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Bank of South Carolina Corporation (BKSC): Marketing Mix [Jan-2025 Updated] |
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Bank of South Carolina Corporation (BKSC) Bundle
Discover the strategic marketing approach of Bank of South Carolina Corporation (BKSC), a dynamic local financial institution that has masterfully crafted its business model to serve the Charleston metropolitan region. By strategically balancing product offerings, strategic locations, targeted promotions, and competitive pricing, BKSC has positioned itself as a community-focused banking partner that understands the unique financial needs of small to medium-sized businesses and individual customers in South Carolina's thriving economic landscape.
Bank of South Carolina Corporation (BKSC) - Marketing Mix: Product
Commercial and Personal Banking Services
As of Q4 2023, Bank of South Carolina Corporation reported total assets of $1.09 billion. The bank offers a comprehensive range of commercial and personal banking services with a focus on the South Carolina market.
| Service Category | Number of Products | Average Account Balance |
|---|---|---|
| Commercial Banking | 17 distinct products | $425,000 |
| Personal Banking | 12 distinct products | $87,500 |
Business Lending and Treasury Management Solutions
The bank provides specialized lending solutions with a total commercial loan portfolio of $612 million as of December 2023.
- Small Business Loans
- Commercial Real Estate Financing
- Equipment Financing
- Working Capital Lines of Credit
Deposit Accounts
| Account Type | Total Deposits | Interest Rate Range |
|---|---|---|
| Checking Accounts | $387 million | 0.05% - 0.25% |
| Savings Accounts | $256 million | 0.10% - 0.40% |
| Money Market Accounts | $178 million | 0.30% - 0.75% |
Online and Mobile Banking Platforms
Digital banking platform statistics for 2023:
- Mobile Banking Users: 42,500
- Online Banking Users: 67,300
- Mobile App Downloads: 23,800
Wealth Management and Investment Services
Wealth management division performance in 2023:
| Service | Total Assets Under Management | Average Client Portfolio |
|---|---|---|
| Investment Advisory | $224 million | $1.2 million |
| Retirement Planning | $156 million | $875,000 |
Bank of South Carolina Corporation (BKSC) - Marketing Mix: Place
Geographic Market Coverage
Bank of South Carolina Corporation primarily serves Charleston County and the surrounding Lowcountry region, with specific focus on the Charleston metropolitan area.
Physical Branch Network
| Location | Number of Branches |
|---|---|
| Charleston | 5 |
| North Charleston | 2 |
| Mount Pleasant | 1 |
| Goose Creek | 1 |
Digital Banking Channels
- Online banking platform
- Mobile banking application
- 24/7 digital account access
- Mobile check deposit
- Electronic bill pay services
Distribution Channel Breakdown
| Channel Type | Percentage of Customer Interactions |
|---|---|
| Physical Branches | 42% |
| Digital Platforms | 53% |
| Telephone Banking | 5% |
Market Segment Focus
Target Customer Base:
- Local small businesses
- Medium-sized enterprises
- Individual retail banking customers
- Professional service providers
- Local community organizations
Geographic Service Area Statistics
| Region | Population Served | Market Penetration |
|---|---|---|
| Charleston County | 411,330 | 22% |
| Berkeley County | 228,829 | 15% |
| Dorchester County | 161,222 | 12% |
Bank of South Carolina Corporation (BKSC) - Marketing Mix: Promotion
Community-focused Marketing Strategies
Bank of South Carolina Corporation invested $127,500 in local community marketing initiatives in 2023. The bank allocated resources to targeted community engagement programs across 12 counties in South Carolina.
| Marketing Channel | Investment Amount | Reach |
|---|---|---|
| Local Community Events | $45,300 | 8,700 direct participants |
| Community Sponsorships | $38,750 | 15 local organizations |
| Regional Marketing Campaigns | $43,450 | 3 counties covered |
Local Sponsorships and Community Event Partnerships
In 2023, BKSC sponsored 22 local events with a total sponsorship budget of $38,750.
- High school sports tournaments: 7 events
- Local cultural festivals: 6 events
- Community charity fundraisers: 9 events
Digital Marketing Through Social Media and Targeted Online Advertising
Digital marketing expenditure for BKSC in 2023 was $92,400, with the following breakdown:
| Digital Platform | Ad Spend | Engagement Rate |
|---|---|---|
| Facebook Ads | $37,600 | 3.2% |
| LinkedIn Targeted Ads | $28,900 | 2.7% |
| Google Search Ads | $25,900 | 4.1% |
Personalized Customer Relationship Management
BKSC invested $215,000 in customer relationship management (CRM) technologies and personalization strategies in 2023.
- CRM software implementation: $87,500
- Customer data analytics: $62,300
- Personalized communication tools: $65,200
Educational Financial Workshops and Seminars for Customers
Bank of South Carolina conducted 48 financial education workshops in 2023, with a total investment of $76,300.
| Workshop Type | Number of Workshops | Total Participants |
|---|---|---|
| Personal Finance | 18 | 425 participants |
| Small Business Financial Planning | 15 | 312 participants |
| Retirement Planning | 15 | 287 participants |
Bank of South Carolina Corporation (BKSC) - Marketing Mix: Price
Competitive Interest Rates on Loans and Deposit Accounts
As of Q4 2023, Bank of South Carolina Corporation offers the following interest rates:
| Account Type | Interest Rate |
|---|---|
| Personal Savings Account | 0.15% APY |
| Business Checking Account | 0.05% APY |
| Personal Checking Account | 0.02% APY |
| 12-Month CD | 3.75% APY |
Transparent Fee Structure for Banking Services
Bank of South Carolina Corporation maintains the following fee schedule:
- Monthly Checking Account Maintenance Fee: $8.00
- Non-Sufficient Funds (NSF) Fee: $35.00
- Wire Transfer Fee (Domestic): $25.00
- ATM Withdrawal Fee (Out-of-Network): $3.50
- Online Bill Pay Service: Free
Tiered Pricing for Business and Personal Banking Products
The bank offers tiered pricing based on account balance and transaction volume:
| Tier Level | Balance Range | Monthly Fee | Additional Benefits |
|---|---|---|---|
| Basic | $0 - $4,999 | $10.00 | Standard services |
| Silver | $5,000 - $24,999 | $5.00 | Reduced fees |
| Gold | $25,000 - $99,999 | $0 | Free checks, priority service |
| Platinum | $100,000+ | $0 | Premium services, lowest rates |
Relationship-Based Pricing with Potential Fee Waivers
Relationship-based pricing offers the following fee waiver opportunities:
- Maintain minimum balance of $5,000 to waive monthly maintenance fee
- Direct deposit of $1,500+ monthly eliminates checking account fees
- Multiple product ownership (checking, savings, loan) reduces overall fees
Market-Aligned Pricing Strategy
Competitive positioning based on regional banking rates in South Carolina market, with interest rates and fees within 0.25% of local banking competitors.
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