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BAMS

BAMS

How to introduce a successful digital strategy in the world’s most competitive market?

Bank of America is one of the top 10 world-leading financial institutions, providing a full range of banking services to individual consumers, small and middle-market businesses, and large corporations. The company provides unmatched convenience in the United States of America, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers.

Regarding merchant services, Bank of America is a global leader with approximately 36 million active users, including 25 million mobile users, offering industry-leading support to approximately 3 million small business owners through a suite of innovative and easy-to-use online products and services. The company serves clients through operations across the United States, its territories, and other 35 countries.

What were the challenges?

The main focus of our project was not only to continuously implement effective digital strategies but also to enable our client to best engage with both B2B and B2C clients. Bank of America Merchant Service (BAMS) was looking to discover new and important audience segments that hadn't been reflected in the contents of its website, organic rankings (SEO), or paid media presence.
We ensured these audience segments were represented and identified across the report. To facilitate our comparison, we divided the competitors according to the segments they catered:

 

 

What was our approach?

Our methodology was to conduct an extensive digital competitive analysis, which included over 19 competitors, and that provided us with a complete understanding of both competitors and audiences, allowing us to go on to design a short and long-term digital roadmap for our client. This report provided relevant information on digital channels, customer profiles, media investments, and strategic insights regarding the competitors’ digital strategies.

We identified a list of potential merchants' search intent, across a large portfolio of merchant programs and have uncovered their needs and challenges to drive profit for their business. These needs went from customer loyalty and retention to data analytics on consumer behavior, from POS systems to fraud management solutions. This allowed our client to, alongside us, design a content and media strategy truly focused on the needs of the market.

What was the impact of our intervention?

Our final report presented precise conclusions and detailed information to support the redefinition of the digital strategy and actionable insights for the overall business strategy. We were able to uncover information about competitors and their audiences and provide recommendations in terms of the messaging framework to be employed when addressing that audience’s needs and challenges.

Moreover, our team was hired to implement BAMS’s digital strategy the following semester. In this period, the conversion rate increased when compared to the same period of 2017 – from 4.040 to 9.560 conversions. Bank of America Merchant Services was the market leader in terms of Impression Share with about 46% share, well ahead of Square with 28.9%. Also, despite the increment in media investment, we managed to reduce the average CPC from $11.71 to $7.5.

During these 8 months, BAMS was the market leader on the average positioning of ads, with our ads at the top of the page about 82% of the time. Overall, our client held the second position during the whole period.

As a result of this project, Bank of America Merchant Services has also increased their social media presence. WYgroup, together with Bank of America Merchant Services, developed the bank’s social media strategy which started last year with the creation of a Facebook page.

In addition to these media and channel outcomes, and to reinforce BAMS's digital transformation, it is important to notice that with our contribution, BAMS improved their lead assignment models, from tracking to leads measurement, which allowed them to identify leads throughout the entire customer journey, increasing investment efficiency and their business revenues.

 

Our expertise:

  • Business Inteligence
  • Competition Analysis
  • Consulting and strategic recommendations
  • Data & Analytics
  • Digital Media Strategy
  • KPI's Optimization
  • Social Media Strategy
  • Reporting