In a previous blog, I had a great chance to interview Lucienne Gigante and Karla Gual of Doral Bank of Puerto Rico about their marketing campaign to brand Doral Bank as a bank for the community. So how did Doral do? absolute positive results. I would like to thank Termeh Mazhari of AMP3 Public Relations in providing me with great information through an executive summary that I posted below.
The following is based on a tracking study performed by Doral, Lopito, Ileana, Howie and Ipsos Hispania aimed at measuring Doral’s brand performance over time. The study also measured evolving market dynamics and consumer preferences in Puerto Rico’s banking industry.
The field work took place in January 2008, a month before Doral’s relaunch, and again between September and November 2008. In each wave, the statistically representative samples consisted of 500 to 600 consumers between the ages of 18 and 64, of both genders, islandwide, of socioeconomic levels A, B, C, or D, and with an existing bank relationship.
- Doral improved its overall brand image significantly since its relaunch in January 2008.
- While all banks improved their brand health (except Santander which lost significant equity value) Doral had the most significant increase (+20% in its overall brand health score), especially among ad recallers.
- The number of consumers who consider becoming a Doral client increased by 7% while all other banks lost potential clients.
- Doral’s “true involvement with the customer and the community” positioning touches the most relevant brand attributes and consumer drivers.
- Doral improved mainly in the two areas “community-commitment” and “involvement with the individual” client,
- The Doral brand is now perceived as a more leading, modern, charismatic, innovative, strong, supportive and energetic brand.
Increases in specific brand attribute
- It is a bank committed with the Puerto Rican people: +24%
- It is a bank that helps me accelerate my life: +28%
- Employees are attentive and courteous: +32%
- It is an institution that actively contributes to the community and its needs: +37%
- Has appealing and attentive branches: +48%
- Its advertising is appealing to me: +30%
- It is an institution that supports social interest and help programs: +64%
- The bank makes good recommendations to me and my family: +40%
- It is an institution concerned with the community’s education, communication and culture: +91%
- Has innovative products and services: +39%
- Has products that provide additional benefits: +33%
Not only did Doral Bank received positive results for their marketing efforts, they also received several awards because they successfully reached their customers by engaging them and becoming involved in the community of Puerto Rico. Something other banks should be doing right now. Great job Doral Bank!
Bank of the Year: UK-based ACQ Finance Magazine recently honored Doral Financial Corporation with a Country Award for Achievement and named the financial institution its 2009 Bank of the Year. The winner was selected through an independent poll of ACQ readers, contributors, and industry experts. ACQ boasts a readership of over 50,000 key decision makers from across Europe, the U.K, and the U.S.
Three Hermes Creative Awards & Two Honorable Mentions: Over 3,700 entries were received from around the globe for what is considered one of the premier Marketing and Communications showcases.
- Best Public Relations Campaign and Best Community Public Relations campaign: Doral’s community programs Ruta Pink won two Gold Awards for Best Public Relations Campaign and Best Community Public Relations campaign
- Best Public Relations Campaign category: Doral’s eres parte d (“you’re a part of Doral”) campaign took Silver in the Best Public Relations Campaign category.
- Two Honorable Mentions: domingos dMuseo, received two Honorable Mentions in both of the aforementioned categories. Puerto Rico-based Lopito, Ileana & Howie, Inc. was the creative agency behind the three award-winning concepts.
SABRE Awards (Superior Achievement in Branding & Reputation)
- Ruta Pink and the eres parte d campaign were finalists for a Gold and Silver SABRE (Superior Achievement in Branding & Reputation) Award, respectively.
- Ruta Pink was up for Gold in the Latin American Category
- Re-branding campaign was named a finalist for Silver in the Financial Services Category. No banking institution from Puerto Rico had ever reached the final stage of the SABREs, an honored U.S.-based competition administered by The Holmes Group.
American Business Award
- Ruta Pink and domingos d-museo were recently named finalists for a 2009 American Business Award in the categories of Social Responsibility Program of the Year and Public Relations Campaign for a Non-Profit Purpose, respectively.