Executive Summary Amarillo National Bank was founded in 1892 by the Ware family when Amarillo was one of the world’s largest cattle-shipping points. Amarillo has seen some tough times but ANB has stood strong through it all. It is a family owned bank that has had the reputation of “family tradition” since the beginning. Amarillo National Bank has brought so much to Amarillo. Besides supporting local businesses and organizations, they also have had many first for Texas. They were the first to have a driveup banking facility and the first with ATMs in Texas. In 1986, ANB bought the Borger Bank, the first branch bank in Texas. Besides ANB being the largest 100% family-owned bank in the nation, the Ware family has focused making the best decisions for the customers and not for the family. Customers come first for this bank. They also put the community of Amarillo as a priority. ANB started in Amarillo strong and has remained strong since. With the 5th generation leading the bank, ANB will be around for many more years. Now ANB has made it’s mark in Canyon. This marketing campaign will position ANB at the top of mind and top choice bank for the West Texas A&M University market through online social and community engagement.
Objectives Bring awareness to the opening of the Canyon branch at West Texas A&M University Establish and generate ANB brand awareness among college population, recent WTAMU graduates, faculty and staff, and those who are opening their first checking or savings accounts Convey the ANB culture, connect with the Canyon community and become its leading corporate citizen Establish ANB as the primary location to open a checking account and acquire a personal loan to WTAMU
Commercial Banking Industry Commercial banks accept deposits and make loans to individuals and corporations. They derive revenues from national banking products such as mortgage banking and credit cards, and from products and services in more fragmented, regional markets, including debit cards, savings and current accounts, and commercial real estate lending. The industry is driven by the volume of deposits, quality of loans made, and interest rate environment. It is further characterized by risk from mismatched assets and liabilities. Commercial banks are traditionally depended on a skilled workforce, but are using technology to expand product and service offerings, better manage risks, and streamline operations. (SABS)
Commercial Banking Industry The industry is highly is highly concentrated with four companies holding 41 percent of U.S. deposits insured by the FDIC Reputation of commercial banks is an important success factor that enables firms to gain market share by attracting and retaining customers Smaller banks have the opportunity to capitalize on niche markets than larger complex banks Financial literacy and inclusion building through regional banks’ communities are likely to have a positive impact on the banks’ reputation, increasing the value of intangible assets. (SABS)
Commercial Banking Trends Banks stand apart from other competitors by offering remote deposit capture. At the end of 2013, less than 10% of U.S. financial institutions offered remote deposit capture. Banks are experimenting with more open and flexible branch formats that give customers multiple options. Banks can appeal to young adults by marketing management tools. 46% of bank account shoppers under 30 are interested in personal finance management tools.
(Admall)
The Canyon Market Canyon Texas is considered to be a small, rural town that has a strong and big hearted community. Most businesses are local and very supported by the people of Canyon. Like most small towns, the city of Canyon supports the local schools and sports. Canyon is a big supporter of West Texas A&M from sports to academics. The whole community attends it all.
In-depth Interviews We went straight to the consumer and asked them their thoughts on banking and personal financing. WT students are not worried about their financial future, but are concerned with their current finances Out-of-town students switch banks within the first few months living on or near campus Local Amarillo and Canyon banks are preferred over large name ones Students and Staff want an emotional connection with their banks through services and assistance offered Target Market consults bank and online resources for financial stability information
In-depth Interviews
In-Depth Interviews We went straight to the consumer and asked them their thoughts on banking and personal financing. Faculty are concerned for students financial well-being Students are not sure of financial services offered on-campus Debt and job security are the top fears students are concerned of during school and after graduating Students generally have independent accounts The target market is diverse in backgrounds and psychographics
Brand Recall Surveyed students and staff associated the ANB logo with Amarillo National Bank. If they could not recall the logo with a name, they associated it with a local bank. When the audience is exposed and associates the ANB brand, it is easily recalled.
The ANB Brand ANB is perceived as a community-centric local bank that cares as much as its customers as it does its employees. ANB is not like other Amarillo based banks or those other national competitors. ANB is not afraid to step outside of the box with it’s marketing tactics or community outreach. This bank leads, where others follow locally.
SWOT Strengths • • • • • • •
Outside the Box Local Bank Leader Customer Service Community and Relationship Centered Top-of-Mind Local Bank Awareness Uphold Reputation Branch Interior Aesthetics
Opportunities • • • • • • • •
Improve Financial Literacy of Students Through Seminars and Email Blasts Increase Canyon Market Share Through New Branch Become the Official Bank of WT Through Contracts Buffalo Gold Card Partnership Improve App User Experience Promote Digital App and Services Increase On-Campus Presence Potential to Increase Online Social Content
Weaknesses • • • • •
New Kids on the Block Lack of CRM Database for New and Current Customers App is Aesthetically Outdated & Lacking Trending Functions Social Media Is Managed Externally Lack of Social Media Content Quality
Threats • • • • • •
Saturated Market Local Competitors University Population Fluctuates with Seasonal Changes Highly Fragmented Faculty and Staff Psychographics and Demographics Online Security Breaches Mobile Wallet Trends
Competitors These are the primary commercial bank competitors in the Canyon area market Bank of America
First United Bank
Education Credit Union
The People’s Federal Credit Union
First Convenience Bank
Wells Fargo Bank
Happy State Bank is the primary on-campus competitor with ATM locations & sponsorship
Target Market Overview Our target audience is centered around the WTAMU campus. University campuses are ethnically, culturally and generationally diverse. It would be near impossible to identify all key traits from each of our three segments, but our campaign strategies target this broad reach The student population has been identified is the target more likely to convert to Amarillo National Bank and willing to share social media content with their networks.
WTAMU College Portrait Undergraduate Population Part-Time 21% Full-Time 79%
Origin International 3% Out-of-State 13% Texas 84%
Graduate Population Full-Time 31% Part-Time 69%
Gender
Male 44%
Female 56%
Faculty & Staff
Staff 61%
Faculty 39%
Student Living Situations On-Campus 28% Off-Campus 72% (WTAMU College Portrait)
Study Strugglers WTAMU Students Near 9,000 students as of Fall 2014 Renters/Living On-Campus Average length of residence 1 year, Shared spaces
18-25 Single
Income <$15,000
Diverse Ethnicity
$6,000-$7,500 discretionary spending Underbanked Debit cards, below average checking account creation (Experian Mosaic)
Study Strugglers Psychographics Live in university towns
Educated
Bargain shoppers
Risk takers
Modest digital use
Nonconformists
Internet for communication
Convenience foods
Charitable donors
Disengaged politically
(Experian Mosaic)
Staff Support Administration & Staff 449 Staff members as of Fall 2014 More than 4 persons in household Single Married with Kids
34-50
Income $35-50K Educated
Varied lifestyles Children present Underbanked $11-13K discretionary spending (Experian Mosaic)
Staff Support Psychographics Family-centric lives
Value-conscious
Solid blue-collar
Vibrant and active lifestyles
Ethnically diverse
Group sports activities
Middle-class comfort
Traditional media
Financially cautious
(Experian Mosaic)
Instructables Professors & Instructors 287 Faculty members as of Fall 2014 Single family dwellings $16,001-$19,000 discretionary spending
34-50
Not Underbanked
Income $50-74K
Investments Short term CDs Credit cards, auto loans
Married with Kids
Highly Educated
(Experian Mosaic)
Instructables Psychographics Middle-age couples & families
Content Optimists
Active leisure lifestyles Multi-cultural Sports activities Active digital users Casual Sensible
(Experian Mosaic)
Marketing Strategy Mission: Create a marketing plan integrating Amarillo National Bank in to the WTAMU community. Objective: Use social, mobile and UGC tactics to increase brand engagement by 15% and online engagement by 7% by Fall 2015. Banks should market mobile services when targeting young adults. 78% of Generation Y, 18-34, with a checking account state that mobile banking accessibility is important when choosing a bank. (Admall).
Creative Strategy Purpose of Campaign: Establish Amarillo National Bank as the top of mind bank on the campus of WTAMU, increase brand engagement and online traffic Target: The WTAMU campus population through on campus engagement and digital tactics with special emphasis on the student market Benefit: Engaging and switching banks to Amarillo National Bank provides the target market with financial education, exceptional customer support and supports local business.
Where The Buffalo Roam,
ANB is Home.
Campus Kick-Off At the beginning of the Fall semester, ANB will round up their barbecuing team and host a semester kick off. This event will show students that banks can be your best friendâ&#x20AC;Ś especially by offering free food! Students will be encouraged to post photos of the event with #ANBuffs to win scholarships and ANB Cash Cards.
Food, Fun & Sharing
#ANBuffs for Scholarships
#ANBuffs
Facebook Analysis 35 Average Likes Per Post 66/100 Rank
8,369 Likes
2.67% Engagement
Most Active Day: Friday (LikeAlyzer)
Social Media Suggest to remove the social media vendor and internalize management for efficiency as well as customization Sponsor video content and tactics targeted to WT market Content created in real-time Photograph, video and post events and content Incorporate videos on financial tips, interiors of ANB branches, how to videos for accounts, employee and customer interviews, community outreach.
Social Media Video
Instagram We suggest adding an ANB Instagram account to include USG content generated from #ANBuffs and other ANB marketing efforts. Brand Instagram posts generate an average per-follower engagement rate of 4.21%. The app delivers brands 58 times more engagement per follower than Facebook and 120 times more engagement per follower than Twitter. (Forrester)
JBK Student Center Presence
On-Campus ATM Additions Students and staff want to withdraw cash and they want it where they need it. Additions of two ATMs in the highest student traffic areas will give ANB accessibility to the target market
JBK & Dining Hall
ANB Student Lounge Center This current study lounge is frequented by students throughout the semester. Creating an ANBuffs Lounge themed like the Canyon Branch will provide students to escape from the day-to-day maroon WT theme. Did we mention the placement of an ANB ATM in this area? It is in a prime location for student, faculty, staff and visitor traffic.
Indoor Digital Signage Utilizing monitors strategically placed in the: Jack B. Kelley Student Center Food Court College of Business Hasting Electronics Learning Center Other primary locations,
Will display ANB animations; enticing the eye and ensuring that our target is being exposed to the ANB brand minute by minute.
The #ANBuffs Shuttle Bus Parking is limited on campus. Faculty and students find taking the shuttle bus to get to class as a hassle. The #ANBuffs Shuttle bus will be equipped with a vinyl wrap along both sides, including the ANB logo against a sleek grey background. This tactic will catch the eye of passengers and people walking by â&#x20AC;&#x201C;increasing word of mouth and user generated content through our social channels.
Shuttle Bus Shelter Ads
Animal & Natural Science Mural Employing a unique and stunning artist, ANB will commission a one-of-a-kind mural, placed in entry way of the Agriculture and Natural Sciences building. This will help reach an even more specific target â&#x20AC;&#x201C; local future farmers and ranchers. This target is vital for loan volumes. The mural will beautify the ANS building and expose ANB to the 2,093 enrolled College of Agriculture, Science and Engineering students.
ANimal & Natural Science Mural
WT Homecoming The annual WTAMU Homecoming Parade would be incomplete without a little bit of ANB to â&#x20AC;&#x153;Buff Up Your Banking!â&#x20AC;? By participating in the parade, we are exposing not only our target, but the whole community to the ANB culture.
ANB Faculty & Staff Appreciation At the end of each semester, the ANB Barbecuers will host a Faculty & Staff Appreciation Lunch, open to all faculty. This is a simple, yet effective way for ANB to show the faculty that their time, effort, and love for the student body does not go unnoticed.
#ANBuffs Scholarship ANB wants to be a part of the WTAMU community â&#x20AC;&#x201C;not just another bank that sits idly by. We suggest that Amarillo National Bank make a true investment in the current students involved in majors that pertain to marketing, finance, and business. By dispersing scholarships, equaling a total of $25,000 to these students, you are creating the future of the banking industry. A portion of this fund will be allocated for the Campus Kick-Off tactic contest for scholarships and Cash Cards.
Email Marketing Integrating email marketing to reach the WTAMU population through the Student and Staff email lists with monthly emails on financial literacy tips and videos will provide recipients with personal financing education. Use of MailChimp provides real-time analytics for email opens and email list management. Email blasts are designed from the online platform and optimized for mobile and desktop screens.
Where The Buffalo Roam,
ANB is Home. Download the Mobile App
Email Marketing Stats & Facts Personalized emails and subject lines are more likely to be opened
Email Marketing Must be responsive and designed for mobile devices
For every $1 spent, $44.25 is average email marketing ROI Monday emails had the highest revenue per email
(SalesForce)
Digital App Enhancements We suggest enhancing the digital app experience by integrating: Attractive, Simple, User-Friendly interface How-to videos on how to download, sign up and access the mobile app
Digital App Enhancements
Digital App Enhancements Banks can appeal to young adults by marketing management tools. 46% of bank account shoppers under 30 are interested in personal finance management tools.
Integrating personal finance functions into the ANB app will appeal to the younger demographics and give ANB advantages over other banks lacking this function.
Digital App Enhancements Thumb print sign-on Apple Pay capabilities The ability to remotely turn cards on or off Real-Time ATM U.S. map locator
Digital App Marketing
Once the mobile app is enhanced with new features and aesthetics, ANB should proceed to market the app through social media, digital monitors at WT and email marketing.
Hi, Iâ&#x20AC;&#x2122;m Your Intern! We suggest an social media content paid intern hire to develop organic posts and digital campaigns Qualities to Consider: Video editing and producing skills Marketing/Mass Communications Major Creative Previous experience in campaign execution or social media management
Press Releases For every ANB event on campus, press releases will be sent to the following news publications that target the Canyon area We suggest incorporating video news releases to be shared on these publications social media platforms
Campaign Calendar Tactic Description
Budget
Transit Advertising #ANBuffs Shuttle Bus
$8500.00
Bus Shelter Ads
$5000.00
Interactive Campus Engagement #ANBuffs Kick-Off Cook Out on 26th St.
$1000.00
JBK Customer Account Booths (12 Dates)
$600.00
Faculty Appreciation Cookout
$500.00
Homecoming Parade
$7000.00
Campus Enhancements ANS Mural (Completed during Summer)
$5600.00
ANB Student Lounge Center
$9200.00
Digital Monitor Advertising Animations ads in JBK, College of Business and Hastings Electronic Learning Center
$600.00
ANB ATM Placement ATM Cost & Placement
$12000.00
Social Media Sponsored Facebook Video Posts
$2000.00
Social Media Intern
$8000.00
Total
$60,000.00
Total - Scholarship
$25000.00
June
July
August
September October November December
Budget & Rationale Social Media 17%
$60,000
Transit Advertising 23%
ATMs 20% Campus Engagement 15% Digital Monitors 1% Campus Enhancements 25%
Evaluation & ROI If 15% of the 9,740 WT population convert to ANB customers with this campaign with an estimated $200 customer value, then $292,000 in potential revenue is expected in return.
ROI =
$232,000
Research Citations Admall. (n.d.) Amarillo Local Banking Industry Report. Retrieved May 2, 2015. Amarillo National Bank - Facebook Page Review - LikeAlyzer. (n.d.). Retrieved May 10, 2015, from http://likealyzer.com/facebook/amarillonationalbank Experian. (2015). Mosaic Interactive Guide. Forrester. (2015). Instagram Engagement. Retrieved May 11, 2015 from http:// blogs.forrester.com/nate_elliott/14-04-29instagram_is_the_king_of_social_engagement SASB Commercial Banks Brief. (n.d.). Retrieved May 10, 2015, from http:// www.sasb.org/.../05/SASB_Commercial_Banks_Brief.pdf West Texas A&M University. (n.d.). Retrieved May 10, 2015, from http:// www.wtamu.edu/about/quick_facts.aspx 25 Mind Blowing Email Marketing Stats. (n.d.). Retrieved May 10, 2015, from https://www.salesforce.com/.../07/email-marketing-stats.html