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