To support its goals for continued growth, Watertown Savings Bank (WSB) targeted neighboring Arlington, MA as the site of their newest branch location. Located just a few miles outside of Boston, Arlington is home to several big banks and another close competitor was planning to expand into town making the race for deposits even more heated.
We faced several challenges entering this market—standing out in a crowded advertising environment, creating anticipation and excitement about WSB’s expansion, driving foot traffic, generating immediate deposits and accomplishing all of this before our competitor formally launched their branch.
The underlying strategy was to employ an integrated media campaign to optimize budgets and ensure a dominant voice during this critical launch phase. A key element of the strategy was to rapidly launch a well-coordinated, well-supported effort, acquiring as many new customers as possible before the competition could establish a foothold.
Incentive offers were used to create excitement and bring customers into the new branch. These incentives included special CD rates, cash prizes for new checking accounts, gift cards and raffles. The multifaceted media campaign consisted of print ads, direct mail, cinema advertising, bus wraps, online banner ads, a website landing page, cable television sponsorships, and a pre-launch radio announcement, all tied together with strong messages that clearly introduced the WSB brand promise. This program generated over $1 million in deposits in the first day, and momentum has continued to be notable since the launch.