We prepared a marketing strategy for a segment for young adults and children for one of the leading regional banks.
The client was one of the more progressive and leading banks in the field of banking for young people, but was losing children’s savings accounts and the accounts of young adults.
Despite the successful acquisition of the younger customer base, the bank faced attrition of young adults and of children’s savings accounts. Therefore the client asked us for a set of marketing mix measures to stop this negative trend.
We carried out a comprehensive analysis of the market, an analysis of the marketing approach of their competitors, an analysis of the needs and purchasing processes of consumers and a comprehensive analysis of the sales data of the bank, including the use of different products and an analysis of the arrivals and departures by age segments:
- Based on the analysis, we prepared a strategy for young adults and children, which included tangible activities for a better retention of existing young adults and children
- We also prepared a plan for the implementation of the activities from the strategy, which included specific steps, responsibilities for those steps and a timeline for the execution of these specific steps.