Lawrenceburg National Bank (LNB)

Lawrenceburg, Kentucky

LNB is a $225 million community bank, located near Lexington, Kentucky. It is well established in its core market of Lawrenceburg, KY; emerging in Harrodsburg, KY; and new to Danville, KY. It competes in markets with National City, Chase and Fifth Third as well as several community-sized institutions. One key local community bank competitor was recently purchased by an out of state bank.

When partnering with MarketMatch, LNB had identified customer growth as an essential focus, however, through further analysis, we discovered that attrition was a larger issue

The Challenge:

  • Market share growth has essentially stalled in Lawrenceburg, showing essentially no change in three years and Harrodsburg market was declining. They had yet to build any tangible presence in Danville.
  • Bank-wide attrition of 31.74%
  • Customers were leaving the bank within one year of opening accounts. They were not being paired with the correct accounts.

The Solution:

Utilizing our Service2Experience process, MarketMatch first conducted a thorough competitive analysis. We also gauged the market experience with secret shops of LNB branches as well as key competitors. Finally, we analyzed the current product usage trends of existing LNB customers as well as auditing the sales process. Through our research, we learned the bank’s strengths and weaknesses in the market and were able to craft a winning game plan for the bank.

In addition to traditional marketing to build awareness in Danville and drive action in all markets, we made it a priority to focus internally. MarketMatch created unique product packaging, defined the team’s Customer Service Standards, implemented a “Winning Team” training program and designed easy-to-use point of sale tools to help the team hold relevant conversations with the customers to better build a relationship.

Measurable Results:

  • Attrition dropped from 31.74% in 2008 to 17.67% in 2009.
  • Market share increased in all markets. In key market, LNB showed the largest market share gain (4.02%) when all but one competitor (2.65%) showed a decline.