Optimizing Marketing Services in Financial Services

We hope that you will find the following case to be helpful.  If, after reading, you would like to learn more about our experience, please contact Kerry Kielb at kkielb@bedfordgroupconsulting.com.

Client Profile: A top-5 bank in the US, with retail branches in 21 states and presence in 40 international countries.
  • Client challenged by discordant structural and organizational relationships
    • Internally
      • Advertising department vs. in-house advertising and collateral operation
      • Limited respect from senior management
    • Externally
      • Agency not delivering basics
      • Consistently offering “value added” extras
      • Unhappy account team
  • Client concerned with perception of low value for dollar from high costs of advertising agency
    • Wanted renewed contract
    • Wanted incentive systems, lower costs
  • Anticipated moving to new agency if issues not resolved at contract stage
The Bedford Group’s Contribution:
  • Analyzed current marketing and advertising management
    • Interviewed key stakeholders:
      • Within marketing
      • Within management
      • In-house creative
      • At advertising agency
    • Tracked workflow internally and between Client and advertising agency
    • Analyzed account management systems and procedures at advertising agency
    • Evaluated nature of relationship in joint meeting
    • Cost accounting analysis
      • Compared agency pricing to industry benchmarks
    • Proposed new structures and working relationships to improve productivity
      • Focused more on fixing how Client used their advertising agency
    • Offered alternative contracts and compensation plans
    • Highly improved management of advertising function
    • Improved, more productive advertising agency relationship