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Arvest Bank - GFK & SFD

Arvest Bank finds quick success in two new markets.

Arvest Bank, a $12.5 billion bank operating in Arkansas, Oklahoma, Kansas and Missouri, expanded into the Springfield and Kansas City markets in 2008 and 2010, respectively.

Marketing Goal:

Quickly establish awareness and preference for the Arvest brand in each of these new markets in order to grow the customer base.

Solution:

Using baseline research from other Arvest markets, we knew which product and service offerings matched best with bank attributes important to consumers in choosing a bank – long hours, locations convenient to home, free checking, etc. We built the creative around these attributes and deployed the campaign through geo-targeted online display, cable and network TV, outdoor, radio, geo- and demo-targeted direct mail and major community and PR campaigns around new branch openings.

Results

After four years in the Springfield market, Arvest:

  •   Has grown households by more than 200% in the past two years
  •   Ranks 7th in unaided awareness among 41 banks in the market
  •   Ranks 9th in retail household market share
  •   Ranks 5th in brand preference
  •   Is converting 42% of all consumers aware of the brand into consumers who prefer the brand above all others in the market
After two years in the Kansas City market, Arvest:
  •   Is experiencing significant growth in households, averaging organic growth of 13%
  •   Ranks 12th in unaided awareness among 140 banks in the market
  •   Ranks 7th in brand preference (remember, this is after just two years in the market)
  •   Is converting 25% of all consumers aware of the brand into consumers who prefer the brand above all others in the market

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