Regions Bank serves customers in 16 states across the South, Midwest and Texas, operating almost 1,900 banking offices. Regions, having acquired AmSouth Bank in mid 2007, set aggressive new customer-growth objectives in 2008 – specifically seeking new checking account relationships.

The financial services landscape for acquiring new customers has been fierce and saturated with competitive — though largely non-differentiated — offers. Prior to engaging Metrics Marketing, Regions prospecting efforts were driven by sporadic marketing campaigns that produced inconsistent results (measured in terms of volume and quality of leads).

Regions asked Metrics to deliver "fresh" prospect leads weekly to all Regions branches through the turnkey New Mover process, using both the direct mail and telemarketing channels. Regions’ program performance requirements included positive ROI with payback in less than one year. Metrics implemented a comprehensive turnkey weekly new mover/customer acquisition program – fueled by the freshest data in the marketplace. With this solution, the team:

1. Developed personalized direct mail program featuring $50 offer for opening new Regions checking account
   
   
2. Built a geographic targeting scheme based on branch characteristics and trade area (i.e., urban vs. rural)
   
   
3. Created automated weekly lead processing – reaching targets within seven days of their move:
   
   
   1. New Mover prospects filtered against national and state DNC and Regions "do not market" lists
   2. Assigned offer and control cells
   3. Created direct mail and telemarketing files
   4. Managed weekly fulfillment of direct mail piece, including personalization and closest branch identification and 30-day "rolling" expire date
   5. Standard proof and QC audits



4. Developed tracking and measurement system to monitor program and
   
   
5. Developed tracking and measurement system to monitor program and optimize performance monthly

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The program has delivered strong ROI. Expected incremental conversion rates
typically range from 0.30% to 0.70% pending offer, competition in marketplace, etc. The following graph shows the performance from one of a number of test cells:

• Achieved 0.85% incremental lift at 1 mile radius and $50 offer
  
  Control vs. Test Conversion Rate
  
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• Majority (75%) of campaign responders were new households
• Responders in the Test Group had checking account balances that were 46% higher than responders in the Control Group