October 22, 2004
As a follow up to our meeting, this letter outlines the goals of Comerica’s specialty markets initiative, and identifies areas that we feel you could provide value to the bank in achieving your goals. Comerica Bank’s objective is to increase our exposure and brand recognition to the African American audience in California. Our proposed mutual goals are to:
- Position Comerica as the alternative or primary business bank of choice for African American owned and managed businesses looking to add or change banks
- Increase awareness and consideration of Comerica by prospects when they need an additional banking relationship
- Gain credibility and confidence within the African American business community
- Develop goodwill in the African American community
- Consistently deliver and reinforce appropriate corporate brand messaging and attributes
The target audience consists of: owned and operated businesses with annual revenues of $2.5 million to $250 million; high net-worth individuals and professionals; referral sources; businesses and individuals in close proximity to a Comerica Bank branch; industry categories such as import/export firms, manufacturers, distributors, wholesalers, services, and professionals.
We request your expertise to provide the following services to the bank:
- identify the appropriate media vehicles that predominantly reach the target audience with limited waste
- suggest culturally sensitive and appealing creative concepts (advertising and direct mail campaigns) and provide feedback on the developed pieces
- identify opportunities among existing bank activities suitable for the African American audience (i.e. new branch openings, micro business direct mail, event marketing)
- identify Comerica branches that reach the target audience and tactics
- suggest ways to achieve a consistent and frequent presence in the marketplace for top-of-mind awareness
identify Comerica products which would appeal to the target audience, such as SBA lending, free small business checking, Web banking, and online bill pay
Please respond back with a proposed compensation level commensurate with the estimated time and effort you feel it will take to help us achieve our goals. The identified activities are for fall 2004 through full year 2005. I look forward to hearing back from you and our future collaboration.