Peapack-Gladstone Bank
How we helped a community bank shine and take market share in a highly competitive market.
In 2013, Peapack Gladstone’s CEO articulated a vision to be “a high-performing boutique bank in wealth, lending and deposit solutions, known nationally for unparalleled client service, integrity and trust.” Achieving the vision would be challenging in the highly competitive “wealth belt” of New Jersey where national and regional banks dominate regional market share in deposits and loans. They also dominate with branch density, brand awareness, and marketing power. PGB needed a brand strategy and marketing program solution that could make one dollar work like ten.
Peapack-Gladstone Bank
Financial Services
“Princeton Partners is a true partner in our business and an extension of our marketing team. The results that we have generated together have been nothing short of stellar.”
INSIGHT
In our discovery work with the client, we found that Peapack Gladstone Bank was delivering a high level of white glove service, not just to its wealth management customers, but to all its retail and small business customers. We concluded that we should leverage Peapack Gladstone’s values and service culture as the greatest assets on which to build a brand marketing program.
SOLUTION
We introduced a new brand platform and marketing campaign based on the idea that “all banking should be private banking.” This positioning highlighted how PGB’s high-touch, customer service approach informs every recommendation, product solution, and service action toward the best interests of every client. We put in place a strong visual identity and messaging system that reinforced the ideas of integrity, trust, and client-focused service. We then used data-driven, geo-targeted, multi-channel, brand-centric, and offer-driven advertising to drive new leads and acquire new customers.
RESULTS
Local awareness of Peapack Gladstone Bank grew closer to the levels of its much larger national rivals including Bank of America. Deposits acquisition campaigns in targeted priority branches deposits grew faster than competitors resulting in market share gains. The sophistication of our marketing program enabled a level of predictability between marketing investments and customer returns which helped the client’s marketing team to plan for growth with confidence. Since 2013, PGB’s retail bank assets have grown from $2.0 to $6.5 billion within its branch footprint.
