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CASE STUDY BBVA COMPASS MARKETING RESOURCE ALL ALLOCA OCATION TION
Group-6
CASE FACTS •
Part of BBVA Group Spain, a financial service provider with $755 Billion in assets and operations across 30 countries
•
BBVA Compass established itself as the 15th largest bank in US through mergers & acquisitions
•
Has a predominant business in the sunbelt region, 700 branches & $49 Billion in deposits
•
Three primary lines of business : - Retail Banking - Corporate & Commercial Banking - Wealth Management
MARKETING RESOURCE ALLOCATION •
Goal
• •
•
Build brand awareness and trust in the brand Bring in new customers & increase the total no. of new accounts Improve customer satisfaction & retention and cross-sell to them
Parameters New Checking Accounts
Average Annual Retention Rate Annual Income Account Balances Measuring effectiveness Applications for new checking accounts
$49 Billion
Marketing Budget
Offline Marketing
Online Marketing
95% 80% from Branches, 15% telephone & direct mail
5%
65%
55%
Slightly higher
Lower
Lower
Higher
Difficult to estimate accurately
Accurate, ROI can be measured effectively
95-100% approved
80% approved
MARKETING BUDGET Offline Marketing
Budget
•
Brand Building After adopting trade name BBVA Compass, awareness dropped to 49% Aim to raise global brand awareness to 53% Sponsorships Multiyear sponsorships with NBA Title sponsor of Papajohns.com Bowl Associate sponsor of Texas Bowl, New Mexico Bowl •
•
•
14%
4% 1%
•
7%
• •
Newspaper Magazine 21%
Outdoor Online TV
Online Marketing
Paid Search Buying Keywords both generic & specific, on major search engines like Google, Yahoo, Bing Decision parameters for budgeting - clicks, click through rates, cost per click, cost per application Display Advertising Buying Advertising space on websites where prospective customers are likely to visit Generate fewer clicks than paid search but creates brand •
Radio
•
53%
•
•
ISSUES •
Declining budget
•
Challenge to effectively allocate budget to both measured as well as unmeasured media
•
•
Banks typically spend 25-30% of their budget on measured media (TV, print, internet) and rest on unmeasured media, whereas BBVA Compass spends approx. 75% Reviewing both display & paid search budgets to identify the most cost effective channels
RECOMMENDATIONS •
Categorise ad networks based on their performance & reach and remove investment in duplicate AOL, Traffic Marketplace, Tribal Fusion, Casale, Revenue Science, Interclick, Yahoo contributed to the major chunk of the reach, hence other smaller sites can be eliminated
•
•
Measure effectiveness of sponsorships in sports and review marketing budget for sponsorships In order to build brand awareness, emphasis should be on effective marketing communication highlighting on the key benefits and value it offers to its customers
