Case Studies ColeTaylorBank – New Customer Acquisition Download Pdf The Challenge In the face of increasing competition, ColeTaylorBank requested MAI's assistance in testing the effectiveness of direct mail as a new business checking customer acquisition strategy. The Solution MAI created an oversized mailing that reflected ColeTaylorBank's corporate image and invited prospective bank clients to meet with a ColeTaylor representative to establish a new business checking account. The piece included a four-page, slit-nested brochure focused on the benefits of ColeTaylorBank's business checking product, as well as an offer of a $25 Lettuce Entertain You gift certificate for opening a new business checking account. The mailing dropped to a list of 2,000 business checking prospects which was provided by ColeTaylorBank. Two weeks after the mailing drop date, an outbound follow-up campaign launched as a joint venture between MAI Response Management Group and ColeTaylor's own business centers with the goal of setting appointments. The Results A total of seven appointments were set (the equivalent of a 1% response rate) -- admirable considering the difficulty of convincing small business owners to consider switching banks. In addition, one sizable new account was signed as a direct result of the mailing. But the real benefit ColeTaylorBank gained was exposure to a select group of prospects who, while perhaps not ready to switch banks at the precise time of the campaign, may have a higher propensity to contact ColeTaylorBank when they are ready to switch. Elements - Direct Mail Piece (concept development, creative/copy, print production and lettershop) - Outbound Script Development - Outbound Campaign Management - Reporting Background For more than seven decades, ColeTaylorBank has served the needs of Chicago area businesses and the people who own and manage them with a special brand of relationship banking that distinguishes ColeTaylor from competing financial institutions. ColeTaylorBank operates 10 conveniently located business banking centers in the Chicagoland area.