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Integrated Marketing Communication




                  BBVA Compass:
           Marketing Resource Allocation




Group 3
Shweta
Zacharia
Kern
Rachita
Swarooparani
About the Company
       Parent company BBVA
       Second-largest bank in Spain in 2010
       Entered US market in 2004
       Through mergers and acquisitions, established itself as 15th largest commercial US bank- 700
       branches and $49 billion in deposits- across seven states (Sunbelt region)
       Three primary lines of business units: retail banking, corporate and commercial banking, and
       wealth management
       Goal: to become one of the top 10 banks in the US
       Positioning: small enough to offer customized solutions while big enough to offer
       breakthrough innovations
       Target customers: Sunbelt Area (significant population growth) – “strivers” – 25 to 54 year
       old- annual household income of more than $75,000


Marketing Goal
        Build awareness and trust in the brand
        Bring in new customers and increase the total number of accounts in the bank
        Improve satisfaction and retention customers and cross-sell to them


Marketing Budget
Under $50 Million for 2011


Offline Marketing
       Brand building: Adopted trade name BBVA Compass- aided awareness reduced
       Sponsorships: Multiyear sponsorship with NBA + Title sponsor of PapaJohns.com Bowl +
       Associate sponsor of Texas Bowl, Bell Helicopter Armed Forces Bowl, New Mexico Bowl


Online Marketing
       Paid Search: Buy generic words on search engines
       Display: Buy advertising space on websites that prospects were likely to visit


Offline vs. Online Marketing
       New checking accounts- 5% from online, 95% offline (80% branches, 15% telephone and
       direct mail)
       Average annual retention rate- online 55%, offline (through branches) 65%
       Annual income- slightly higher from online customers than from branch customers
       Account balances- lower of online customers than branch customers
       Measuring effectiveness- accurate in online, difficult in offline
       Applications for new checking accounts- about 80% online are approved, while 95-100%
       offline (branches) are approved
What was going wrong?
        Banks typically spent about 25% to 30% of their budget on measured media (such as TV,
        print and internet) and the remaining on unmeasured media (direct marketing and
        promotions). But BBVA Compass spent around 75% of their budget on TV and online alone.
        After adopting a new name, BBVA Compass, the aided awareness of their brand dropped.
        If 100 online visitors clicked on the online ads (paid or display), then only 2 or 3 accounts
        become functional, i.e., they are approved and actually funded within the required time
        frame.


What should be done?
The chief marketing officer must review the marketing performance of the company and decide how
to allocate next year’s marketing budget across different regions and different advertising channels.


How to do it?
        More emphasis on – convenient branch locations, easy online banking services, more
        personalized service, free checking services, friendly service - in all marketing messages
        Therefore, more spending on direct marketing and promotion, rather than TV and print
        Can try a breakthrough innovation to provide a platform to help customers on one-to-one
        basis 24*7 to improve the service provided, but keeping the cost incurred in mind. To
        enhance customer interaction at lower cost of delivery.
        More importance to brand awareness and trust building by making a personal connect with
        customers- new customer acquisition will follow
        Better selection of sites for display advertising- avoid duplication
        Improve online application process- make it more elaborate to explain to customers what
        information they are required to fill- give constant reminders to fund the account within the
        specified time frame
        Measure the effectiveness of sponsorships to Sports organizations- accordingly, increase or
        decrease spending

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BBVA Compass: Marketing Resource Allocation

  • 1. Integrated Marketing Communication BBVA Compass: Marketing Resource Allocation Group 3 Shweta Zacharia Kern Rachita Swarooparani
  • 2. About the Company Parent company BBVA Second-largest bank in Spain in 2010 Entered US market in 2004 Through mergers and acquisitions, established itself as 15th largest commercial US bank- 700 branches and $49 billion in deposits- across seven states (Sunbelt region) Three primary lines of business units: retail banking, corporate and commercial banking, and wealth management Goal: to become one of the top 10 banks in the US Positioning: small enough to offer customized solutions while big enough to offer breakthrough innovations Target customers: Sunbelt Area (significant population growth) – “strivers” – 25 to 54 year old- annual household income of more than $75,000 Marketing Goal Build awareness and trust in the brand Bring in new customers and increase the total number of accounts in the bank Improve satisfaction and retention customers and cross-sell to them Marketing Budget Under $50 Million for 2011 Offline Marketing Brand building: Adopted trade name BBVA Compass- aided awareness reduced Sponsorships: Multiyear sponsorship with NBA + Title sponsor of PapaJohns.com Bowl + Associate sponsor of Texas Bowl, Bell Helicopter Armed Forces Bowl, New Mexico Bowl Online Marketing Paid Search: Buy generic words on search engines Display: Buy advertising space on websites that prospects were likely to visit Offline vs. Online Marketing New checking accounts- 5% from online, 95% offline (80% branches, 15% telephone and direct mail) Average annual retention rate- online 55%, offline (through branches) 65% Annual income- slightly higher from online customers than from branch customers Account balances- lower of online customers than branch customers Measuring effectiveness- accurate in online, difficult in offline Applications for new checking accounts- about 80% online are approved, while 95-100% offline (branches) are approved
  • 3. What was going wrong? Banks typically spent about 25% to 30% of their budget on measured media (such as TV, print and internet) and the remaining on unmeasured media (direct marketing and promotions). But BBVA Compass spent around 75% of their budget on TV and online alone. After adopting a new name, BBVA Compass, the aided awareness of their brand dropped. If 100 online visitors clicked on the online ads (paid or display), then only 2 or 3 accounts become functional, i.e., they are approved and actually funded within the required time frame. What should be done? The chief marketing officer must review the marketing performance of the company and decide how to allocate next year’s marketing budget across different regions and different advertising channels. How to do it? More emphasis on – convenient branch locations, easy online banking services, more personalized service, free checking services, friendly service - in all marketing messages Therefore, more spending on direct marketing and promotion, rather than TV and print Can try a breakthrough innovation to provide a platform to help customers on one-to-one basis 24*7 to improve the service provided, but keeping the cost incurred in mind. To enhance customer interaction at lower cost of delivery. More importance to brand awareness and trust building by making a personal connect with customers- new customer acquisition will follow Better selection of sites for display advertising- avoid duplication Improve online application process- make it more elaborate to explain to customers what information they are required to fill- give constant reminders to fund the account within the specified time frame Measure the effectiveness of sponsorships to Sports organizations- accordingly, increase or decrease spending