Centerstate Bank- Advertising Spend & Behaviors
CenterState Bank advertisers locally to its primary market and uses content marketing and its own website to further popularize its products and services. Additionally, the bank also uses the free Google location feature as an advertising platform to display relevant information to Google users.
- CenterState bank focuses its marketing campaigns in its primary market.
- It does this by using personal contact information and local advertisement, while employing a more responsive approach towards dealing with its customers.
- Creative ways that CenterState advertises locally include using local business and communities to publicize its agendas.
- The Bank has managed to reach its local communities through its Community Hero Program.
- An example of this is how CenterState bank targeted military personnel and veterans by supporting Military Deals USA.
- Through its support for the military community, the bank was able to advertise through the community’s platform and target its members.
- Through the Community Hero Program, the bank is able to directly advertise to the members who serve the community.
- The bank uses the slogan "You Serve Our Community, Let Us Serve You!"
- Another example is by incorporating themselves within the Treasure Coast community.
- CenterState Bank also uses content marketing to advertise itself.
- The bank is moving away from magazines/newsletters, radio, print, and outdoor advertisement to a more digital-based platform.
- It embraces content marketing by sharing videos, posts, and social blogs to reach existing and potential clients.
- The company claims it will increase its social media and video production spend.
- It uses this form of advertising to target specific populations through re-targeted ads and sponsored content since it does not believe in demographic targeting.
- A sound example is how CenterState utilized Instagram to advertise its Saving makes Sense service to its existing customers.
- The bank also posted a video on Facebook that targeted families, explaining how they are a family bank and that they value family.
- One example of an advertisement through social media is its video wishing everyone a Happy Independence Day on Facebook.
- Another exceptional advertisement by CenterState is a video on Facebook titled 'Local Market Drive' that highlights the markets they reach.
- CenterState Bank also advertises through its company website.
- It contracted one of the premier digital marketing firms, Bayshore Solutions, to develop and design its website.
- It highlights its key products on the website and provides the necessary information required to entice a customer/business to bank with them.
- The bank advertises on the website using colorful pictures, indicating how individual bankers with CenterState Bank are always happy.
- CenterState Bank uses this medium to reach individuals, small businesses, and corporate entities.
- CenterState Bank also uses the free Google location platform (most popular navigation platform) to advertise.
- The bank discloses relevant product information specific to the indicated branch in Google location to further advertise it products.
- The bank targets individuals or businesses that are looking for a bank location through Google location and provides them with additional information about their products.
- Example of different messages from various branch locations:
"At the CenterState Bank branch in Stuart, FL., we aim to provide our customers with the best banking services in Martin County... Our services include residential and commercial lending in addition to treasury management services."
"At this convenient location, you'll be able to enjoy the service and support you are familiar with at all CenterState Bank locations. Specific services available at this location include wealth and treasury management, along with residential and commercial lending."
Marketing and Advertising Costs
- Marketing and advertising cost for CenterState bank increased to $6.2 million in 2018 from $3.9 million in 2017.
- The bank experienced a rise of 58.7% in its marketing expenses due to an increase in its digital advertising.
We were unable to find any specific amount regarding advertisement costs only for CenterState Bank after scouring the internet and reviewing industry databases. However, a thorough research into the company’s financial report provided the marketing costs for the bank for the years 2017 and 2018. The value found was given as the marketing and advertising costs since the company reports its marketing and advertising expenses as they accrue.