Banks Increase Marketing Efforts

In the super competitive Northwest Arkansas market, some bankers turn to enhanced advertising to lure customers.
Harrison-based First Federal Bank recently launched a new campaign to attract new accounts, said Sonya Edwards, vice president of marketing. FFB has seven offices in Benton and Washington counties and plans to open two to three more this year, she said.
Little Rock-based Metropolitan National Bank now has nine branches open in the two-county market and its advertising has recently been hard for any consumer to miss.
“We are continuing to spend more money in brand and specific product marketing,” said Robert Stebbins, MNB’s senior vice president and director of marketing.
The bank has to make a name for itself in Northwest Arkansas, he said, so it has spent “well in excess of six figures” since mid-2006 in advertising.
Lindsay Ramsey, marketing director for The Bank of Fayetteville, said BOF hasn’t increased its marketing budget for 2007, but has focused on its longevity in the market and its community ties (BOF is celebrating its 20th anniversary).
Jason Kincy, advertising manager for Arvest Bank Group Inc., said the bank’s mass market media budget is about 10 percent more in 2007 than it was in 2006. The bank wants to keep its brand awareness and tout several new programs such as its $25,000 loan giveaway (which ends in April), an upcoming credit/debit card rewards promotion and its free business checking, he said.