BANK MARKETING | BANK ADVERTISING | MARKETING RESEARCH |AD AGENCY | AWARD WINNING

DALLAS – March 31, The LOOMIS Agency and the award winning research team at Optimization Group collaborated on a bank marketing research study aimed at determining which offers and ideas are most motivating for switching behavior now that the banking industry climate has changed so dramatically. The goal was to determine which bank advertising messages are most persuasive in today’s volatile economic climate.

THREE PART SERIES

PART ONE :: BANK MARKETING RESEARCH METHODOLOGY

RESEARCH METHODOLOGY: The Optimization Group, headed by Jeff Ewald, former research director for award winning advertising agency J. Walter Thompson, used a proprietary research methodology called the IdeaMap® model.  IdeaMap® is rooted in conjoint (trade-off) analysis.  Statistical analyses are used to quantify the individual contribution (motivation) of each idea or messaging element to consider switching banks.

THREE IdeaMap® OUTPUTS: Constant Score is the base level of interest in a bank, expressed as a percentage, as described by the concepts.  Element Scores are the percent of constituents who shift to a positive interest when exposed to a particular communications message. Total Scores are the sum of the constant and element scores, and facilitate comparisons between different banking options across other IdeaMap® studies.

24 different advertising messaging elements were evaluated.  Each of the messaging concepts was crafted by LOOMIS Agency strategy and creative team members.  There were four different categories (“what to say”): Promotional offers (images), positioning statements, additional positioning statements, and taglines. Six alternative elements within each category were also included (“how to say it”).  Respondents were asked to answer the following question for each combination of elements, “if you were considering switching banks, how likely would you be to switch to the bank described here?”

MARKETING RESEARCH RESPONDENT REQUIREMENTS: Currently hold a checking or savings account in a bank or credit union, earn at least $20,000 annually, are between the ages of 20-65.

MARKETING RESEARCH SAMPLE: Total sample (N=526) from three sources.  Urban (n=170), suburban (n=184), Rural (n=171).

Statistical significance testing was conducted with in a column where color coding is used to highlight the most/least motivating marketing messages and elements within a group (total sample).  Total scores (constant + element) that are significantly higher than the constant score are green, and those with significantly lower than the constant are red. Yellow indicates the total score is not significantly different from the constant.

LOOMIS + OPTIMIZATION GROUP 

The LOOMIS Agency is an award winning advertising agency in based in Dallas headed by agency president, Mike Sullivan.  The agency has a great deal of banking industry marketing expertise.  The Optimization Group is based in Ann Arbor, Michigan that works with a variety of Fortune 1000 companies on marketing research initiatives.  The two companies have often collaborated on assignments for clients over the years, and have done work together for Cash America, Pier 1 Imports, Palm Beach Tan, Pro Staff, Dairy Queen, and others. 

Part two of this series will contain information about the motivating ideas that were used for the bank marketing research study.

Part three will contain the results of the bank marketing research study.

For more information contact Mike Sullivan at (972) 331-7000.