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Essay about Bbva Compass Case Study

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The problems in this case are, BBVA Compass wants to achieve the following marketing goals with limited resource allocations: * Building awareness and trust in the brand. * Improve satisfaction and retention customers and cross sale to them. * Bring in new customers and increase total number of accounts through online and offline marketing.

1) The role of offline advertising is to build brand awareness and improve consideration among potential customers for opening new checking accounts. The name change of the bank to BBVA Compass dropped the brand awareness to 48% and offline advertising is trying to get it up to 53% by 2010 through sponsoring NBA, WNBA and ESPN. * The role of online advertising is to acquire new …show more content…

Even after that the bank rejects 20% of these applications on the basis of credit score. (Not sure if we need this or are we just going to show the steps???)

The steps of online acquisition are:
(1) Customers search online for checking account > (2) Paid search or Display ad takes them to bank website > (3) Customers start an application > (4) Completed applications were submit to be approved by the bank > (5) Customers opened new checking account and BBVA acquired a new client.
The following steps can be taken to improve the process: * Improve online application process – making it more interactive and elaborate to customers. * Specify what information customers need to provide for the online application and what credit score is needed to be approved by the bank. * Provide constant reminder to customers for funding the account within the time frame.

4) What is the effective acquisition cost and lifetime value of customers acquired through the online channel?
The effective acquisition cost for online acquisition of per customer is $ 81.

5) Display and paid search advertisement played the vital role of online customer acquisition.

Paid Search ad: BBVA buys keywords in three main search engines: Google, Yahoo and Bing. When customers type in generic words like checking account, free checking account, banking etc. it gives them an option to go to BBVA website for creating application to open a new

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