OBJECTIVE: Generate CD Balances Though Direct Mail to Customers and Non-Customers

In March of 2003, Dime Savings Bank of Williamsburgh conducted a successful CD campaign utilizing RFG’s Consumer Segments. The campaign consisted of two primary target groups: current customers and non-customers.

On the customer side, Dime Savings Bank of Williamsburgh targeted 17,265 households that did not have a CD maturing during the promotional period. They went after the Low Income Depositor, Middle Income Depositor and Upscale segments as defined by RFG’s national consumer research. They also targeted 14,275 non-customers in the same consumer segments.

Results:

• 1,452 Customer HHs Opened a New CD

• 8.4% Response Rate from Customer Direct Mail

• 400 Non-customer HHs Opened a New CD

• 2.8% Response Rate from Non-Customer Direct Mail

• 30% Reduction in Direct Mail Costs from Previous Campaigns

“We utilized RFG’s Consumer Segments to find the best prospects for our campaign” said Bill Elliott, Vice President of Sales and CRM with Dime Savings Bank of Williamsburgh. “By targeting the right consumer segments, we were able to increase our response rates and reduce our marketing costs to generate the same balance levels. RFG’s consumer segment scheme helped us target smarter and more efficiently.”

At RFG we take pride in providing research-based solutions that are effective and easily implemented. We are dedicated to exceeding our client’s expectations and ensuring that they receive value from their relationship with RFG.

For more than 20 years, Raddon Financial Group (RFG) has provided primary research and marketing solutions to the financial services industry. Headquartered in Lombard, IL, RFG provides research solutions to over 1,000 financial institutions nationwide.