Isabella Bank (IBT) is a $1.1 billion dollar institution, and part of a holding company, located in Central Michigan. It serves over 45,000 customers and provides a history of solid service well-known senior management, and very established community activism and support. IBT is the market share leader in their home community and growing outward in two surrounding counties.
The bank takes pride in community involvement, offering comprehensive services (including alternative investment and trust) and being a market leader. In recent years, the market share growth has been steady in Mt. Pleasant and growing in other market areas; however a steady position in Mt. Pleasant indicates actual decline as the market itself is growing.
IBT has a marketing area that lacked a clear strategy and processes to focus their efforts. Further, they have been without a marketing VP since 2005. An interim marketing director is capable but overwhelmed. Intense competition is building in all markets and IBT needs to redefine itself from the marketing function structure through a refined marketing platform and message. Internal branding and external consistent communication of their brand elements is a major initiative, along with targeting and segmenting utilizing their MCIF system.
MarketMatch analyzed the marketing function through an intensive study of activities, the personnel, and discussions with the leaders of all business lines. MarketMatch provided a detailed recommendation for staff realignment, budget allocation and reallocation, marketing function realignment and drafted a strategic marketing plan to meet the needs of the bank and to begin rebuilding a structured marketing process. MarketMatch is also assisting in the search for a marketing VP and other marketing staff positions. In the interim, MarketMatch is the acting marketing VP and organizing the function, determining promotional support initiatives and running the marketing department. MarketMatch has formed an internal “Think Tank” for strategic positioning, a product review committee, and a business development team to capture the immediate opportunities. The strategic marketing plan is serving as the roadmap to all endeavors and creating a focused effort to build the bank in areas that needs support and provide internal as well as external growth.
MarketMatch has authored the strategic plan, guided the department toward success and rebuilt the marketing function into a proactive team that is leading positive change and showing positive results. Internal branding has begun to ensure the common brand elements are identified and applied consistently.
MarketMatch helped locate a new internal marketing VP and spent an additional 12 months training the staff and turning over the daily management of the marketing process to the new director.