BBVA Compass was formed from the parent company BBVA Spain, which was the second largest bank in Spain in 2010 with more than $755 billion in assets and operations in more than 30 countries. BBVA entered the market in 2004 and through a series of acquisitions such as Compass Bank in 2007 and the FDIC -- assisted acquisition of Guaranty Bank in 2009 operated under the name BBVA Compass. In a short span of time, BBVA Compass was able to establish itself as the 15th largest commercial U.S bank with more than 700 branches and $49 million in deposits across the Sunbelt region.
As a commercial bank, BBVA Compass offers its customers three primary lines of business units; retail banking, corporate and commercial banking and wealth management. …show more content…
One solution involves allocating more money to online marketing channels and cutting spending for offline channels. While most banks are typically spending 25 to 30% of their budget on measured media such as online ads, BBVA Compass spends only 21% on online ads. Through their online marketing efforts, BBVA Compass only achieves 32% brand awareness compared to their rivals such as Bank of America and Chase Bank who generate 83% and 79% brand awareness respectively from online marketing efforts. Also online marketing is easier to accurately track than that of offline marketing which allows the company to get a better sense on how they are doing in terms of their return on investment. By allocating more money online, marketing efforts such as digital marketing, BBVA Compass could potentially reach a much wider audience and thus increase brand awareness, helping them to acquire new customers for their various lines of …show more content…
They can look at how their competitors such as Bank of America and Chase Bank market their services to their college age demographic and decide to set up special checking accounts for them with no interest until they graduate.
While it may be appealing for BBVA Compass to broaden their target market and offer them a new line of services, the end result will be too costly and will take a long time for the company to achieve the results they are looking for. Because of this, BBVA Compass should allocate more money to their online marketing channels and cut spending in offline marketing to generate a stronger online brand presence for the company and help to retain and acquire customers.
BBVA Compass should still use their offline marketing budget to increase brand awareness and improve consideration among potential bank customers by continually emphasizing their convenient branch locations, personalized services, free checking services, friendly service, and easy online banking services. It is through their offline marketing channels that BBVA Compass is able to continually make personal connections with
As a commercial bank, BBVA Compass offers its customers three primary lines of business units; retail banking, corporate and commercial banking and wealth management. …show more content…
One solution involves allocating more money to online marketing channels and cutting spending for offline channels. While most banks are typically spending 25 to 30% of their budget on measured media such as online ads, BBVA Compass spends only 21% on online ads. Through their online marketing efforts, BBVA Compass only achieves 32% brand awareness compared to their rivals such as Bank of America and Chase Bank who generate 83% and 79% brand awareness respectively from online marketing efforts. Also online marketing is easier to accurately track than that of offline marketing which allows the company to get a better sense on how they are doing in terms of their return on investment. By allocating more money online, marketing efforts such as digital marketing, BBVA Compass could potentially reach a much wider audience and thus increase brand awareness, helping them to acquire new customers for their various lines of …show more content…
They can look at how their competitors such as Bank of America and Chase Bank market their services to their college age demographic and decide to set up special checking accounts for them with no interest until they graduate.
While it may be appealing for BBVA Compass to broaden their target market and offer them a new line of services, the end result will be too costly and will take a long time for the company to achieve the results they are looking for. Because of this, BBVA Compass should allocate more money to their online marketing channels and cut spending in offline marketing to generate a stronger online brand presence for the company and help to retain and acquire customers.
BBVA Compass should still use their offline marketing budget to increase brand awareness and improve consideration among potential bank customers by continually emphasizing their convenient branch locations, personalized services, free checking services, friendly service, and easy online banking services. It is through their offline marketing channels that BBVA Compass is able to continually make personal connections with