Peapack-Gladstone Bank® is a full-service bank with 24 branches located throughout New Jersey. Founded in 1921, it provides personalized financial, trust and investment services to individuals and small businesses. The bank's recent goals included improving customer retention, increasing the cross-selling of bank products and expanding outreach to prospective customers. The challenge for the bank was to do this cost effectively, given its small marketing team.
Harland Clarke has worked with Peapack-Gladstone Bank for several years. When it learned of the bank's goals, Harland Clarke representatives introduced SubscriberMail, an award-winning email service provider with a user-friendly, web-hosted platform and a heritage of strong customer service. SubscriberMail recommended a two-part program for Peapack-Gladstone Bank to help maximize its opportunities:
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SubscriberMail is an award-winning provider of email marketing services that help email marketers design and deliver cost-effective email campaigns. For more information on using SubscriberMail to reach account holders and prospects, contact your Harland Clarke account executive or visit harlandclarke.com/
SubscriberMail worked closely with Peapack-Gladstone Bank throughout the process. The bank completed a strategic planning questionnaire and worked with SubscriberMail to clearly identify email objectives, strategies, tactics, creative and content. Management's receptivity to email marketing was a factor, too. "Peapack-Gladstone Bank is conservative," said Denise Pace-Sanders, a bank vice president and the senior executive in charge of marketing. "We're used to email marketing as individual consumers, but as a bank we wanted to take this slowly. SubscriberMail understood this."
For the first email campaign, SubscriberMail and Peapack-Gladstone Bank decided to develop a letter from the chairman that introduced the bank's e-newsletter, provided a description of its holiday club savings program and informed customers about the bank's new location. SubscriberMail developed email templates and modified them based on feedback from the bank. The bank was in charge of writing the newsletter content and getting necessary approvals.
Peapack-Gladstone Bank's first newsletter was an outstanding success. Its 32 percent email "open rate" was far above the 20 percent average for the banking and financial industry. In addition, the bank saw a big increase in its holiday club savings program.
"I've been extremely satisfied with SubscriberMail," said Pace-Sanders. "The results exceeded all expectations. SubscriberMail designed a great template and its platform is very user friendly. I look forward to building a strong partnership with SubscriberMail and leveraging the power of email to improve our customer communications, retention and growth." The bank is now planning future email campaigns.