New Checking Account Acquisition
Research / Direct Mail / Offer Test

50 ways to cash in on new accounts.

Situation
How do you attract new deposits? Let us count the ways, starting with offering a cash incentive. The key is in knowing how much to offer, without spending too much. Heinrich learned the answer when a leading bank asked us to help attract new checking account customers.

Approach
Heinrich developed several different packages, concepts, and incentives, and then tested them in focus groups. The winning concept and incentive idea – “50 Ways To Spend $50” – used a self-mailer to offer a $50 cash bonus for opening a new account. In addition, a Spanish/English bilingual package was sent to a targeted list. In all cases, we tested incentive levels and modeled the responders, and then used the response model in a test against non-modeled list segments.

Result
Our approach delivered an impressive 50% lift over the holdout group, so we’re continuing to mail it while testing each element, including cash incentive levels and response models. We’re also testing new fulfillment methods to make operations easier for the bank and new product bundles in order to find the most profitable combinations of bank products and cash incentives.