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FULTON BANK OF NEW JERSEY
Creating the New Jersey Branding Strategy for
Fulton Bank of New Jersey
Stonier Capstone Final Project
Josephine Mauriello
02/27/2012
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Table of Contents
EXECUTIVE SUMMARY: ......................................................................................................... 2
INTRODUCTION AND BACKGROUND: ............................................................................... 4
Corporation History ...................................................................................................................................... 4
Corporate Strategies ..................................................................................................................................... 7
Financial Condition ....................................................................................................................................... 8
Market Share ................................................................................................................................................ 9
STRATEGY AND IMPLEMENTATION: .............................................................................. 11
Benchmarking Success ................................................................................................................................ 14
Implementation Project Team .................................................................................................................... 16
FINANCIAL IMPACT: ............................................................................................................ 19
Financial Conclusions .................................................................................................................................. 24
NON-FINANCIAL IMPACT: .................................................................................................. 25
The Customer Experience ........................................................................................................................... 27
CONCLUSION: .......................................................................................................................... 30
APPENDIX:................................................................................................................................. 30
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EXECUTIVE SUMMARY:
Fulton Bank of New Jersey was established on October 22, 2011 as a result of two
subsidiary banks of Fulton Financial Corporation merging together to become a new state
chartered bank. The two banks are The Bank, which was founded in 1989 and has primary
market presence in the Southern and Central part of New Jersey and Skylands Community Bank,
which was founded in 1990 and primarily resides in the Northern part of New Jersey.
The purpose of this paper is to outline a branding strategy for the state of New Jersey that
will establish our new bank name and brand throughout the marketplace while capitalizing on
our new size and reach across the state of New Jersey. The timing of creating a brand strategy is
critical right now for a newly state chartered bank as we outline three critical key factors; (1) the
need to announce the merger of the two banks (2) retain and acquire new customers (3) capitalize
on the positive reputation community banks currently have in the marketplace compared to the
bigger national and regional banks.
The objective of this report will outline how to utilize the corporations existing
established Brand promise while creating a strategic approach to allocating our marketing dollars
using a brand allocation model. This methodology will challenge how the two banks
traditionally allocated and budgeted their marketing dollars which allocated primary sources of
funds towards production promotion vs. brand promotion.
The brand allocation model proposed in this report is based on market research which
includes customer and non-customer data obtained from customer surveys, brand awareness
studies for non-customers and market share and householdreports that will be used to benchmark
the success of the implementation of this model.
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The financial impact of implementing this model will include an initial expense to the
new bank and will also impact the corporation and their other affiliate banks in the fourth quarter
of 2012. Overall, the brand strategy will have a positive impact on the banks bottom line with the
expected revenue it will generate from attracting and obtaining new core retail and new core
commercial households. These new households will also give the bank a continued revenue
stream beyond 2012 through the continued cross-selling of additional products and services.
The non-financial impact will be the biggest hurdle to overcome when implementing this
new brand allocation model. The strategy will support how the banks Senior Management team
will need to change their mindset about how marketing dollars are allocated today towards
product promotion, where the largest portion of marketing dollars are currently spent. To
support the implementation of the brand allocation model; this report will show the stakeholders
the financial outcomes and impact the new brand strategy will have to the banks bottom line.
I highly support and recommend moving forward with this proposal. The strategy and
recommendations outlined in this paper support the banks community bank message and the
positive impact to the organization, employees and customers. Based on the analysis detailed in
this report, the project would pay for itself after the initial implementation and will continue to
have a positive financial and customer impact both short term and long term to the bank.
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INTRODUCTION AND BACKGROUND:
Corporation History
Fulton Bank of New Jersey will become a new state chartered bank post October 22,
2011. The new bank will be the result of a merger between two current affiliate banks; The
Bank and Skylands Community Bank.
The Bank and Skylands Community Bank are both subsidiaries of Fulton Financial
Corporation (FFC). Fulton Financial Corporation is a $16 billion Lancaster, PA-based financial
holding company that has 3,950 employees and that operates 271 branches in Pennsylvania,
Maryland, Delaware, New Jersey and Virginia through seven subsidiary banks. Our Mission
StatementWe will increase shareholder value and enrich the communities we serve by
creating financial success together with our customers and career success together with our
employees. We will conduct all of our business with honesty and integrity.1
We are a full service commercial bank that provides products and services to personal,
commercial and small business customers. In addition, we offer Wealth Management and
Brokerage Services through Clermont Wealth Strategies and have a full service mortgage
company.
To help understand the decision to merge the two affiliate banks, the following is a brief history
of their evolution.
The Bank was founded in 1989 and was named The Bank of Gloucester County. It was astart up commercial bank which primarily operated in 1 of the 21 counties in the state of
1Fulton Financial Corporation: History
www.fult.com/aboutus/history.asp
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New Jersey. It established its headquarters in Woodbury, NJ. In the first two years they
opened a total of four new branches.
The Bankbecame part of the Fulton Financial Corporation in 1997. The communitybanking business model for the holding company and itsaffiliated banks is to keep local
decision making and senior management leadership at the affiliate level.
In 2003, The Bank of Gloucester County bought The Bank of Woodstown. The Bank ofWoodstown was established in 1920 and operated branches in the Salem County area. At
this time, The Bank decided to change their name based upon their new expanded
geographical territory. The decision was made to drop the words of Gloucester County
and the new name, The Bank was chosen as the new combined banks name.
The last merger for The Bank was in 2004 when they purchased First Washington. Atthe close of this merger, they kept the name First Washington and made it a division of
The Bank. This merger added a branch network of 17 branches spread throughout three
counties in the central region of the State.
Today, The Bankoperates 48 branches in nine of the counties in Southern and CentralRegions of New Jersey. The Bank also has 8 Loan Production Offices located
throughout their footprint. The Bank has had an aggressive new branching plan for the
past six years that focused on building new branches in targeted growth markets. In
2005, they adopted the ABC growth plan which focused on opening branches in the
Atlantic, Burlington and Camden County markets. The plan was to open 15 branches
over a five year period. In 2005, The Bank opened its first branch in Atlantic county and
has since opened three more in that marketplace to complete the plan. Between 2005 and
2010, The Bank opened an additional 13 new branches spread throughout Burlington,
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Camden, Atlantic, Ocean and Gloucester counties. In the spring of 2010, The Bank made
the decision to re-locate their corporate headquarters to Mount Laurel, New Jersey which
is located in Burlington County. The growth they had experienced over the past six years
gave them greater access to customers in the middle of the state. The move signified the
growth of the organization at a time where most banks were struggling with the economic
downturn and positioned The Bank for future opportunity.
Skylands Community Bank opened their doors in 1990. They were a commercial bankthat primarily operated in the Northwestern region of the State. They were headquartered
in Hackettstown, NJ.
In 2000, Skylands became part of the Fulton Financial Corporation; operating under thesame community banking business model as The Bank and the other affiliate banks.
Somerset Valley Bank became part of Fulton Financial Corporation in 2005. SomersetValley was headquartered in Somerville, NJ in Somerset County. Their branch
distribution was primarily in Middlesex and Somerset counties which are located in the
central region of the State. They later merged with Skylands Community Bank in 2007.
Today, Skylands Community Bank operates 27 branches in the central and northwesternregions of New Jersey.The also have one Loan Production Office located in the
Hackettstown location. They moved their headquarters to Chester, NJ which is located in
Morris County, New Jersey.
The new bank, Fulton Bank of New Jersey, will have combined assets of approximately $3.5
billion. They will operate 74 branches and ATMs throughout the state. They will have
approximately 600 employees. The headquarters will be in Mount Laurel, New Jersey which is
the former headquarters for The Bank. Post merger there will be a new Region structure put into
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place with local senior management leadership to ensure customers continue to have access to
the local decision makers. Three regions have been established; Northern, Central and Southern.
Each will have a Regional President and Senior Lender to support the commercial and small
business teams and a senior Retail Banking Executive to support the branch network throughout
each Region.
Corporate Strategies
The holding company established a brand promise Listening is Just the Beginning three
years ago to ensure that our employees and customers are connected to our customer promise;
Care Listen, Understand and Deliver exceptional service in every customer interaction. The
customer promise has become an integral part of our corporationsculture. We believe that it is
a differentiator for us in the markets we serve and will be a strategic way we continue to attract
new customers to our bank and increase market share.The customer promise and brand promise
are woven into the corporationsstrategic plans and supported through the affiliatesbusiness
plans.
Every year the members of the FFC Senior Management team along with affiliate
CEOsand the Department Heads of various lines of business build a strategic plan which
outlines the corporations strategies. Each affiliate bank adopts the framework and creates their
own individualized business plan to support the goals of the corporation and meet their financial
goals. There are four primary strategies; Employee Engagement, Customer Experience,
Organization Efficiency and Financial Performance. Under each strategy there are multiple
metrics to measure performance and the line of business responsible for building the action plans
to support the metrics.
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clearly see from the map that the merger of the two New Jersey banks is a natural next step in
providing customers with greater access to a statewide banking solution. It also positions the
new Fulton Bank of New Jersey for future growth through new branching and acquisition.3
3Fulton Financial Corporation: Locationswww.fult.com/aboutus/locations.asp
Map of Fulton Financial Corporation and Affiliates Banks as of September 2011
Affiliate Banks in the state of Pennsylvania include; FNB Bank, Fulton Bank, Lafayette
Ambassador Bank and Swineford National Bank. Columbia Bank is in the state of
Maryland, Fulton Bank South is in the state of Virginia and The Bank and Skylands
Community Bank are in the state of New Jersey.
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STRATEGY AND IMPLEMENTATION:
This recommendation is to create a consistent branding strategy for the state of New
Jersey that will be implemented in the later part of October 2011 and continue as a framework
for subsequent years. We will use a mix of media to achieve strong reach and frequency
numbers. This strategy includes the justification of re-allocating the marketing dollars we
currently have left in our 2011 marketing budget and proposing an additional spend to support
our branding efforts for the remainder of 2011.
The strategy will challenge how we have allocated our marketing dollars in the past and
recommend a new allocation model where we approach the marketing budget with a balanced
focus on brand and product promotion.
Today we allocate 28% of the total marketing budget for brand promotion and 60% for
product promotion, in this recommendation the new allocation model will propose that we
increase the % allocated to brand promotion to 50% for the rest of 2011 and then lower it to 40%
in 2012 and 2013 which would give us a 12% increase over our prior year 2011.
The objective of creating a branding strategy for the new Fulton Bank of New Jersey is
three fold; (1) we are becoming a brand new bank with a new namewhich we will need to
announce the merging of our two banks throughout the state of New Jersey (2) retain and acquire
new customers (3) community banks have a positive reputation in the marketplace compared to
the daily negative press you read and hear about related to the bigger national and regional
banks. It is our time to leverage our community bank brand message in the areas we currently
have a branch presence and then look to expand that message in markets we have identified as
potential growth markets.
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As a community bank we take pride in the way we can deliver our hometown style of
banking to our customers. We have the ability to really get to know our customers; understand
their needs and work on personalized solutions that benefit them, not just us. We make local
decisions for our customers which creates a very positive customer experience which in turn
creates opportunity for us to continue to grow that customers relationship with the bank. Our
customer satisfaction scores from post transaction customer surveys are consistently in the high
90s.4
When asked How satisfied are you with your banking relationship, more than nine inten respondents were satisfied with Fulton Financial Corporation this quarter.
FFC Top Box = 95% Benchmark Top Box = 80%
4ath Power Consulting 2011 FFC Post Transaction Survey Reportwww.athpowerconsulting.com
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If we do not put a brand strategy in place, we could potentially loose our existing customers and
have a harder time attracting new customersbecause todayscompetitive landscape is changing
rapidly.
The regulatory environment is causing banks to take a hard look at their current products
and services and challenging them to push the envelope by making changes to service,
maintenance and convenience fees that will directly impact the customer. Some of the
regulations also will dictate how we will be able to promote, advertise and market certain
accounts for new acquisition of households.
Today, we do not have a branding strategy; rather we market and advertise products to
attract new retail and commercial households. A brand strategy does not sell products and
services, rather it supports the culture of the organization by telling the corporations story.
Through that brand messaging customers will become familiar with your product, your services
and most importantly they should feel how you deliver on that brand message as an
organization. It is critical for us as an organization to think differently and challenge ourselves
to take the risk to promote our brand vs. a product. As customers continue to feel the changes at
their current bank, they have also become weary that all banks are the same. The larger banks
can and will continue to spend large amounts of marketing dollars on campaigns that are focused
on re-building their brand and reputation. One of our challenges has always been that we have
limited marketing dollars, which we primarily spend on promoting product. As a company we
need to grow new retail, commercial and small business households, so the marketing dollars are
allocated towards acquisition, because we can measure the results of a product campaign;
whether its direct mail responses, email replies or a customer walking in the door, its tangible.
We can measure the return on investment and as bankers; we like to see the direct impact on the
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bottom line. Promoting brand alone does not give us that direct return on investment.
However, it will allow prospects and customers to easily recall our bank when they are
thinking of changing their banking relationship. The ability to recall us or think of us first
will relate into new profitable customers to our organization.
Benchmarking Success
There are several benchmarks that will be used to measure our impact and success of the
implementation of this strategy. The Bank Awareness Level Study and our Retail and
Commercial Household reports.
The first benchmarkis a study that was conducted by an outside consultant called Bank
Awareness Levels. This study was conducted in all of our affiliate markets in 2009 and then
again in 2010. The primary objective of the study was to measure the level of awareness of our
banks within their primary markets and to understand the impact of the listening brand message
within those regions. Part of this recommendation will be to use this study as a benchmark and
conduct a similar study again six months after we launch our brand strategy. We will be able to
use the same research methodology which is broken into two categories:5
Unaided AwarenessRespondents asked which banks come to mind with noprompting or assistance.
Aide AwarenessRespondents are given a list of bank names and asked which they arefamiliar with.
In 2009 all of the affiliate banks had their own brand identity; in 2010 the corporation
launched a brand campaign that began to incorporate the same message for all of the seven
5The Melior Group Fulton Financial Corporation Bank Awareness Study Fall 2010
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affiliate banks that are under the same Fulton Financial Corporation umbrella. At that time, we
adopted a brand tag line called, Listening is just the Beginning. The new brand was launched
at the beginning of 2010 with very little marketing dollars spent on brand, rather staying with our
strategy of marketing product and simply putting our new brand tag line on the different types of
media we used for product campaigns. The chart below outlines the customers response when
they were asked the following two questions; (1) Unaided Awareness Respondents were
asked which banks come to mind with no prompting or assistance. (2) Aide Awareness
Respondents are given a list of bank names and asked which they are familiar with.
You will see from the results listed below The Bank had an increase in the Unaided
category from 2009 to 2010, while Skylands remained flat. Yet, Skylands had a higher %
baseline in the Aided category and went slightly went down year over year, while The Bank
had a significant increase from 2009 to 2010.
Affiliate Bank Unaided % Aided % Combined %
Awareness
2012 Combined
Awareness Goal
2009 2010 2009 2010 2009 2010 2012
The Bank 2% 9% 39% 58% 6% 25% 45%
Skylands 3% 3% 55% 53% 3% 13% 25%
*125 interviews per bank, per study.
The second benchmark will be our retail and commercial household reports. This report
details the number of retail and commercial households that currently bank with us and the
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number of services per household. This report will be used to trend our growth in the number of
both retail and commercial households post merger6.
Current Retail Households Current Commercial Households
The Bank37,496 The Bank12,247
Skylands12,481 Skylands8,578
Combined49,977 Combined 20,825 *as of 9/30/11
2012 Goal = 3% HH growth 2012 Goal = 2% HH growth
Implementation Project Team
A Project team was put into place on 8/29/11 with the goal to implement all facets of the
new brand media campaign to be ready to launch for the weekend of October 22,2011. The
Project team includes the following people;
JoBeth MaurielloNJ Sales & Marketing Manager who will be the Project Manager, in this
role JoBeth will be responsible for managing the ongoing communication between the affiliate
CEO, President and project team members. Other responsibilities will include managing the
brand media budget to include all proposals and approvals needed from the local Executive
Management team and the FFC Senior Management team, make recommendations for specific
market media buys in NJ, tracking and measurement of the brand campaign post implementation
6Fulton Financial Corporation Retail and Commercial Household reports Internal Use
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and internal communication of the components of the brand campaign to all the employees in
New Jersey.
(xxxxxxx) is the Brand Manager for Fulton Financial Corporation; she will have oversight
responsibility for developing and managing the creative concepts with our current ad agency.
Fulton Financial Corporation contracts with an ad agency on a yearly basis for creative concepts
and ideas for all of our corporate marketing initiatives. We will work with our in house
Designers to formalize and customize the media pieces to compliment the specific mediums.
(xxxxx) is a Media Buyer with Fulton Financial Corporation. She will have the responsibility to
research alternative media buysfor New Jersey; including obtaining the best mediums for this
campaign, media schedules and placement of the media.She will make recommendations back to
the project team on each media outlined in the project plan. Once all facets of the media buys
are approved, she will also be responsible to ensure the timeliness of paying these expenses in
2011 with our Corporate Controllers Department.
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The following is a timeline of the project.
The scope of this project is currently beyond my day to day job responsibilities as the
Marketing Manager for New Jersey. This project will give me the opportunity to develop the
8/29/11
Purpose - Projectteam meets for firsttime to discusscreative conceptsand beginning
planning stages formedia buy.
Goal - Discussconcepts, initialmedia plan &
budget.
Follow up - Due toteam by 9/8/11
9/8/11
Purpose-Present 4creative concepts to CEO
& President of The Bankand Skylands CommunityBank.
Goal- Gain agreementon (1) concept to moveforward. Share initalmedia plan & budgetwith group and gain
buyin for proposedbudget.
Follow up - Present toFFC Senior Managementfor final approval on
9/15/11.
9/15/11
Purpose - Presentmedia brand strategyto the FFC SeniorManagmeent eamwhich outlines ourobjective, strategy,timeline, creative andmeida plan .
Goal- Gain approvalfor proposed budget.
Follow up - 9/20/11Book media,
communicate toaffiliate Senior Mgtmedia plan.
10/24/1111/28/11
PurposeImplement brand
media campaign across NJfootprint.
Goal10/24/11 launch forTV, print, radio, outdoor,online & web
Follow uptrack media buyplacement through end ofcampaign11/28/11
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When building a media plan and budget for this project, the goal is to outline themedia
strategy to ensure the right mix of media is used so the message reaches the highest penetration
of households throughout the state of New Jersey.We need to make some assumptions about the
costs we spend on each media outlet vs. the direct revenue impact to our corporation. One of our
measurements of success for this project will be increasing our retail household base by 3% and
our commercial household base by 2% for 2012. Our average profit we make on a retail
household today is $927 and $3,028 on our commercial households. Using the best case
scenario, based on this assumption, if we grow our retail households by 3% we would gain 1500
new households with an average profit of $1,390,500 and using the same assumptions for our
commercial households, if we grow them by 2% we would gain 417 new households with an
average profit of $1,262,676.7 Total potential revenues to our corporation would equal
$2,653,176 vs. a total expense for the campaign of $829,059 which would reflect a net positive
$1,824,117 in revenue. Using a worst case scenario, lets assume we only achieve half of our
goal and only grow our retail households in 2012 by 1.5% we would gain 500 new retail
households with an average profit of $463,500. Using the same worst case scenario for the
commercial households, lets assume we only grow by .5% we would gain 104 commercial
households with an average profit of $314,912. Our total potential revenues to our corporation
would be $778,412 vs. expenses of $829,059 which would reflect a loss of $50,647. Based on
historical return on investments for campaigns, our most likely scenario is that we grow our retail
households by 2% which would gain us 1,000 new retail households with an average profit of
$927,000. Using the same assumptions for our commercial households, we are most likely to
grow by 1.5% which we would gain 313 new commercial households with an average profit of
$950,000. Using this most likely scenario, our total potential revenues to our corporation would
7Fulton Financial Corporation Household Summary Distribution Report Internal Use
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be $1,877,000 vs. expenses of $829,059 which would reflect net positive $1,047,941in revenue.
The current economic conditions in certain demographic markets in New Jersey where
housing prices are extremely down and unemployment is higher than the National average could
play a critical role in our ability to obtain new core retail and core commercial households in
2012. However, because of the instability in the financial industry where a large majority of the
National and Regional banks are now beginning to charge customers to have a checking account
and other products, community banks will continue to benefit from the market disruption and
churn that these larger banks are creating in the marketplace. Using our most likely scenario
aligns with the average core retail and core commercial household growth we have experienced
in the New Jersey marketplace over the past two years.
The following is a breakdown of each media outlet that is proposed for this project. We
calculate our return on investment by measuring the total Impressions that media outlet
reaches then use a conversion rate that helps us calculate the actual expense or costs of the
media. We define Impressions as the estimated number of people who will see our ad
placement. We also applied the following demographic filter to all media outlets for this
campaign; 18-49 year olds. (Appendix I)
Television Frequency: 4 weeks Total Cost:$125,660 Total Estimated Impressions 3,211,123
o We use Gross Rating Points (GRP) x the Universe Estimate to calculate our GrossImpressions. The Universe Estimate is the total persons or homes in a given
designated market area (DMA) that fit the criteria we have defined (for this
project it is 18-49 year olds). The designated market area (DMA) is a region
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where the population can receive the same (or similar) television and radio station
offerings. To calculate our Gross Rating Points, we look at the Rating Point which
is the estimate of the size of the television audience relative to the total universe,
expressed as a percentage. The estimated percent of all TV households or persons
tuned to a specific TV show. For example, if the Universe Estimate is 100 and 4
people watch a show the rating is 4%. The Gross Rating Points is the sum of all
rating points for all programs in a schedule for a particular period of time. For
this projection we add up the sum of all the ratings and add up all the spots and
multiply the rating sum by the spot sum to determine our expense.
Business Publications Frequency: 1 insertion Total Cost:$ 7,425 Total Estimated Impressions 379,317
o We use the estimated total circulation of each publication x 2.5 pass along rate tocalculate our total expense. Pass along rate assumes that the average person will
pass along the publication to at least 2.5 people to read.
News Paper Frequency: 4 weeks Total Cost:$347,492 Total Estimated Impressions 5,579,085
o We use the estimated total circulation for each newspaperx 2.5 pass along rate tocalculate our total expense. Pass along rate assumes that the average person will
pass along the publication to at least 2.5 people to read.
Radio Frequency: 4 weeks Total Cost:$126,010 Total Estimated Impressions 675,100
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o We use the same ratings system as Television. Gross Ratings Points (GRP) x theUniverse Estimate to calculate our Gross Impressions.
Out of Homeo BillBoard Frequency: 8 weeks Total Cost: $ 66,684
Total Estimated Impressions 2,088,020o Impressions equal the estimated number of cars that drive by the outdoor
billboard in a 24 hour period.
Online Frequency: 8 weeks Total Cost: $ 39,180 Total Estimated Impressions 40,524,819
o We buy Impressions based on the frequency of the placement of the online adsand we use targeted zip codes that reside in all of the counties we have a branch
or office location. For this campaign we targeted 4,500,000 Impressions. We
also measure open rate and click through rate (CTR) of the ads we place.
Industry average for open rate is around 18%, we will look for a 30% open
rate and the industry average for click through; rate is 1%, we will look for a
5% click rate based on these emails going to a mix of existing customers and
prospects.
Production Costs Total Cost:$ 116,608====================================================================
Total Costs $829,059
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Financial Conclusions
The media outlets we are proposing for this project have been researched and vetted to
match the customer segment base that is our primary target for us to reach optimal market
penetration and exposure in markets where we currently have a customer presence and in
markets that we have targeted for future growth. We have chosen a media mix that will allow us
to efficiently utilize our budget dollars by using various sources of media, frequencies and
customer demographicsthat are outlined above to reach our end user, the customer.
Using the assumptions we made for our most likely scenario, the outcome of this
campaign will not only give us the present day brand exposure we need, it will also create future
brand awareness that which will be a critical factor for us to grow future households.
Thepotential financial impact of $1,047,094 in revenue will be a direct positive impact to our
corporations bottom line.
Along with the revenue we will generate from obtaining new core retail and new core
commercial households, we will also be able to use these new households to promote, market
and cross sell additional products and services which will give us a continued revenue stream
beyond 2012.
We know that current economic conditions could negatively impact our ability to attract
and grow new households during this campaign; however, if we do nothing, we do risk the
potential of not creating impact in a marketplace that is currently unstable about their financial
institution. Many banks; both large and small generally do not spend a lot of media dollars in the
last quarter of the year. Their absence in the marketplace, gives us another strategic advantage to
dominate the blank marketplace.
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The window of opportunity for the implementation of this project is short due to the
timing of the coming together of the two banks along with the various other factors; current
market and economic factors that have been mentioned prior in this proposal. This is an
unexpected opportunity that was not planned or budgeted at the beginning of 2011, but born out
of a sense of urgency created with the announcement of our merger.
The positive factors associated with creating the New Jersey branding strategy for Fulton
Bank of New Jersey outweigh the potential negative factors, now is our time to implement,
execute and deliver on our newly created branding strategy.
NON-FINANCIAL IMPACT:
The development and implementation of a brand strategy creates opportunity in the
marketplace today and in the future with our existing customers and prospects. The new brand
message supports and reinforces to the marketplace that we are their community bank solution;
we always have been and we will continue to be their best option for their financial needs. The
message supports our Customer Promise to Care, Listen, Understand and Deliver an exceptional
customer experience in every interaction a customer has with our corporation. The merger of our
two community banks could be perceived negatively in the marketplace if we do not proactively
brand our new message and keep a consistent customer focused message. Currently, there is
momentum in the marketplace towards customers leaving their National and Regional banks and
making the switch to the smaller community banks. Not having a brand strategy that
compliments our focus on the customer could have a negative effect in the marketplace where
customers perceive that we are exiting the market, becoming just as big as the bank they left or
that we are no longer customer focused. The non-financial impact of not implementing this
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strategy could far outweigh the financial impact to our bottom line. The non-financial impact
would be felt short term and long term.
There are several hurdles we will need to overcome to gain approval to execute this
strategy. This strategy will support how we need to change our mindset about how we allocate
and spend our marketing dollars today, brand vs. product promotion. The second hurdle to
overcome will be gaining the financial support to implement and execute the new brand strategy.
As we build our 20122013 marketing plans and budgets we will need support to use
the new allocation model proposed in this branding strategy to carry forward in subsequent years
and become the new preferred method. As I mentioned above, currently we spend the largest
portion of our marketing dollars primarily to promote products because we feel that marketing
the benefits and features of specific products is a driver for customers when making decisions
about changing their banking relationships and its the way we have always done it. We can also
measure results of product campaigns through the return on investment we realize to our bottom
line through the opening of new accounts, the cross-selling of new accounts to new households
and the fee income associated with any new products or services that are opened as a result of a
product campaign. To overcome this hurdle, the plan will be to incorporate into the presentation
to the Senior Management team the Most Likely Scenario assumptions which outline the
financial impact of implementing this strategy. It also serves two-fold since the metrics used to
make the financial assumptions, also supports our business plan objectives of growing new core
retail and core commercial households.Showing the potential revenue we would realize vs. the
actual expense to implement this brand strategy will be a positive reflection on this proposal and
further support why it is important for us to put aside how we have done things in the past and
think forward.
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Overcoming the first hurdle will position us to use the new allocation method going
forward. To do this, we will need to show our stakeholders the financial outcomes and impact
the new brand campaign had to our companys bottom line. We will use our two benchmarks as
measures of success; The Bank Awareness Level Study and our Retail and Commercial
Household reports. If we can deliver on the above plan and overcome the outlined obstacles,
gaining the approval for financial support or to spend the dollars recommended in the new
branding strategy will no longer be an obstacle.
The Customer Experience
We are a financial institution, anytime we make recommendations that have a cost or
expense associated with them; we automatically want to calculate the return on investment. As
Bankers, it is sometimes hard to step outside of that financial box and understand how the impact
of your change or recommendation can positively or negatively impact the customer. Being a
community bank, we have always taken pride in the way we have been able to deliver to our
customers a unique and personalized style of banking. We truly believe this is a differentiator in
the marketplace.A brand strategy does not sell products and services, rather it supports the
culture of the organization by telling the corporations story. The proposed brand strategy
supports our community bank message and the impact to our organization, employees and
customers reflect in our strong financial performance, employee retention and customer
satisfaction ratings.
The non-financial impact can be measured through the results we compile from our
customers feedback related to three types of customer surveys we have implemented as part of
our overall customer experience strategic plan.The following is a brief description of the three
types of customer survey tools we use:
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Retail Customer Satisfaction Survey: the primary goal of this survey is to ask questionsthat focus on the following customer loyalty metrics; (1) customers overall satisfaction
(2) customer net promoter score, which is their likelihood to recommend us to a friend or
family member (3) the customers possibility of future use or repurchase (4) the customers
reason for loyalty. This survey is sent to our customers online and administered
annually.8
Account Open Survey: the primary goal of this survey is to understand if our sales andservices behaviors and standards are demonstrated by front line employees who opened
the new account relationship with the customer. The questions asked also tell us the
factors that led them to choose our financial institution and measures the behaviors
demonstrated and their impact on the overall satisfaction and loyalty of this new
customer. This is a telephone survey and is conducted biannually.9
Post-Transaction Survey: the primary goal of this survey is very similar to the AccountOpen Survey with the exception that the target audience is an existing customer.
Through the question we ask, we look to understand the key drivers of satisfaction and
loyalty that can help us improve our customersrelationships through retention and
increased share of wallet.This is a telephone survey and is conducted in alternating
months biannually to complement the Account Open Survey.10
Based on the three customer surveys outlined above, we will be able to measure how our
brand message has affected the customer experience. We have benchmarks and trending data
8ath Power ConsultingFulton Financial Corporation2011 Retail Customer Satisfaction Surveywww.athpowerconsulting.com9ath Power Consulting Fulton Financial Corporation2011 Account Open Surveywww.athpowerconsulting.com10ath Power Consulting Fulton Financial Corporation2011 Post Transaction Surveywww.athpowerconsulting.com
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that we will use to track and document customer response rates. We will use quarterly data from
each quarter of 2011 and compare it to results received in each quarter of 2012 and 2013. The
following are key measures to customer satisfaction that we will use as our benchmark:
Key Measurement 2011 Benchmark
Customer Net Promoter Score 73%
Customer Overall Satisfaction Score 95%
Likelihood for Repurchase 65%
The Customer Net Promoter Scoreis defined as the number of customers surveyed whenasked the question, how likely are you to tell your friends and family about our bank.
A scalefrom 1-10 is used to determine the score. 1-5 ratings are detractors, 6-7 are
neutral and 8-10 promoters. The Net Promoter Score = Promoters Detractors.
Customer Overall Satisfaction Scoreis defined a single summary question, howsatisfied are you with your overall experience.
Likelihood for Repurchaseis defined as the number of customer surveyed when asked thequestion, how likely are you to buy from us again. We use a scale from 1-10 to
determine our score. 1-4 unlikely, 5-7 neutral, 8-9 likely and 10 extremely likely.
The long term effects of achieving and exceeding these benchmarks, will impact our bottom
line profitability. These key measures tell us how likely customers are to promote us to their
family and friends and their likelihood to buy again from us in the future when they have a
need. This in turn means we acquire new retail and commercial households from new customers
and we have the opportunity to sell additional products and services to our existing
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customers.Attention to these key measures are being heavily weighted as we build the brand
message to highlight the goodwill value of these customer experience metrics and illustrate the
importance they will have short term and long term to our corporation.
CONCLUSION:
In summary, creating a brand strategy for Fulton Bank of New Jersey is timely due to the
coming together of two former affiliate banks in the state of New Jersey. The brand allocation
model outlines multiple positive factors that will increase the brand awareness of the bank,
attract new core retail and new core commercial households and support the overall community
bank message to the marketplace.
The successful implementation of this strategy, will allow Fulton Bank of New Jersey to
gain short term and long term financial success for their shareholders, customers and employees.
APPENDIX I:
October November
Media Frequency 24 31 7 14 21
TELEVISION (Both Banks)
NCC Media
4 weeks
(various
programming on
USA, TNT, FX, Nick,
Bravo, CMT, TBS)
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Comcast Spotlight
4 weeks
Various
programming on
USA, ESPN, TBS,
Bravo, TNT, Food,
History, TLC, CSN
WPVI- 6 ABC4 Weeks
(News only)
October November
Media Frequency 24 31 7 14 21
BUSINESSPUBLICATIONS
(Both Banks)
Mercer Business 1 insertion
SJ Magazine 1 insertion
SJ Business People 1 insertion
Philadelphia Biz Journal 1 insertion
New Jersey Business 1 insertion
October November
Media Frequency 24 31 7 14 21
NEWSPAPER
Atlantic City Press 3 weeks- Sunday
Bridgetown Evening News 3 weeks- Monday
Camden Courier Post 3 weeks- Sunday
Cherry Hill Sun,
Haddonfield Sun and
Voorhees Sun
3 weeks-
Wednesday
(3 paper combo)
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Current of Absecon-
Pleasantville and Current
of Galloway Twp
3 weeks-
Wednesday
(2 paper combo)
Gloucester County Times 3 weeks- Sunday
Medford Central Record 3 weeks- Thursday
Princeton Packet (6
papers)
(Allentown Messenger,
Cranberry Press,
Princeton Packet,
Lawrenceville Ledger,
Hamilton-Robbinsville
Observer, Windsor
Heights Herald)
3 weeks
( 6 paper Combo-
Thursday/Friday)
Salem Today's Sunbeam 3 weeks- Sunday
Trenton Times 3 weeks- Sunday
Philadelphia Inquirer 3 weeks- Sunday
Washington Township
Times1 week
Bridgewater Courier
News3 weeks- Sunday
Easton Express Times3 weeks-
Wednesday
Newark Star-Ledger
(Somerset/Hunterdon,
Sussex/Warren and
Middlesex Zones)
3 weeks- Sunday
Hunterdon County
Democrat
3 weeks- Thursday
(Forced 2 paper
combo)
Morristown Daily Record 3 weeks- Sunday
October November
Media Frequency 24 31 7 14 21
RADIO
WMGK-FM4 weeks
9 spots/week
WMMR
4 weeks
10 spots/week
WKXW- FM/NJ 101.5
co branded with SCB
(SCB 40% / TB 60%)
4 weeks
15 spots/week
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WSJO/SoJo 104.9
co branded with SCB
(SCB 40% / TB 60%)
4 weeks
15 spots/week
Metro Network- Traffic
4 weeks
PHL (50/wk), AC
(30/wk), NJ
(47/wk)
WRNJ 8 weeks
WMGQ/Magic 98.3
4 weeks
15 spots/week
WCTC/1450
4 weeks
15 spots/week
Metro Network- traffic
4 weeks
NY (17/wk), NJ
(22/wk)
October November
Media Frequency 24 31 7 14 21
OUTDOOR
Interstate Outdoor (Rt
33)8 weeks
Astro Sign Company
(Elmer branch)8 weeks
CBS Outdoor- Somerville 8 weeks
CBS Outdoor-
Hackettstown8 weeks
October November
Media Frequency 24 31 7 14 21
ONLINE (Both Banks)
National/Local web ads
(geotargeting for
specific counties)
4 weeks
(4,500,000
impressions)
Facebook.com 8 week
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Figure 1. Media Buy Schedule (Fulton Bank of New Jersey, October 2011)