Plans Book 2010
TABLE OF CONTENTS Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Company Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Consumer Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Market Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Problems & Opportunities. . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Competitive Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Competitors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Research Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Objectives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Creative Strategy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Prospect Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Creative Executions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Integrated Marketing Communications. . . . . . . . . . . . . . 22 Social Media Recommendations. . . . . . . . . . . . . . . . . . . . . 24 Media Budget. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Media Plan/Flow Chart. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Evaluations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
#1
Tip: Hold on to your receipts for deposits, ATM withdrawals, credit card charges and other transactions long enough to confirm that your monthly account statements are accurate and your accounts haven’t been used by others.
EXECUTIVE SUMMARY MidFirst Bank is a very well-respected business in Oklahoma where it is currently headquartered. MidFirst knows the Oklahoma communities and has had a tradition of safe banking practices that have withstood the current financial crisis with little effect. With the campaign, we were challenged with developing a program that targets young professionals. The goal of this program is to secure their banking business now and into the future. Also to generate brand awareness among members of the target market in Oklahoma City metro, while using traditional media and non-traditional. Our campaign is designed to educate the consumer and start to establish a relationship with the consumer for the future. We felt it was neccessary not to go far from the look and feel of the new branding image that was created. The “True to your money� campaign is the current campaign and we want the MidFirst 101 program to complement it with a style that is similar but is still geared in content to the new consumers. With technology advancing and the internet becoming the hub for which people, that we are challenged with targeting, go to get information. We have made a campaign that will reflect this by having more internet driven advertising, such as web banners and online videos, rather than the traditional media such as television and radio.
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COMPANY ANALYSIS HISTORY: MidFirst Bank’s history in the financial services industry dates back to 1950 when Midland Mortgage Co. was founded in Oklahoma City by a small group of local
Fact: According to Nielson rating, YouTube is the 2nd most important search engine in the World after Google.
bankers. MidFirst as a bank has had a 25-year history in the Oklahoma marketplace and where it currently has its headquarters located. At the end of its first year, MidFirst bank grew to $1.7 million in assets with only one location. CURRENT: MidFirst’s success has made it the largest Oklahoma City bank, the second largest bank in Oklahoma and third largest privately held bank in the United States. As of 2008, MidFirst posted earnings of $278 million and has more than $14.5 billion in total assets. MidFirst has 29 convenient banking centers in Oklahoma City metro, more than any other bank, and over 140 ATMs statewide. BRAND HISTORY: The MidFirst brand has had a commitment to being “more than what you would expect from a bank.” MidFirst offers the product selection of most national bank but with the customer service level of a community driven bank. MidFirst is entrenched throughout all its communities. Recently, MidFirst has launched their new branding campaign that is focused stability, certainty, and integrity by using the slogan “True to your money.”
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CONSUMER ANALYSIS AGE: MidFirst’s current most profitable customer is of the ages of 35-50. According to the 2000, Census this makes up 180,000 people, which is 28% of the market . HOUSEHOLD SIZE/VALUE: The household size would be a family of over 3 members CURRENT USER PROFILE AGE:
35-50
INCOME:
$65,000 to $100,000
GEOGRAPHIC:
Oklahoma City Metro
EDUCATION:
College Graduates & Advanced Degrees
OCCUPATION:
Executives & Business Professionals
SOCIAL CLASS:
Upper middle class through upper class
CONSUMER SEGMENT (VALS):
Fulfilleds & Believers
and owning a home with a value of over $100,000. This covers 30% of the market. CONSUMER SEGMENT (VALS): Using the VALS system of categories, the current users of MidFirst would be Believers and Fulfilleds. Believers are literal, respectful, loyal, conservative, practical and Fulfilleds are organized, self-assured, intellectual, mature, satisfied. CONSUMER BENEFITS: MidFirst has grown to have over 300,000 customers and all together over 500,000 different accounts in-place today. Being the largest bank in the Oklahoma City Metro consumers can use one of the 29 banking centers or one of the 140 ATMs (open 24 hours) to make transactions close to home. MidFirst also has 3 banking centers that are open 7 days a week and have extended weekend hours for the convenience of the consumer. Almost all of the of the metro banking centers offer night deposit, coin counting, and drive-throw windows for a more convenience banking experience.
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MARKET ANALYSIS The current banking market that this advertising campaign will be diploid and so it can be most effective. Due to the current state of the United States economy market research differs on a local and national level. Local: The Oklahoma City metro economic situation was one of
Fact: Based on the findings of the PEW Internet Project, Facebook’s United States user base grew from 42 million to 103 million in 2009. That’s a 144.9% growth rate.
the least effected in the United States. Forbes magazine named us the most recession-proof city because of our low unemployment rate (3.5%) and a strong housing market (median housing price: +8.2%). Many banks during the economic down turn have experienced failure but MidFirst Bank was one the nations least affected bank because of its safe practices in banking and loaning funds. National: The United States over the last couple of years has lost trust in their banks and financial servers, due to the fact that some larger companies across the country have gone under such as Goldman Sachs, Lehman Brothers, and Washington Mutual. According to the Wall Street Journal, since 2008, 229 banks across the country have failed. The FDIC has covered over $100 billion in insurance to consumers of failed banks. These financially devastated customers, consumers just don’t have as much financials to spend in this current market.
#5
Tip: If deposit insurance is important to you, be sure that your deposits are in a institution that is covered by the Federal Deposit Insurance Corporation.
PROBLEMS & OPPORTUNITIES PROBLEMS: • Consumers across the board do not trust banks during the current economic climate. OPPORTUNITIES: • To educate the consumer on how banks can protect them and their money. PROBLEMS: • Economy is down and people are not borrowing as much money. OPPORTUNITIES: • Use sales promotions to get consumers to borrow and reach a new market of consumers PROBLEMS: MidFirst has stricter acceptance policies to get loans and open accounts than most banks. OPPORTUNITIES: Offer entry level accounts to younger consumers that could eventually get more of the premium services. PROBLEMS: • People in our target market might not have heard of MidFirst Bank. OPPORTUNITIES: • To make the target aware of MidFirst bank by being involved in the community through MidFirst101.
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PROBLEMS: • Customer of other banks might think they have the best bank due to great customer service. OPPORTUNITIES: • Make our banking centers as comfortable as possible and use staff to great the customers and help them with anything they can.
Facts: By 2011, people from the Generation Y (people born since 1982) will outnumber Baby Boomers. Of the Generation Y 96% have joined a social network of some kind.
PROBLEMS: • Target consumer not knowing locations of banking centers. OPPORTUNITIES: • Reach the target consumer with a more guerilla marketing stand point and have people holding signs during peak drive times. PROBLEMS: • Our current customers are older and more developed than our challenged target market. OPPORTUNITIES: • Make creative ads that are attractive to both current customers and our target market. PROBLEMS: • Lack of application for mobile banking for iPhone, Palm, and Blackberry for MidFirst. OPPORTUNITIES: • Develop a new way to reach the consumers by making online banking easier for the consumer.
#7
Tip: Choose a good savings account, the money you put into a savings account will earn interest. The average is between 2% and 4% annually, with compounded interest.
COMPETITIVE ANALYSIS STRENGTHS: MidFirst has a 29% market share in Oklahoma City with over $6 billion worth of deposits last year. It has a 21% advantage of the market share over its top competitor Bank of Oklahoma. MidFirst markets itself with a more traditional avenue of advertising and have a current base of customers from 35-50. WEAKNESSES: MidFirst is not reaching the challenged market of consumers currently, which is 22-34 years old. MidFirst’s presence in social media is virtually non-existent currently. Even though they have a Facebook it is not being maintained or used to its full potential. Social media is what the challenged target market is using as a means of time and entertainment.
TOTAL 2009 DEPOSIT MARKET SHARE* Oklahoma City
Oklahoma
1. MidFirst Bank: 28.5%
1. MidFirst Bank: 11.5%
2. BOK Financial: 7.9%
2. BOK Financial: 10.6%
3. JPMorgan Chase: 7.6%
3. BancFirst: 5.7%
4. BancFirst: 5.5%
4. Arvest Bank: 5.4%
5. Bank of America: 4.3%
5. Bank of America: 5.3%
*Market share information from Bank of Oklahoma website.
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COMPETITORS Bank of Oklahoma: Bank of Oklahoma (BOK) is Oklahoma largest bank and MidFirst’s largest competitor. BOK is only in Oklahoma and has over 350 ATM locations statewide. BOK offers many services including free online banking, free online bill pay,
Fact: Every month 6.2 million new Twitter user accounts are created. As of 2009, the amount of users on Twitter has reached over 75 million.
24 hour express banking, and 24 hour phone line. BancFirst: BancFirst started in Oklahoma in 1966 and since then it has grown into Oklahoma’s 3rd largest bank behind Bank of Oklahoma and Midfirst Bank. BancFirst has around 119 service locations and around 104 ATMs (that includes the ATMs at service locations and stand alone ATMs) BancFirst’s mission statement is “BancFirst is an Oklahoma financial institution meeting its customers’ needs through highly trained and motivated employees, personalized service and community focus thus creating long-term value for its shareholders.” In 2009 a year after the stock market crashed in 2008 BancFirst was named America’s 11th strongest bank by rankabank.com. Arvest Bank: Arvest first started business in Oklahoma in Norman in 1987 since then it has grown into be a trustworthy bank and really has an advantage of being found in many WalMart locations for very easy access to the public. Arvest is in three total states Arkansas, Oklahoma, and Missouri. Arvest’s mission statement is “People helping people find financial solutions for life.”
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Tip: Roth IRA’s can be an effective tool for retirement planning if you have single income of under $110,000 or if married $160,000. Take advantage of a Roth IRA instead of a 401K, if your company does not have retirement matching.
RESEARCH PLAN Objective: • Determine how much our target market knows about banks and banking services in general terms. Methodology: • We will create surveys for our target market to fill out for this information. Based on the answers given each survey will be scored on a 1 to 5 scale. 1 means little to no knowledge and 5 is a banking professional. Tactics: • Create an opportunity for current and non-current customers to fill out surveys for a chance to win a cash prize. Objective: • Determine how much of our target market likes or dislikes about their current bank. Methodology: • This information could be used to attract customers based upon their current bank’s failures or make MidFirst better by installing things that people like from other banks. Tactics: • Create an opportunity for current and non-current customers to fill out surveys for a chance to win a cash prize. Objective: • Determine what our areas of banking our target market looks for when choosing a bank. Methodology: • This information could be used to attract customers based upon their current bank’s failures or make MidFirst better by installing things that people like from other banks.
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Tactics: • Create an opportunity for current and non-current customers to fill out surveys for a chance to win a cash prize. Objective: • Determine how much of our target market uses the Internet. Methodology:
Fact: Years to Reach 50 millions Users: Radio (38 Years), TV (13 Years), Internet (4 Years), iPod (3 Years)…Facebook added 100 million users in less than 9 months.
• Using this information we could see if there are major changes in advertising so much so that we need to turn more toward advertising on the internet and less on traditional advertising. Tactics: • Create an opportunity for current and non-current customers to fill out surveys for a chance to win a cash prize. Objective: • Determine if using nontraditional media is beneficial to the campaign. Methodology: • Learning more about nontraditional media can show us if it is a good idea or not to use it rather then going with an all traditional advertising campaign. Tactics: • Use Simmons data to see if our target market, in the Oklahoma City Metro, used computers and media rich mobile devices. Objective: • Determine the primary language spoken at home, religion, income, race, gender, typical occupation, and marital status of our target market.
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Tip: To gain better access to money than a CD get a money market savings account. These account return a higher rate of interest than regular savings accounts. Some banks require a minimum deposit to open money market accounts, and there are typically limits on the amount of withdrawals you can make each month.
RESEARCH PLAN (cont’d) Methodology: • Advertising to each of these different demographics is different and some are similar. Knowing what our target is can help us determine what type of advertising to develop. Tactics: • To gather the bulk of this information we will use a series of web sites and public information like Simmons data. Objective: • Determine if our target market has heard of MidFirst Bank. Methodology: • This will give us a basic idea of where we stand in the mind of the consumer based of if they even know who we are or not. Tactics: • Create an opportunity for current and non-current customers to fill out surveys for a chance to win a cash prize.
CAMPAIGN OBJECTIVES CORPORATE GOAL: • To develop a campaign targeted at young professionals with the goal of securing their banking business now and into the future. • To generate brand awareness of these offerings among members of the target market in Oklahoma City metro. • To develop a distinctive and memorable concept, theme, identity, and brand with the MidFirst Program using traditional media and non-traditional.
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MARKETING OBJECTIVE: • Increase the total deposit market share by 5%. • Increase the proposed market share of 22-34 year olds by 20% • Increase brand awareness of current market MARKETING STRATEGY: • Launch the MidFirst 101 program to create awareness of MidFirst to current users and new consumers.
Fact: According to YouTube, 70% of registered users are from the United States. Half of Youtube users are under 29 years old. 50% of its visitors return every week the highest of any video site to date.
• Increase the amount of banking professionals at each branch and have one that is just for the MidFirst 101 program. • We will accomplish these goals through our creative executions and through our other public relation awareness. • A video contest will need to be established so that people can make a video commercial for MidFirst Bank and how it helps the community will bring in lots of new ideas and other point of views that we might not have seen in the first place. • MidFirst101 will be split up in to many areas like daily tips on social medias about banking, and online training videos to further the consumers knowledge of banking and in particular banking at MidFirst. ADVERTISING OBJECTIVE: To introduce the new MidFirst 101 program, which is designed to educate young professionals about banking and increase the target market’s awareness about advantages MidFirst has to offer.
#13
Professionally Focused. Community Driven.
Tip: If you want a low-risk investment that returns a good amount of interest, Certificated of Deposit (CDs) are the way to go. The problem is you have to commit your money for a designated length of time. The longer you leave your money in a CD, the better off you’ll be when it’s time to cash out. CDs are FDIC insured up to values of $100,000.
CREATIVE BRIEF Key problem: We want new consumers to be well informed about personal banking and the advantages of MidFirst’s premium services. (ex: IRA’s, Money Market, Credit Cards, etc...) The target consumer is not as educated on the benefits of safe and reliable personal banking and investing for the future. Reality: MidFirst Bank has great values that is located in the Oklahoma City market and offers competitive services of other larger banks but with feel of a community oriented bank. PERCEPTION: In the Oklahoma City market, MidFirst Bank is considered a higher end bank with services that might be unobtainable to the target consumer at this time. Prospects: MidFirst wants to target financially safe young business professionals in Oklahoma City metro from the ages of 2234 and with an average income of $30,000-$65,000. MidFirst wants its consumer to have at least 2 years of college education. Competition: Main competitors are Bank of Oklahoma (largest Oklahoma bank), BancFirst, and Arvest. MidFirst is the largest Oklahoma City bank and second largest in Oklahoma and third largest national privately owned bank.
#14
Competitive Consumer Benefit: MidFirst is a safe bank that will help the consumer learn about banking while setting them up with services for the future.
Fact: Each hour during peak time, about 10% of all households have seen a YouTube video.
Supporting the Competitive Consumer Benefit: MidFirst has a history of being a very stable because of its safe banking practices, even during the economic downturn. MidFirst is also supportive of community events, such as Race for the Cure, Redbud Classic, and the Oklahoma City Arts Festival. Positioning Statement: To young business professionals 22 to 34 who want a safe, reliable and community-invested bank, MidFirst bank provides quality-banking services with a community satisfaction. Communication Objective: We want consumers new to banking and offer them safe and reliable services that stay with the MidFirst community. Advertising Tone: A reliable and community tone. We want our consumers to see how our quality services are safe to invest in. Divisional / Corporate Requirements: We want all of our advertising for MidFirst to reflect concepts of safe, reliable, and community banking.
#15
PROSPECT DEFINITION AGE: We were challenged with the target market of up and coming financially safe males and females from the ages of 22-34. This age group is really refered to as Generation Y. INCOME: Average income for this challenge is people that make $30,000-$65,000 and according to the 2000 Census MidFirst 101 PROSPECT AGE:
22-34
INCOME:
$30,000 to $65,000
GEOGRAPHIC:
Oklahoma City Metro
EDUCATION:
At least 2 years of college education
OCCUPATION:
New Business Professionals
GENDER/ETHNIC BACKGROUND:
White Males and Females
SOCIAL CLASS:
Lower middle class through middle class
BEHAVIOR:
Financially safe and community loyal
Bureau the Oklahoma City metro has over 105,000 people with this income level. EDUCATION: MidFirst is trying to target consumers with at least 2 years of college education. According to the 2000 Census Bureau the Oklahoma City metro has over 115,000 total consumers with at least an associates degree or better. OCCUPATION: Business professionals are the target occupation for this challenge. More than 155,000 people in the Oklahoma City market have jobs in the professional market such as Doctors, Management, Financial Specialist, Legal Occupations, etc‌ CONSUMER SEGMENT (VALS): Young professionals, using the VALS categories, would be Strivers and Experiencers. Strivers are eager, social, trendy, unsure of themselves and Experiencers are impatient, impulsive, spontaneous, young, enthusiastic. BEHAVIOR DATA: People of Generation Y grew up with technology and rely on it to perform their jobs better and this generation prefers to communicate through e-mail and text messaging rather than
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face-to-face contact. Generation Y is plugged-in 24 hours a day, 7 days a week. Generation Y craves attention in the forms of feedback and guidance. They appreciate being kept in the loop and seek frequent praise and reassurance. USER DATA: People have become less educated about the banking industry. They want to be shown what they can do with their
Fact: According to Cisco Systems, more than 90 percent of estimated Internet traffic in 2013 will come from video- be it television, video on demand, or file sharing between computers.
money and ways they can save/invest.
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Professionally Focused. Community Driven.
CREATIVE EXECUTIONS
“M” Logo: We wanted to send a comminuty message with this logo by making the “M” look as if it were two people holding hands. This logo would go with the MidFirst101 logo to show that this program is there to help people within the community.
Print Advertisement (8.5”x11”): Every advertisement would focus on one of the 101 tips that would be established by MidFirst. These tips would be geared towards helping the young professionals become educated about banking while targeting a specific area based on lifestyles of the consumer reading that media. (ex: Home Magazine would send a message about housing in-
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terest.)
MidFirst101.com Billboard: Each billboard would have a different tip that would help the consumer learn about banking while still trying to bring awareness to MidFirst 101 program.
“MidFirst 101� Logo: This would go with all creative executions to ensure complete exposure of the MidFirst 101 program.
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Professionally Focused. Community Driven.
CREATIVE EXECUTIONS
YouTube.com Flash Advertisements: Keywords would be setup that would trigger messages for each advertisements when a consumer from Oklahoma City searches on YouTube.
Phone APP: Having an iPhone, Blackberry, and Palm application would establish an interactive presence that is currently not available. It creates an easier and more convienent avenue for consumers to bank with MidFirst.
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MidFirst101.com Website: This would be established for the consumers to go for MidFirst banking advice, tutorials (e.g. how to make a deposit.), and tips from the banking professionals.
Hulu.com video advertisements: For Hulu, we would focus on the videos about tips from the MidFirst 101 program and target it directly with needs and wants of each audience on each specific television program.
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Professionally Focused. Community Driven.
INTERGRATED MARKETING COMMUNICATIONS Sales Promotion Objectives: • To gain new accounts and build goodwill with new customers. Sales Promotion Strategies: • To inform the community of a free t-shirt when they open a new account while supplies last. Sales Promotion Tactics: • Give a MidFirst T-Shirt to all new customers that open a checking and savings account. PUBLIC RELATIONS Objectives: • To increase community awareness of MidFirst community outreach programs. PUBLIC RELATIONS Strategies: • To host events and also to inform the community of the events. Sales Promotion:
PUBLIC RELATIONS Tactics:
T-Shirt that would be
• Using press releases to gain news coverage’s of events also
handed out to any young
promote using social media outlets. (Ex. Facebook, Twitter,
professional that sets up an
Foursquare, ect…)
account with the MidFirst 101 program.
SPONSORSHIP Objectives: • To increase community awareness of MidFirst through support of the community. SPONSORSHIP Strategies: • Using the sponsor money to build goodwill in the mind of the community. SPONSORSHIP Tactics: • Sponsor community events in the Oklahoma City Metro.
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DiRECT MARKETING Objective: • To inform upcoming professionals of MidFirst Benefits of personal banking. • Obtain consumers business for the future. DiRECT MARKETING Strategies: • Obtain graduate information for colleges. • Send all a direct mail pieces that gets them thinking about using MidFirst Bank for future personal banking. DiRECT MARKETING Tactics: • Target graduates fresh out of college from colleges around the Oklahoma City metro. Contest Objectives: • Gain community awareness through video contest that also doubles as our video commercials that will be played on our nontraditional media outlets. Contest Strategies: • Using cash prizes for first, second and third place to convince people to film and submit a video commercial
DIRECT MAIL (6”x9”): This would be geared toward up and coming professionals that are about to graduate from college.
for MidFirst Bank. Contest Tactics: • Hold a contest for anyone to submit one or more videos that explains one of the MidFirst 101 tips in a creative way light. Internet/Interactive Objectives: • To increase our online and social media presence along with our presences on the iPhone app store.
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Professionally Focused. Community Driven.
INTERGRATED MARKETING COMMUNICATIONS (cont’d) Internet/Interactive Strategies: • Using these outlets we hope to get the MidFirst brand implanted into the mind of the consumer so that they will think of MidFirst bank when it comes to their personal banking services. Internet/Interactive Tactics: • Using social media along with heavy visited sites in our target market we will advertise on the internet and also create a iPhone app that allows customers to log into their accounts and transfer money between accounts and also check balances.
SOCIAL MEDIA RECOMMENDATIONS FOURSQUARE: • Even though Foursquare is very new to consumer, it is still a growing social media outlet that gets consumers in your place of business. As of Janruary 2010, Foursquare has had over 15.5 million checkins in its first year and is now expanding to over 50 cities nation-wide. Offering incentives by using Foursquare can help to attract new customers to try your service. By offering a promotion on a new account or complimentary tour to those who “check in” to the branch location. One effective way to use this effectively offering promotions, contests and giveaways through foursquare. By doing this you can raise awareness, increase customer traffic.
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TWITTER: • Twitter should be used because of the amount of
TWITTER USAGE BY AGE 35 +
consumers on it that are young professionals. The total
31%
12%
amount of users of Twitter is 75 million as of the end of 2009 and 57% of those users are young professionals.
under 19
There should be a Twitter for MidFirst Bank and a seperate account set up for the MidFirst 101 promotions and tips.
57%
Doing this will help cater your messages to the each seperate consumer group. 20-34
*Information given is from 2009 at sysomos.com
YOUTUBE: • MidFirst should establish a YouTube because more than 90 percent of estimated Internet traffic in 2013 will come from video- be it television, video on demand, or file sharing between computers. YouTube is being viewed all the time, during every peak hour 10% of the population has watched a video off of YouTube. With the YouTube presence of MidFirst 101, we can share all the video tips and tutorials from MidFirst 101 program. Facebook: • Facebook should be utilized for all of MidFirst Banking so that it creates more awareness with no cost added. It can be used with offers and helping customers learn more about banking. According to Facebook.com, Facebook’s largest age group is 35-54 years old which makes up 29% of the total market as of Janurary 2010. The age group grew over 325% in one year. This media can also be used to target the young professionals which makes up 24.8% of the market. The largest growth of age groups of users was 55+ which grew to 920% to 9.2 million
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Professionally Focused. Community Driven.
MEdia Breakdown
Production Breakdown Print
Online
PR/Sponsorship Fees
40%
28.5%
28.5% 50%
21.5%
8.5% 5.5% 11.5%
10% Outdoor Direct Mail
Contengency
Contest
Sales Promotion
BUDGET For the MidFirst advertising campaign we were challenged with a total budget of $95,000. This is to used on marketing, advertising, public relations, sponsorships, production, contest, and sales promotion.
MEDIA - $76,000 (80%) Print: $21,660 (28.5%) The top places we will advertise for print are the Oklahoma Gazette, Distinctly Oklahoma, and So6ix Magazine. Oklahoma Gazette has a wide readership and has the in business for many years. Distinctly Oklahoma is rather new and it targets similar audience as the MidFirst Campaign. So6ix magazine has grown in size and also they have expanded their target audience to be right there with this program. These magazines target a younger audience that fits in our target market. Outdoor: 16,340 (21.5%) We will be doing 5 strategically placed billboards for nine months out of the year. The nine months are split into three
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month intervals. These ads will be particularly billboards due to our heavily moving target market. This is be support media to are online and print campaign. Direct Mail: $7,600 (10%) This is to strictly target college graduates from the universities in the state that are in the proximity of the city. We will send out direct mail pieces in December and January and then again in May and June, to coordinate with college graduations and reach the professionals from the start. Online: $34,000 (40%) First we will use video ads on Hulu.com and YouTube.com and for the actual video commercials we play they will be the contest submissions.
Fact: Hulu’s growth has been explosive, up 490 percent year over year based on findings from Nielsen Online and the duration of an average online video viewed on Hulu was 10.1 minutes, higher than any other video property in the top ten.
PRODUCTION - $19,000 (20%) Public Relations/Sponsorships: $5,000 (24.5%) This will help promote the bank and sponsor events throughout the community. Contingency: $1,500 (8.5%) This is for any extra costs that are unplanned and not budgeted for which occurs throughout the campaign. Contest: $1,000 (5.5%) To be used for the video contest winners and establishing the promotional materials for the project. Sales Promotion: $2,000 (11.5%) Create T-Shirts that are for new MidFirst 101 account holders. FEES: $9,500 (50%) This is to cover all agency fees and fees established throughout the campaign for setting up the website.
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MEDIA PLAN Target Audience: Young business professionals, ages 22 to 34, that are looking for a safe and secure banking experience for years to come. Creative: Seek media outlets that reach our young professionals and portrays MidFirst bank as “Professionally Focused, Community Driven.� Timing/Seasonal: Using continuity to schedule advertising to reach individuals through out the year with different messages about MidFirst. Since most of MidFirst acquisitions are in the fall, we would target more during June through October to reach consumers during peak banking times. Geography: Helping all MidFirst locations with this advertising campaign would be great but the main focus is to attract our target audience in the Oklaholma City metro banking centers.
MEDIA FLOWCHART Media
Jan
Feb
Mar
Apr
Print Billboard
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X
X
X
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
X
X
X
X
X
X
X
X
X
X
X
X
Hulu
X
X
X
X
X
X
X
X
X
X
X
X
YouTube
X
X
X
X
X
X
X
X
X
X
X
X
Direct Mail
X
X
X
X
Professionally Focused. Community Driven.
EVALUTION CRITERIA: • Evaluate the total increase in deposits by young professionals in the market.
Fact: According to Ruder Finn, 91% of mobile phone users go online to socialize versus 79% of desktop computer users..
• Look at the effectiveness this campaign had on the young professionals. • Evaluate the true reach of the traditional advertising campaign and the views/clicks of the online media. RESEARCH: • Collect data internally about the increase in young professionals deposits. • Create focus groups of new customers to research the effectiveness of the campaign on young professionals. • Collect data from outside sources about the traditional advertising and use Google Analytics and data given by the specific media to help in tracking the information.
CONCLUSION The MidFirst 101 program can be a great success and still keep a similar feel and look that goes with all of your current branding. This allows for your current customers to not lose site of the branding campaign “True to your money.” We feel as if the strategies and tatics we have come up with can improve your total market share and start to build a relationship with a new customer base that has not been tapped into.
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MidFirst Bank Advertising Campaign by Logan Pennington & Jeff Schmidt
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ADVERTISING • MARKETING
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