Case Study : Neelam Mishra, ISB&M school of communication 1 Case Study Bank Acquisition: Citizens Bank- Mellon Bank
An overview : Neelam Mishra, ISB&M school of communication 2 An overview Citizens bank Mellon Bank
Fears they had : Neelam Mishra, ISB&M school of communication 3 Fears they had Anticipated problems:
1) Customers’ migration.
2) Retention of Citizens’
image in new market.
3) Reduce customers’
intentions to leave.
Objectives : Neelam Mishra, ISB&M school of communication 4 Objectives Arnold worldwide Agency set up the following objectives:
Minimize Customer attrition rate under 10%
Build awareness through advertising.
Reduce customers intention to leave the bank.
Agency’s observations : Neelam Mishra, ISB&M school of communication 5 Agency’s observations Mellon’s customers were aged b/w 35-54 with income of $ 50,000- $ 150,000
Customers had negative expectations of :
Fee increase.
Branch closures.
They thought it was like any other acquisition.
New Philosophy : Neelam Mishra, ISB&M school of communication 6 New Philosophy Citizen Bank is “ Not Typical bank”. It’s a bank that believes in quality customer service, quick response, and treating its customers with a uniquely high level of respect.
Tools of Communication used : Neelam Mishra, ISB&M school of communication 7 Tools of Communication used Arnold used IMC (Integrated Marketing Tools) to convey the message across the large no. of customers:
Series of T.V ads with a self depreciating humor twist.
Filming 4 documentary style TV spots.
Promotion via radio, newspaper.
Results of the campaign : Neelam Mishra, ISB&M school of communication 8 Results of the campaign “ Not Typical bank” campaign was a hit delivering following results:
1) During six months of merger, no customer attrition.
2) Citizen’s awareness rose to 31% in few weeks.
3) Proportion of customers likely to switch was cut short by half i.e. 12 % .
Slide 9: Neelam Mishra, ISB&M school of communication 9 Thank You….