DAN DUVAL
‘Nice’ relationship

The Institution for Savings of Newburyport and its Vicinity has a long history in the seaside community, but it recently teamed up with McDougall & Duval Advertising in an effort to strengthen its image.

“It’s the largest [bank] in the community, but this is its first foray into marketing themselves,” said Carol LaRosa, vice president of client service and public relations at McDougall & Duval.

The Institution for Savings and McDougall & Duval plan to move the bank’s image in a new direction. Mark Welch, who was appointed president of the Institution for Savings in March, said he wants to make sure people know the bank for its products, service and its focus on residential lending. The bank offers no commercial lending.

“With McDougall & Duval’s help, we hope to turn up the volume a bit and let the community gain a better understanding of who we are and what we’re all about,” said Welch.

McDougall & Duval is a full-service planning, advertising, public relations and marketing company that was launched in 1995 on Plum Island. One of the firm’s first assignments was a $1 million creative contract to roll out a national loyalty rewards program for Provident Bank in Ohio. The firm, now based in Amesbury, boasts a personalized approach. Dan Duval, chief executive officer and creative director at McDougall & Duval, said each client works only with senior-level employees at the firm.

Meanwhile, in Newburyport, Welch said the bank has been “quiet” for some time and he is hoping the community will become more familiar with some new products and services the bank offers.

‘An Exceptional Story’

Duval said the two primary focuses for the bank will be its mortgage products and the 1820 Investment Services, which will give customers access to annuities.

“The core bank products are doing well,” said Duval.

But, he added, the investment services are a new initiative and will need support.

Right now, McDougall & Duval have started to work on a three- to four-week study tapping into people’s views of the bank, which subsequently will be used to draft a strategy to market the bank.

The marriage of the Institution for Savings and McDougall & Duval came about when Welch and Duval met through the local chamber of commerce. Welch said the meeting was “good timing” because he was already thinking the bank needed a push.

“I was thinking we needed a new direction in advertising,” said Welch.

Welch’s decision to hire McDougall & Duval was made easier when he learned that the advertising company had received the American Banking Association’s “Best of the Best” Award. The agency’s direct marketing campaign for Ayer-based North Middlesex Savings Bank was selected from almost 500 entries nationwide in the annual ABA Marketing Network 2004 Advertising Awards.

Last winter, many new depositors switched to North Middlesex Savings after receiving McDougall & Duval’s direct mailer. When customers opened a new Simply Free Checking account, they were presented with a free scarf or mittens embroidered with the bank’s logo. New customers also were entered into a drawing to win a two-night getaway to the Christmas Farm Inn in Jackson, N.H.

After hearing about the direct-mailer campaign, Welch decided that was the kind of creativity the Institution for Savings needed on its side. Founded in 1820, Welch said there is a lot of history to the bank that needs to be exposed.

“We have an exceptional story to tell,” Welch said.

One part of the story is that the Institution for Savings is the oldest mutual savings bank in the country and has $485 million in total assets. The bank also has a $6 million charitable foundation with $300,000 going back into the community annually.

Welch said the Newburyport Public Library, Newburyport Education Foundation and Opportunity Workshop, a program that provides employment opportunities for mentally retarded citizens, are some of the organizations that have received funding from the Institution for Savings.

The bank has one branch on Storey Avenue and another on State Street in Newburyport. In its 184-year history, it has had only 15 presidents.

Duval said he is considering using high-impact direct mail programs to promote the Institution for Savings to the community.

“We truly have a passion for high-impact direct mail,” said Duval.

Duval plans to utilize all three aspects – advertising, marketing and public relations – of the company to better serve the bank. According to McDougall & Duval’s Web site, some of those services include magazine and newspaper advertising, sales and merchandising strategies and development and fund-raising.

McDougall & Duval is familiar with promoting banks and counts among its clients Strata Bank in Franklin, Merrimac Savings Bank in Merrimac and NewportFed Savings Bank in Newport, R.I.

“You have to look at banks as a business,” said Duval. “They sell products.”

Despite the firm’s familiarity with banks, its also advertises for Comcast, The Salvation Army and the Atkinson Resort and Country Club.

Although McDougall & Duval are still in the early stages of developing a brand for the Institution for Savings, Duval said the bank has a lot going for it, such as “impeccable” customer service, low to no fees and an innovative product mix.

“This bank truly is what other banks say they are,” said Duval.

Welch said it is important to market the Institution for Savings because the banking industry is a competitive arena. He said banks must differentiate themselves and an ad campaign can help do that.

Welch is hoping with the addition of McDougall & Duval, the bank will become a dominant mortgage lender with a vibrant investment service program while making customers feel they can call with any financial need.

Duval said he is striving to strengthen the mortgage program and make the investment services, which are starting from zero, “flourish.”

The goals are similar for both the bank and the ad firm, and Welch described the coupling as a “nice and comfortable relationship.”

Jennifer Jope may be reached at jjope@thewarrengroup.com.