How One Bank Targets Buyers
ORLANDO, Fla.-How does Bancorp South determine a customer's propensity to buy a product or service?
CEO Aubrey Patterson said its marketing group performs and provides "analytic data that is very valuable. We look at this on a quarterly basis. We don't want to be confusing to the customer or overwhelming to our branches. That's one of the reasons we pulled back from 1.2 million to 285,000 pieces of mail. We do ID three products for each customer: one primary, and two secondary."
But SVP Michael Lindsey noted the bank hasn't been able to accurately forecast everything. "One thing we underestimated was the demand for the iPhone app," he said. "With minimal marketing, we had 1,000 sign-ups in less than two weeks."