Attracting customers to a new and local bank
Presented By: Victoria Lorvig, Qiqi Chen and Seth Wyskiel
Kennebunk Savings, Durham NHThe Durham branch is located in
Madbury commonsOpened on January 4th 2016Durham is now Kennebunk’s 5th
New Hampshire branch.Kennebunk as a company has 19
branches and had a net income of $7,900,103 in 2014.
Cara Dello Russo
Assistant Vice President and Branch Manager in Durham
Education: University of New Hampshire, Business and Finance
Active participant in community activities
Initial Objective
Increase clients while using the most efficient and cost effective methods.
Finding both what UNH students, Durham residents and local businesses want in a bank.
Survey Analysis
Created a seven question survey
Total of 129 responses between the two groups.
75 were students, 54 were Durham residents.
Respondents:
Student club members
Employees of Philbrook Dining Hall
Durham residents were reached through the Town of Durham Friday Update.
Have You Ever Considered Changing Banks?
Students
Residents
What attracted you to your current bank? Student
sResidents
What attracted you to your current bank? Durham Resident
ResponsesMore location-oriented
Other:Military
Lack of fees
Local Bank with local people
Credit union
Student Responses● Heavily rely on family
How do you hear about new banks most often?
Students
Residents
How do you hear about new banks most often?Student Responses
Word of mouth/Media-based
Other:Location
Durham Resident Responses
●More conventional advertising methods
●Other:○ Newspaper○ See the bank (while driving)
In your opinion, what are a bank’s best features?Student
sResidents
In your opinion, what are a bank’s best features?Students Responses
Care about a variety of features
Focus on ease of access and liquid money accounts
Other:Hours of operationParkingCharging on loans
Durham Resident ResponsesSimilar responses to students
No concern for insurance and investments
Other:Interest rate
Nationwide availability
In your opinion, what features would the perfect bank have?
Students
Residents
In your opinion, what features would the perfect bank have?Student ResponsesOther:
Online banking / apps
Competitive savings interest
ATMs abroad
Durham Resident ResponsesOther:
Values local customers
Walkable location
Community Involvement
Customer service
What Did We Find?Students Durham Residents
Likely to change banks?
No Yes
Influence Family Location and local feelReach Media, Word of Mouth Visual sign, word of mouthBest Features
Online banking, ATM fees, ease of transactions
Location, customer service, online/mobile, free checking & savings
Perfect Bank Free checking Great Customer Service
Marketing Strategies
Current:Promotional giveaways (T-
shirts)Advertisements at UNH football
and hockey games
TV/Radio/Internet Advertisements
Future:Stressing social media and
younger customersTabeling at Freshmen
orientation in the summer
Increase signage for bank location
Presentations to campus orgs about banking in general
Willing to incur financial losses to achieve long term growth and client longevity
Outlook
Our survey provided the Durham Branch of KBS with valuable information about what exactly Durham residents and UNH students want in a bank.
Our survey also provided Kennebunk the most effective methods to market towards Durham residents and UNH students.
RoadBlocks
How could we turn a “marketing” project into an “Economic” project.
Had more responses than we could show, could have had more information to present on Durham residents and student data.
ConclusionBeginning of our project, the Durham branch of KBS had 3 clients.
As of April 2016, KBS now has 50+ clients.
Our data showed that Kennebunk must market towards Durham residents and UNH students differently.
We learned that Kennebunk should spend more time recruiting Durham residents rather than UNH students.
Our survey yielded results to be used in future Kennebunk marketing campaigns.
Thank youWe would like to thank:
Cara and Chelsea for meeting with us regularly throughout the semester. All your time and energy spent helping and guiding us in the right direction was a tremendous help in making our project so successful
Mary Ellen Humphrey from the Durham Economic Development Department for giving us insight into the town’s economic structure and culture and putting our survey into the Durham newsletter
Robyn LeBuff, Vice President of marketing at Kennebunk for educating us on the marketing strategies of the bank as a whole
Q & A