CASE STUDY
Peapack Gladstone Bank –Branding Campaign
RELATIONSHIP
In 2014, Princeton Partners became agency of record for Peapack Gladstone Bank, a retail community bank with a strong focus on growing its wealth management business. We introduced a new branding and a new brand strategy based on the idea that “all banking should be private banking,” a positioning that highlights how PGB’s high-touch customer service approach informs everything they do. We deploy the brand positioning in all marketing communications programs to support the growth of both their retail and wealth management businesses.
SITUATION
Peapack Gladstone Bank operates in the highly-competitive “wealth belt” of New Jersey during a time of community bank consolidation. The national and superregional banks dominate regional market share in deposits and loans.
Non-banks are aggressively competing for small business customers and more tech-savvy retail customers. Peapack has modest marketing budgets and must make every dollar invested work to produce measurable returns.
BRAND MARKETING SOLUTION
Princeton Partners has put in place a strong visual identity and messaging that reinforces the ideas of integrity, trust, and client-focused service delivered by values-driven professionals. Deposit or loan acquisition campaign success leverages: a) the brand to elevate the value of the offering; and b) sophisticated data-driven marketing, geo-targeting and digital advertising and direct marketing to drive leads and new customers.
RESULTS
Awareness of Peapack Gladstone Bank has grown close to the levels of its much larger national rivals including Bank of America. Assets, loans, and deposits are growing at double-digit rates every year. Deposit acquisition campaigns are predictable and deliver new deposits at a marketing cost under 17 basis points per campaign.