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Small Business Program Pays for Itself
A large regional bank retained Visions Marketing Services to help it acquire new business customers. While the bank wanted to establish new relationships with small business owners, they did not want to divert valuable branch resources for the effort. After reviewing their market and identifying approximately 30,000 small business owners to target, they decided to lead with an offer for an unsecured line of credit up to $50,000. They also required a small business checking account with a $1,000 minimum to open the new line of credit.
By combining a carefully scripted outbound calling campaign with a series of compelling voice messages that drove inbound inquires, the VMS program generated enough new business and revenue to pay for itself in less than one year. Here are some key statistics to consider:
- Total prospects identified: 30,000
- Prospect records used: 23,000
- Applications generated: 1,011
- Applications approved: 600
- New relationships established: 394
- Average line size (approved and accepted):$39,000
- Total new outstanding credit: $15,400,000
- Estimated credit used in first year: $5,000,000
- Estimated new small business deposits: $400,000
Estimated new small business:
- Estimated first year revenue: $145,000
- Program cost: $84,000
- Estimated revenue generated per program dollar: $1.72
The numbers clearly outline the success of the program. But the real story to consider is that 394 small business owners established new relationships with the bank without tying up valuable branch resources to cull through 23,000 prospects to find them.
If you are interested in talking with our client about this program or learning more about how Visions can help you generate results such as this, please contact us today
If you want to learn more, please call us at:
1-800-222-1577 or use our “Information Request Form” by clicking this button:
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