Our brand transformation of Danversbank helped them to stay current in an increasingly competitive marketplace. With the backdrop of a new financial climate and growing distrust of the banking industry, we were tasked with taking their long-standing community reputation and applying it in a relevant and meaningful way to the next generation of bank customers, while not alienating their current customers.
CHALLENGE: Danversbank is a well-established bank on the North Shore of Boston. While well-known in its geography among small and medium-sized businesses, Danversbank suffers from a lack of awareness among the broader consumer base and a lack of understanding regarding their scope of services among larger businesses and those outside its immediate footprint. Our challenge was to identify and define the brand positioning and to communicate that positioning for multiple product lines, across multiple media outlets and to current and potential customers on both the retail and commercial sides of the business. Our internal challenge was to transform a slow traditional workflow process that included stakeholders from legal, compliance, senior marketing teams and the CEO.
TARGET AUDIENCE: Our target for this brand transformation was twofold, including current retail and commercial customers as well as prospective retail and commercial customers, the latter of which had little awareness of the bank.
SOLUTION: Fort Franklin led Danversbank through an extensive Brand Positioning exercise, which included internal interviews with employees from across the organization, a comprehensive competitive review, focus groups with current and prospective retail and commercial customers and development of a Brand Foundation. From the foundation we were able to create a positioning that was tightly focused on Danversbank’s unique point of difference – their smart and level-headed approach to banking. This positioning was immediately incorporated into their messaging through digital, social, print, direct mail, radio/ podcast audio, in-store POP, digital out of home, and construction site signage.
Our internal solution to the Danversbank workflow and stakeholder approval process was to create a modified agile approach that incorporated some of their existing systems, specifically around compliance, in order to promote widespread adoption within their culture.
RESULTS: Our efforts directly corresponded to an increase in brand awareness that was reflected in a 8% increase in market share Ranking Danversbank #3 in MA), a 63% increase in accounts opened and a 50% increase in page views on danversbank.com
