BBVA Compass Nook Campaign
Closing late-stage prospects
Case StudyBBVA Compass Nook Campaign
When advertising no longer works
The Challenge
The Relationship Managers at BBVA Compass, like most sales professionals, kept a running list of high-value prospects that the bank is ideally suited to serve, yet for any number of reasons had resisted all sales efforts. The RMs had been pursuing the companies, oftentimes for years, so awareness was not the problem. Traditional advertising had lost any effectiveness with this group, so the later-stage challenge required different thinking.
Industry
Financial Services
Conversion Point
Contemplating to Preparation
Preparation to Action
Solution
The campaign comprised several elements, sent to 1,500 warm prospects. The first and most prominent piece was a box with messaging on the mailing label promising banking services that “make your business better.”
Inside, a presentation box sold BBVA Compass’ expertise, and their willingness to create a relationship that profited the prospect. Inside the presentation box was a Nook e-reader. Copy in the packaging sold BBVA Compass’ primary value proposition. We tailored the Nook with a custom opening screen, featuring the bank’s logo and a short message.
FitzMartin also created a follow-up package that the RM could leave with the prospect once they had completed a face-to-face meeting. That package included a Barnes & Noble gift card sufficient to buy one e-book.
Did it work? As one Relationship Manager put it:
“My last visit with Len revealed his pleasure at being a top prospect of the bank. The items we mailed to him are appreciated and he has begun moving the majority of his personal banking relationship to us.” – Russell Graydon/Decatur
Processes Used
Emotional Arousal
Rational Re-Evaluation
Results
RM participation: 100%
Loans:$100 million
Deposits: $26 million
Treasury Management: $181,000
Insurance: $10,000
Mortgage: $18,000
Grand total, all relationships: approx
$127 million
