Case Study: Market share analysis to drive local strategy
Challenge
Defence Bank provides banking products and services to a targeted population, the Defence community. Their new strategic plan required a nuanced, geographic evidence-base to drive strategic decisions and ongoing strategy implementation. What were the target markets around each branch? What pockets of isolated demand were right for mobile customer service? Where were the digital marketing opportunities relating to deposits and lending?
Solution
Smarterknowledge built a custom, interactive tool using our Commpact platform to support Defence Bank’s geographic strategy. This was done by integrating geographic details of their de–identified customer data with public domain reference data (a geographic analytics layer). The client was then able to understand how the customer base compared to the target market in small, local markets (metro and regional). This information was weighted by the ideal customer profile, and could be further refined by customer segment, age, etc.
Result
Defence Bank now has an interactive evidence-base to assess and compare targeted, local opportunities across Australia. These insights will drive customer acquisition, location investment, and digital and traditional marketing activity and messaging. Additionally, the interactive tool is being used to engage and align the Executive and Board on geographic strategy.
