We helped an older bank discover the fountain of youth
Rosedale Federal Savings and Loan Association, a 100-year-old neighborhood institution, had a history of providing banking and loan products to Baltimore residents. Rosedale Federal developed an extremely loyal customer base but didn’t commit resources to marketing. As a result, the customer base aged and utilization of loan products declined. In the fall of 2010, Rosedale Federal hired GKV to help increase brand awareness, attract younger customers, and most importantly, generate an increase in residential mortgage loans.
Challenger Brand Solution
GKV went to work and created a brand repositioning campaign. A new brand promise expression, “Rosedale Federal – Your neighbor. Your guide. Your bank.” was developed to create an Emotional Connection with the consumer. New, brighter colors were incorporated into the advertising to engage younger consumers, while clever, inviting messaging stressed that Rosedale Federal was committed to reliable personal service with superior products.
Prior media plans for Rosedale Federal were heavily reliant on print advertising. GKV developed and implemented a new media strategy that consisted of a fully integrated campaign using multiple channels – TV, radio, OOH, digital and print advertising. The campaign was designed to reach a broader audience and provide multiple touchpoints for consumers to engage with the bank.
A strong, geo-targeted digital presence was used to drive online mortgage applications. Since there was a limited marketing budget, GKV and Rosedale Federal worked together to identify zip codes that provided the greatest opportunity for success.
The digital executions included traditional desktop banners, as well as mobile ads targeting younger consumers. GKV also incorporated pre-roll video into the media plan. The use of pre-roll videos at that time was not nearly as common as it is today and allowed us to position Rosedale Federal as a more contemporary bank.
Since digital assets drove inquirers to the Rosedale Federal website, GKV worked with Rosedale Federal to redesign the website so it was user-friendly and consistent with the new advertising campaign. Data capture devices such as lead forms were added to the site to build a lead pipeline.
GKV also managed all campaign reporting. Campaigns were monitored and results were analyzed by media property, creative/messaging performance, and ad unit to provide for continual optimization.
- The average number of applications per year more than doubled
- The average loan amount increased by 25%
- Annual revenue nearly tripled
- Due to the success of the mortgage loan business in attracting younger consumers, Rosedale Federal launched a suite of new checking accounts products.