More than Google
Market research is at the center of strategic planning that yields results. FBT Bank & Mortgage (FBT) is an 80-year-old financial institution in southeast Arkansas. The bank has branches in Pine Bluff, White Hall, Rison, and Fordyce. In 2016, the bank was looking to gain market share in a retail footprint dominated by larger banks. Since that time, my firm has worked aggressively to build awareness and create a niche for the community bank as the provider of services that help customers “Live Simply.”
At the beginning of our contract, I worked on the development of a research project to determine brand awareness and consumer sentiment toward their brand. The bank was using FDIC market share reports to gauge brand awareness. After analyzing this, I found that these reports were misleading as they indicated the volume of business with an existing customer base, but gave no indication as to whether noncustomers had any level of awareness about the bank. This limited our ability to develop growth strategies, especially in Jefferson County, where they had the least market share. Our campaigns must launch from one of two perspectives: 1) the perspective of creating brand awareness to enter a potential customers’ consideration set, or 2) asking for customers who are aware of the bank but do not bank with FBT to switch their banking.
To get sound metrics within the retail footprint (three counties in southeast Arkansas-Jefferson, Dallas, and Cleveland counties) it required an approach outside of my traditional research experience of conducting focus groups and intercept surveys. This project had to cover a wide geographical area, secure quantitative data as opposed to qualitative data, and had to be cost effective.
I designed a telephone survey considering the following:
- The market data we wanted to define (the basis for developing a strategic communications campaign)
- The demographics of the populations
- Legislation that governs the collection of consumer data via the telephone
I partnered with a research company that had the technology and manpower to execute an auto-dialer-based survey and secure the call lists for this project.
Stand out findings for our firm included the following:
- The brand struggled with awareness in the market where it desired growth the most: Jefferson County (Pine Bluff and White Hall).
- Customers do not switch banks easily.
- Location and convenience play an integral role in choosing a bank.
The empirical data gathered as a result of the research was used to make recommendations to improve and modernize the look and feel of the brand, develop targeted, aggressive advertising campaigns in markets where brand awareness was low or nonexistence, and to determine appropriate messaging for new advertising pieces. Review the report below.
Outcome Addressed
Conducting primary and secondary research:
- Primary Research Skills
- Writing effective survey and interview questions
- Designing effective survey and interview materials