StonehamBank

Optimum Banking Products

In the spring of 2019, StonehamBank added two new checking accounts, Optimum Checking and Optimum Plus. While they created excitement with their new checking products, the bank still wanted to promote other account features like direct deposit, mobile banking and overdraft protection to create stickiness. They also wanted to use a referral incentive to target other household members who hadn’t yet signed up for a StonehamBank checking account.

Services used on this project

  • Media
  • Social Media
  • Design
  • Communications

Project Goals

The Ask: Optimize the bank’s existing checking campaign to increase the number of checking account openings.

The Answer: Run a series of back-to-back digital campaigns to drive web traffic and increase checking account business to existing and new checking products.

Process

We ran a few different campaigns to drive new checking account business. Our Generic Checking Campaign morphed into an Always-On Campaign. The campaign was comprised of radio, print, eBlasts, signage and Google ads that targeted generic and cooking personas. We leveraged user affinity data to determine user interest groups that would likely show the most interest in this product and tail. Our Cooking Campaign targeted the people interested in checking accounts, food & dining, cooking enthusiasts, and 30-minute chefs.

Additional checking “pop-up” campaigns were centered around specific days. The Black Friday Pop-Up Campaign pushed for account openings during the week of Black Friday. And finally, the Presidents’ Day Campaign promoted account openings during a two-week period around Presidents’ Day.
Average checking account balance of $9,428, a 20% increase to the previous average checking account balance

22% increase in accounts per household
13% increase in average deposit balance
30% increase in average loan balance
50% retention rate
Let the numbers tell the story
769 total new checking accounts opened
46% new checking customers were Gen Z or Millennials
61% new checking customers with $1M net worth or more
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