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A small bank in a Midwestern city had a balance sheet goal of increasing deposits and lowering the average cost of funds by limiting the average interest rate paid on the new deposits.
To achieve this goal, the bank wanted to create a new financial deposit product with a particular average interest rate paid and then attract new customers to the bank by offering this account.
In order to achieve the bank’s goal of new deposits, it was critically important that the new product did not initially cause existing customers to switch deposits from other accounts into this new product.

We used our New Product / Service Concept Development and Testing service and consulted with the bank to develop a range of possible configurations of a new Money Market package.
As part of our New Product / Service Concept Development and Testing service we used the advanced statistical technique known as conjoint analysis to help them determine the optimum minimum deposit, tiered interest rates and other features to use in configuring the product.
We also identified the Key Benefit Segment of people that were most likely to seek the unique benefits of the newly optimized Money Market product.
Using our Data Mining / Enhancing / Modeling service, we developed a model of the demographic characteristics that predicted whether a person was likely to be in the Key Benefit Segment
We then helped the bank buy a mailing list of people who met those predictive demographic criteria.
Next, we did a merge-purge of that purchased mailing list to purge out the client’s existing customers.
Finally, we helped the client craft a direct mail offer targeted to those non-customers who were in the Key Benefit Segment.

The bank implemented Ethridge’s recommendations exactly as prescribed and implemented the new direct mail campaign.
In response to the direct mail offer of the new financial product, millions of dollars moved across the street from one bank to our client in just a few weeks.
Thus, the bank not only met their goal of increasing deposits at a limited cost, they also added many new customers.