New Customer Acquisition in Community Banking: The Clear Mountain Bank Success Story
The Community Bank
Clear Mountain Bank takes pride in being a local community bank, dedicated to providing the best services for all of the banking needs of the communities it serves. Clear Mountain Bank has remained locally-owned for more than 130 years, and continues to tailor its banking services to help its customers grow and thrive in an ever-changing economy. Clear Mountain Bank’s goal is to ensure financial stability for our customers and our communities.
The Challenge
Despite having a big pool of creditworthy prospects in its service areas, traditional methods of customer acquisition were costly and lacked certainty in economic returns. The bank needed a solution that was both effective and economical.
Micronotes Steps in with a Plan
Micronotes.ai, with its innovative Prescreen Acquire platform powered by Experian, stepped in to help. Micronotes technology promised to revolutionize the way Clear Mountain Bank approached new customer acquisition using big data, analytics, content production, and campaign management automation. Micronotes provided a clear execution plan:
- Find creditworthy prospects in the bank’s service area
- Create individualized firm offers of credit for each creditworthy prospect
- Execute the campaign using email and direct mail
This approach leveraged a marketing automation strategy that was both direct and personalized.
The Implementation
Clear Mountain Bank implemented the plan by sending out 12,963 unique, hyper-personalized loan offers to potential customers, efficiently utilizing the Micronotes Prescreen Acquire platform.
The Results
In the first 60 days, Clear Mountain Bank acquired 60 new customers, generating significant immediate revenue and projected profits. This translated to a net negative customer acquisition cost, a remarkable achievement in the banking industry.
Avoiding Failure
By choosing Micronotes, Clear Mountain Bank avoided the high costs and uncertainties of traditional customer acquisition strategies. They were able to acquire new customers at a profit, which is often not guaranteed with conventional approaches.
Conclusion
The case study of Clear Mountain Bank is a testament to the effectiveness of Micronotes’ big data+analytics+marketing automation approach to new customer acquisition. This partnership not only helped the bank achieve its immediate goals but also set a new standard in the banking industry for acquiring customers efficiently and profitably.
