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Huntington Bank Case Study
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“Your New Piggy Bank” Campaign
By: Meredith Horrigan, Samantha Manzuk, and Jaclyn Parker
COM 360, Section 1 Fall ‘11
Professor Yung-I Liu
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Table of Contents
Executive Summary……………………………………………………………………………….3
Company Analysis…………………………………………………………………………………3
Competitive Analysis…………………………………………………………………………….4
Consumer Analysis………………………………………………………………………………..5
Goals and Objectives…………………………………………………………………………….6
Strategies andTactics…………………………………………………………………………….6
MediaStrategies
Budget
Evaluation
References
Appendix
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Executive Summary
The followingbrief will introduce toyouthe servicesof HuntingtonBank;itwill provideyouwith
a companyhistoryand companyanalysis,discussingHuntingtonBank’sservicesandbrand.Thiswill lead
intoa competitive analysis of otherbanksandtheirservicesandbrand,comparedtoHuntingtonBank’s.
Followingthese twoanalyseswillbe acustomeranalysis,containingourtargetaudience andthe target
audience profile. Once thisresearchandinsighthasbeenestablished,the brief willproceedinto the
goalsand objectivesthatwe hope toaccomplishwithourfinancial programandadvertisingcampaign.
Followingthe goalsandobjectivesportionwill be the strategiesandtacticswe will use toimplementthe
advertisingcampaign.Thesetacticswill leadusintothe mediastrategiesandbudgetthatwill support
our campaign.Finallywe will discusshow toevaluateourcampaign,andthe campaign’seffectiveness.
Our campaignwill focusonHuntingtonBankas a helpinghand,anextendedmemberof the family,
there duringtimesof change.We will specificallybe focusingonthe needof aidduringthe college
years;a need bythe parentsandthe students,withthe creationandimplementationof acollege
studentbankingservice.
Company Analysis
Company History
The HuntingtonNational Bankisa subsidiary of HuntingtonBancsharesIncorporated,whichis
one of the 40 largestmultibankholdingcompaniesinthe UnitedStates.The HuntingtonNational Bankis
a regional bank,withheadquartersinColumbus,Ohio,thatprovidesfinancialbankingservicesinthe
Statesof Ohio,WestVirginia,Pennsylvania,Kentucky,Indiana,andMichigan. Huntingtonprovides
personal bankingthroughtheir600 local branches,1,300 ATMs and online andmobile banking. They
provide financialservicestoindividualsandfamilies,small businesses,nonprofitorganizations,and
otherspecialtyservices.Huntingtonhasalsoestablisheditself asamemberof the community.In2009,
alone,The HuntingtonNational Bankinvested$100 millioninto revitalizingneighborhoodswithintheir
regions,gave more than$700 millioninloanstosmall businesses,andemployeesdedicatedmore than
13,000 hoursof volunteertime tononprofitorganizationsintheircommunities.
S.W.O.T. Analysis
The S.W.O.T.analysisdescribesthe strengths,weaknesses,opportunities,andthreatsof a
particularcompany.The S.W.O.T.analysisforThe HuntingtonNational Bankisasfollows:
Strengths
The HuntingtonNational Bankoperatesinthe MidwestUnitedStates,specificallyinthe statesof Ohio,
Pennsylvania,Indiana,MichiganKentucky,andWestVirginia.Since Huntingtonissogeographically
specific,itisable tofocuson the needsandconcernsof itscustomersat a grass-rootslevel.Huntington
isalso deeplyinvolved inthe community,withthe investmentof millionsof dollarsandthousandsof
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hoursof volunteeringintothe communitiesinwhichitislocated.ThisgivesHuntingtonapositive brand
position,inthe eyesof the consumers,tobuildoff of. A thirdstrengthof HuntingtonBankisthat it
providesavarietyof financial productsandservices,aswell asloans.
Weaknesses
AlthoughHuntingtonBankpridesitselfonbeingamemberof the communityitisin,it doesnottarget
newconsumers,ratheritfocuseson the consumersitalreadyhas.Anotherweaknessof Huntington
Bank isthat, althoughtheyoffera varietyof typesof loans,and financial servicesandproducts,they
have not tappedintothe marketof young,college age students,openingcheckingandsavingsaccounts
for the firsttime,whichislimitingtheirconsumerbase.
Opportunities
The weakness statedabove,however,may leadtoan opportunityforThe Huntington National Bank.
Since mostbanks,includingHuntington,donothave anyspecificfinancialprogramsandservicesthat
target the young,college age,fisttime bankermarket,Huntingtonhastoopportunitytobe the first
bankto tap thismarket.
Threats
However,threatsare alsoposedtoThe HuntingtonNational Bank’sholdinthe bankingmarket.Other
regional banks,suchasKeyBank and PNCBank are in constantcompetitionwithHuntingtonBankfor
the largestmarketshare and consumerbase.PNCBankposes the biggestthreattoHuntingtonBank,
especiallyincombatingHuntingtonBank’sopportunitiesstatedabove.PNCBankissucha threat
because theyhave resourcessuchasthe virtual wallet,andonline checkbookmanagementavailable to
all of theircustomers.These servicesare sucha threatbecause similarservicesare necessarytotapinto
the newmarketof young,college age,firsttime bankers,andPNCBankhasalreadyestablishedand
begunto perfectthese services.
Brand Analysis
Referencingtwopartsof The HuntingtonNational Bank’smissionstatement,itstatesthat
HuntingtonBankwill winwiththeircustomersbycreatinga superiorexperience intheircustomers’
local markets,as well aswinwiththeircommunitiesbycontinuingtheirhistoryof local involvement,
philanthropy,andleadershipwheretheyliveandwork.Throughtheirmissionstatement,financial
support,andlocal communityinvolvement,consumershave come tosee The HuntingtonNational Bank
as a memberof the communityandof the family.Huntingtonhas gainedandestablished brandequity
on this“communitymember”image.
Competitive Analysis
As we statedinthe threatsportionof the S.W.O.T.analysis,PNCBankisHuntington’sbiggest
threat.Huntington’snewfinancial programmustgoabove andbeyondthatof PNCBank’s services;
specificallytheirvirtual wallet,andonline checkbookbalancing. AlthoughPNCBankisHuntington’s
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biggestcompetitor,becauseof itsrecognizable services,all bankslocatedandoperatinginthe areas
that Huntingtonislocatedandoperatingare alsomajorcompetitors.Likewise,even small,local,
communitybanksinHuntington’sareas are a source of competition,becauseof HuntingtonBank’s
brand positioningasthatof a concerned,committedmemberof the local community. Theselocally
ownedbankswill have alongstandingtraditionwithfamiliesinthose communities,whichisalsothe
goal of The HuntingtonNational Bankbranches.Since thisprogramandcampaignare soinvolved,and
part of an untappedmarket,HuntingtonBankwillbe targetingbrandswitchers,whichmeansthat
oppositionandnewservicesbycustomers’previousbanksare tobe expected.However,because of the
detailednature of the servicestobe provided,Huntingtonwillhave the advantage of havingthe
program solidifiedandfunctionalbeforeanyotherbanks.
Consumer Analysis
The HuntingtonNational Bankcurrentlymaintainsaconsumerbase of avarietyof general
bankers,ranginginagesfrom18 yearsoldto retirementage. Huntingtonalsofocusesonthe needsof
differenttypesof consumers,withproductsandserviceswithinthe automobileindustry,nonprofit
organizations,small businessandmore. However, there are noproductsor servicesthatdeal withfirst
time bankers whoare in college andlearningtomanage money ontheirown.Thisisour target
audience.Tobreakitdownevenfurther,we will be targetingmalesandfemales,livinginand/or
attendingcollegeinthe same geographicregionthatThe HuntingtonNational Bankislocated,aged17-
25 yearsof age,and enrolledincollege. The membersof thisaudience are avidsocial mediausers,and
crave independence fromtheirparents. Thereisaslightmajorityof femalesinthisaudience,since more
femalesare attendingcollege;more thanbefore,andnow more thanmales. We are also targetingthe
parentsof these youngadults. Theyare brand switchers,cravingease of mindabout theirchild’s
financial future.We willfurtherbreakdownthe studentaudienceintothe Upperclassmenandthe
College Student.
Target Market Segments
Upperclassmen
The Upperclassmenisa highschool student,abouttograduate highschool andattendcollege,
and have heldsome type of part-time job.Thiswillbe the firsttime theyare awayfromhome,butthey
are slowlygainingindependence fromtheirparents,theirparentsare still makingorhelpingthemmake
financial decisions.
College Students
The female collegestudentisstudious,family-oriented,responsible,andhasa planfor the
future. She will enjoythe studentloans,virtualwallet,mobileapp,advisor,andthe abilitytobuild
creditsafely.
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The male college studentseeshimselfasinvincible.He cravesindependence fromhisparents.
He isstubborn,butwill seekhelponhisown,andhe ismore concernedwiththe shortterm.He will
receive the mostoutof the advisor,overdraftprotection,the mobile app,andthe virtual wallet.
Parents
Thisis mostlikelytheirfirstchildgoingoff tocollege.Theywantbetterfortheirchildrenand
have made all of the financial decisionsfortheirchildsofar. Theyare heavyresearchers,lookingforthe
bestdeal andthe lowestrate.Theyare tryingto lettheirchildestablishindependence andtheymay
alsobe payingsome,if notall of theirchild’swaythroughschool.Theywill be mostinterestedinthe
loansand interestrates,aswell asthe advisor.
Goals and Objectives
The goal of thiscampaignis to notonly to designandimplementaprogramthat educates,
protects,andprovidesforcollege students,buttoencourage brandswitcherswithourmediacampaign
“your newpiggybank”.Intermsof the financial programourgoal isto provide collegestudentswhoare
firsttime bankersthe chance to buildcreditandplanfortheirfuture inan educational andlenient
environment.We wanttooffermore opportunitiestoattendcollege throughourloansystem, the
chance to buildcreditwithourtieredlimitprogram, aswell aslow interestrates andoverdraft
protection.We alsowantto provide studentswiththe independencetheycrave,while providing
parentswitha reliable resource inordertoteach theirchildrentomanage theirmoney.The goal of the
mediacampaignisto standout due to its simplicityandemotional appeals,buttoalsoinspire brand
switcherstoresearchandexperiencethe programthatThe HuntingtonNational Bankhastooffer.
Strategies and Tactics
Our firststrategyisthe designof the “new piggybank” program.It isa three stage program,
designedtoguide firsttime,college bankersthroughmoneymanagementandsmartspending
techniques.The programwill consistof HuntingtonclassicssuchasAsteriskFree Checking,24-Hour
Grace Period,andno charge for usinganother bank’sATM.However,thisprogramwill be muchmore
involved,andmuchmore tailoredtowardsafirsttime banker.Inorderto encourage educationfortheir
community’sresidents,the programisonlyavailable tocollege students;proof of enrollmentmustbe
providedinordertosignup for the program.The programconsistsof three stages,eachone decreasing
inrequiredassistance.
Stage One
The firststage consistsof all of the facetsof thisnew program.First,the studentisassignedanadvisor,
much like theywouldfindinschool inordertotrack theiracademicprogress.Thisadvisorwillbe
available throughanIMsystemonthe HuntingtonBankmobile app.The advisorisavailable forany
bankingquestions,aswell asofferingsuggestionsforthe bestcourse of action,financially,the student
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shouldtake.Studentloanscan be acquiredwithinthisprogram, witha4% interestrate.Studentsmay
alsobegintoestablishcreditwithourlowesttiercreditcard.Thiscard will be equippedwiththe lowest
limitpossible,aswell asalowinterestrate.Inthisstage studentswill notbe penalizedforusinganother
bank’sATMon campus,and the mobile appwitha virtual checkbookwillbe available.
Stage Two
In thisstage the studentbeginstogainfreedomwithinthe program.Atthisstage the advisoris
optional,butstill availableviathe mobile app.Studentloansare still available,andatthe 4% interest
rate.The secondcreditcard tierisavailable inthisstage.Thismeansthatthe studentnow hasa higher
limit,butwiththe same lowinterestrate.Thisisalsothe introductionof the pointssystem.When
studentsmake purchaseswiththeircreditcardtheywill receive pointsthatcanbe redeemedfor
textbooksandotherschool supplies.Studentsare still notpenalizedforusingotherbank’sATMsand
the mobile appisstill accessible.
Stage Three
Thisis the final stage of the program, andoffersthe mostfreedom.Studentsnolongerhave an
advisorat thisstage.Thisis alsothe introductionof the thirdtierof creditcards. Studentsmaynow
determine theirownlimitwithahigherinterestrate thanbefore.Loansare available inthe thirdstage
as well asthe mobile appandthe use of otherbank’sATMs. In thisstage the pointsystemalsoturns
intoa cash back system;insteadof redeemingpointsonschool supplies,the bankercannow receive
cash back on purchases.
Marketing CommunicationStrategy
The HuntingtonNational Bankwill introduce andpromote the “new piggybank”program
throughthe use of bulletinboardadsnearmajorcollege campusesinthe MidwestUnitedStates,adsin
newspapersandmagazines,aswellasradioand TV commercialsanda few internetads.Huntingtonwill
alsopromote thisprogramat vendortablesduringcollege fairs.
Creative Strategy
Our mediacampaign will incorporatethe currentHuntingtonsloganof “Welcome.”intothe
“newpiggybank”studentprogram.The tagline forthe campaignwill be “Welcome toyournew piggy
bank”.The tagline ismeanttoincurnostalgicthoughtsas well asprovoke thoughtsof the future,sothat
Huntingtonwill be withyoufromnowon.The campaignwill alsofeature Huntington’snew signature
greenpiggybank.
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Creative Objectives
Withour piggybank campaign,we aspire toidentifywiththe students’desiretobecome
independentmembersof the community,aswell aswiththe parents’desire toprovideforandguide
theirchildren. We aimtoappeal to the emotional aspectof leavingforcollege orhavingachildleave for
college andbe off on theirown.Also,since Huntingtonhasareputationasa memberof the community,
or eventhe family,we willincorporate,inthe emotional appeal,asense of nostalgiaandcomfort.
Creative Elements
Billboard
Print Ads
Radio/TV Commercials
The commercials will be the same scriptforboththe radioand the TV commercials.Theywillbe
ina FilmNoirstyle of dialogue andinthe TV commercial appearance aswell.Thiswill capture
consumers’attentionvisuallyand/oraudiblydue toitsdifference fromthe mediasurrounding
it.
The commercial will mostoftenfeature amale voice,consistentwithfilmnoir,butmayalsobe
adaptedwitha female voice andexperience.
The commercial will consistof backgroundmusic,aswell as,inthe case of TV,blackand white
images.
The script will deal withthe needtosolve acase,consistingof collegeproblems,tobe relatable
by students.
The commercial will use humortofurtherstandout,in orderto be in the consumer’smind.Each
ad will urge potential consumerstoact, insteadof justkeepHuntingtonintheirtopchoices.
InternetAds
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Commercial Script
[Dark,filmnoirmusicplaying]
Male Announcer: I wasworkingona new case:The UnpaidTuition
The tuitionwashigh,butthe cash inmy pocketwaslow
Questionspoureddownlike the rain:How wasI goingto pay forschool?What
was I goingto eat?
Andthenshe walkedin…toldme to investmypiggybankintoHuntington
Bank
Toldme about AsteriskFree Checking,24-hourgrace periods,andthe freedom
to use any bank’sATMs
[Change tone of voice to sarcastic child]
Andthenshe startedlecturingme abouthow it’ll helpme be more
responsible,andhowIcan get cash backon my everydaypurchases,andtocome home
everyweekend….
I hate it whenmomsare right
It’sa good thingI’ve gotan app that I can use to talkto a Huntingtonadvisor
whoworksspecificallyforcollege students
[FilmNoirvoicingagain]
The UnpaidTuition:Case Closed
[Musicstops]
OtherAnnouncer: HuntingtonBank. Welcome,toyournew piggybank.
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Media Strategy
In orderto reach our targetaudience,we wanttoexhaustasmanymediaavenuesaspossibleto
guarantee thateach segmentof ourtarget audience isexposedtothe message.Thiswill require the
placementof adsinmagazinesandnewspapers,radioandtelevisioncommercials,afew internetads,
tablesat college careerfairs,andfinallybillboardsnearmajorcollege campusesinthe statesthat
HuntingtonBankresidesin.
MediaObjectives
As statedearlier,ourobjective forourmediacampaignisthe reachour target audience of
Upperclassmen,CollegeStudents,andParents.Ourgoal isto encourage brandswitching,aswell as
promote the individualityfactorof thisfinancial program.Also,althoughparentsare amemberof our
target audience,ourobjective istogetstudentstobeginthinkingabouttheirfuture andwanttochoose
Huntingtonastheirbankbecause of thisprogram. We want to encourage the studentstopursue this
decision themselves.Likewise,althoughwe wanttobreakgroundon thisnew financial market,we are
aware that many timesthe parentsare the onesmakingthe financial decisions.Therefore,we wantto
promote the ideathatHuntingtonisthere to help,the waya parentwould,andthatparentswho want
theirchildtosucceedshouldenroll themintoanaccountat HuntingtonBank.
MediaTactics
Our printads will be placedinthe followingmediums:
SeventeenMagazine
CosmopolitanMagazine
Local newspapers(i.e.The PlainDealer)
BetterHomesand GardensMagazine
The radio commercialswillaironstationssimilartothe Clevelandareastations:
96.5 KissFM
104.1 Q104
92.3 The Fan
102.1 WDOK
95.5 The Fish
106.5 The Lake
The internetadswill appearonsitessuchas:
Facebook
Online NewsSites
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College Sites
The TV commercialswill aironshowssuchas:
How I Met Your Mother
Desperate Housewives
NewsChannels
PrettyLittle Liars
The Lying Game
The billboardadswill appearnearmajorcollege campusessuchas:
The OhioState University
The Universityof Michigan
PennsylvaniaState University
Purdue
WestVirginiaUniversity
Universityof Kentucky
MediaCalendar
Our entire campaignwill be onapulsingstrategy.We will have advertisementsperiodicallyall
year,but increase intype andfrequencyduringpeaktimes,specificallythe monthsforApril to
September.The increasewilloccurduringthese monthsbecause itiswhenhighschool seniorsare
graduatingandbeginningtothinkaboutstartingcollege.Likewise,itoccursinthe firsttwo monthsof
school and therefore targetscurrentstudentswhoare beginningtothinkaboutthe financial aspectof
the nextsemester,term,oryear.Billboardswill be boughtonamonthlybasisduringcollegevisit
months,sothat potential consumersmaysee themonthe wayto a visitat a majorcollege. These visits,
althoughavailable all yearround,are usuallydonebetweenthe monthsof OctoberandFebruary,
dependingonwhatyearof school the highschool studentisin.However,the billboardsare the only
advertisementthatisanexceptiontothe peaktime frame of April toSeptember.
Budget
The followingtable showsabreakdownof the type of budgetneededtoimplementthiscampaign.The
total cost endsup equaling$2,495,537 in one year.However,thatisalsofor a campaignthat needs
awarenessontopof general advertising,sothe effortismuchgreater.Also,the informationbeloware
approximations,andmayvaryespeciallyinthe instance of the magazines. The amountsonthe pie chart
are dollaramounts.
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Evaluation
In orderto evaluate the campaign,we mustfirstlaunchit.Since HuntingtonBankwill be the
firstbank to have a programsuch as thisit will be easytomeasure the effectivenessof the message
simplybyseeinghowmanycustomerscome forthe piggybankprogram.Once the programis inaction,
we can thenagain lookat the needsof advertisements,andhow oftentheyneedtobe producedand
shown.One importantthingtonot isthat not onlydoesthe campaignneedasolidmessage,butthe
program needstobe implementedwiththe leastamountof glitchespossible.Finally,we needtokeep
openlinesof communicationwithourcustomersinordertobetterthe program and the campaign,and
create what theywant.
Billboards,527,785 Magazines/
Newspapers,
2,344
Radio,4,200
TV, 1,961,208
