account. Such application may contain adverse selection thus it is safe to give only debit account. One of the reason why there is low retention rate is that online customers (dynamic, robbery young) find themselves paying higher fees as their deposits are low..
. Owe to to be top value when you deposit above certain amount, therefore we have to force them to deposit more money. Those who deposit less will get Just 50 or SST Increase the deposits: increase the interests if the saving period is longer – increase switching cost !!! – increase prize of canceling your account switching cost. Increase the retention of checking account: DATA Development loans, investments – cross selling…
