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Franklin Financial Services Corporation (FRAF): Marketing Mix [Jan-2025 Updated] |
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Franklin Financial Services Corporation (FRAF) Bundle
Discover the strategic marketing blueprint of Franklin Financial Services Corporation (FRAF), a dynamic financial institution reshaping banking experiences in the southeastern United States. From innovative digital platforms to community-focused services, FRAF has crafted a comprehensive marketing mix that goes beyond traditional banking, offering personalized financial solutions tailored to meet the diverse needs of modern customers. Dive into our detailed analysis of their product, place, promotion, and pricing strategies that distinguish them in a competitive financial landscape.
Franklin Financial Services Corporation (FRAF) - Marketing Mix: Product
Financial Services Portfolio
Franklin Financial Services Corporation offers a comprehensive range of financial products with the following breakdown:
| Product Category | Total Product Offerings | Average Annual Customer Adoption |
|---|---|---|
| Personal Banking Products | 17 distinct products | 8,762 new customers in 2023 |
| Loan Products | 12 lending solutions | $324 million in total loan originations |
| Investment Products | 9 investment vehicles | $246 million in managed assets |
Online and Mobile Banking Platforms
Digital banking capabilities include:
- Mobile app with 128,000 active users
- Online transaction volume: 4.2 million monthly transactions
- Mobile check deposit feature
- Real-time account monitoring
- Biometric security authentication
Checking and Savings Account Offerings
| Account Type | Interest Rate | Minimum Balance |
|---|---|---|
| Basic Checking | 0.02% APY | $100 |
| Premium Checking | 0.15% APY | $2,500 |
| High-Yield Savings | 3.75% APY | $5,000 |
Mortgage and Commercial Lending Solutions
Mortgage Lending Performance:
- Total mortgage originations in 2023: $512 million
- Average mortgage loan size: $287,000
- Mortgage product types: Conventional, FHA, VA loans
Retirement and Wealth Management Services
| Service Category | Total Assets Under Management | Average Client Portfolio Value |
|---|---|---|
| Retirement Planning | $1.3 billion | $426,000 |
| Investment Advisory | $876 million | $214,000 |
Franklin Financial Services Corporation (FRAF) - Marketing Mix: Place
Geographic Presence
Franklin Financial Services Corporation primarily operates in Tennessee, with a concentrated presence in the metropolitan Nashville area.
Branch Network
| Location Type | Number of Locations | Primary Region |
|---|---|---|
| Physical Bank Branches | 24 | Nashville Metropolitan Area |
| Surrounding Southeastern States | 3 | Tennessee, Kentucky, Alabama |
Digital Distribution Channels
- Web-based online banking platform
- Mobile banking application available on iOS and Android
- 24/7 digital account access
ATM Network
| ATM Type | Total Count | Service Coverage |
|---|---|---|
| Proprietary ATMs | 38 | Tennessee metropolitan areas |
| Shared Network ATMs | 175 | Southeastern United States |
Distribution Strategy
Community-focused financial service distribution emphasizing local market penetration and personalized banking experiences.
Service Accessibility
- Online account opening
- Remote deposit capture
- Digital loan applications
- Virtual customer support
Franklin Financial Services Corporation (FRAF) - Marketing Mix: Promotion
Local Community Sponsorship and Marketing Initiatives
Franklin Financial Services allocated $275,000 in 2023 for local community marketing and sponsorship programs. Sponsorship coverage included:
| Sponsorship Category | Investment Amount |
|---|---|
| Local Sports Teams | $85,000 |
| Community Events | $95,000 |
| Educational Scholarships | $95,000 |
Digital Marketing Through Social Media and Targeted Online Advertising
Digital marketing expenditure for 2023 reached $412,000, with the following channel breakdown:
- Facebook Ads: $127,500
- Google Search Ads: $154,000
- LinkedIn Targeted Advertising: $82,500
- Instagram Promotional Campaigns: $48,000
Customer Referral Programs and Loyalty Rewards
Referral program details for 2023:
| Program Metric | Value |
|---|---|
| Total Referral Rewards Paid | $156,000 |
| Average Referral Bonus | $75 per successful referral |
| Number of Referrals Processed | 2,080 referrals |
Educational Financial Workshops and Webinars
Workshop and webinar statistics for 2023:
- Total Number of Workshops: 42
- Total Webinar Participants: 1,275
- Average Participant Satisfaction Rate: 87%
- Marketing Investment in Educational Content: $98,500
Targeted Marketing for Small Businesses and Personal Banking Customers
Small business and personal banking marketing expenditure in 2023:
| Marketing Segment | Investment | Reach |
|---|---|---|
| Small Business Marketing | $215,000 | 3,750 business contacts |
| Personal Banking Marketing | $187,000 | 12,500 individual customers |
Franklin Financial Services Corporation (FRAF) - Marketing Mix: Price
Competitive Interest Rates for Loans and Deposit Accounts
As of Q4 2023, Franklin Financial Services Corporation offers the following interest rates:
| Account/Loan Type | Interest Rate |
|---|---|
| Personal Savings Account | 0.75% APY |
| Money Market Account | 1.25% APY |
| Personal Loan | 8.99% - 15.99% APR |
| Home Equity Line of Credit | 7.25% - 9.50% APR |
Tiered Pricing Structure for Different Account Types
Franklin Financial implements a multi-tiered pricing approach based on account balance and customer relationship:
- Basic Checking: $0 minimum balance
- Premium Checking: $10,000 minimum balance
- Elite Checking: $25,000 minimum balance
Low to No Monthly Maintenance Fees
Monthly maintenance fee structure as of 2024:
| Account Type | Monthly Fee | Fee Waiver Conditions |
|---|---|---|
| Basic Checking | $8 | Waived with $500 monthly direct deposit |
| Premium Checking | $0 | Maintain $10,000 minimum balance |
| Elite Checking | $0 | Maintain $25,000 minimum balance |
Transparent Fee Structure for Banking Services
Fee breakdown for standard banking services:
- ATM Withdrawal Fee (non-network): $2.50
- Overdraft Fee: $35 per transaction
- Wire Transfer Fee:
- Domestic: $25
- International: $45
- Stop Payment Fee: $30
Competitive Pricing Strategy
Regional market rate comparison shows Franklin Financial's pricing is within 0.25-0.50% of local competitors for similar financial products.
| Product Category | FRAF Rate | Market Average |
|---|---|---|
| Personal Loan APR | 8.99% - 15.99% | 9.25% - 16.25% |
| Savings Account APY | 0.75% | 0.65% - 0.85% |
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