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Southern First Bancshares, Inc. (SFST): Marketing Mix [Jan-2025 Updated] |
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Southern First Bancshares, Inc. (SFST) Bundle
Dive into the strategic world of Southern First Bancshares, Inc. (SFST), a dynamic regional banking powerhouse transforming financial services across the Southeast. This comprehensive marketing mix analysis reveals how SFST leverages innovative products, strategic geographic positioning, targeted promotions, and competitive pricing to deliver exceptional banking experiences for businesses and individuals in South Carolina, Georgia, and North Carolina. Discover the intricate blueprint that sets this financial institution apart in a competitive market landscape.
Southern First Bancshares, Inc. (SFST) - Marketing Mix: Product
Commercial and Consumer Banking Services
As of Q4 2023, Southern First Bancshares provides comprehensive banking services across South Carolina, North Carolina, and Georgia, with $4.83 billion in total assets.
Lending Solutions
Southern First offers diverse lending products:
| Loan Category | Total Portfolio Value (2023) |
|---|---|
| Commercial Loans | $2.1 billion |
| Real Estate Loans | $1.5 billion |
| Personal Loans | $385 million |
Deposit Accounts
- Checking Accounts
- Savings Accounts
- Money Market Accounts
- Certificate of Deposit (CD) Accounts
Total deposit base as of December 31, 2023: $4.2 billion
Digital Banking Platforms
Digital banking features include:
- Mobile Banking App
- Online Bill Pay
- Mobile Check Deposit
- Account Alerts
- Digital Statement Access
Wealth Management Services
Investment and wealth management offerings:
| Service | Assets Under Management (2023) |
|---|---|
| Personal Investment Advisory | $325 million |
| Retirement Planning | $215 million |
| Trust Services | $140 million |
Southern First Bancshares, Inc. (SFST) - Marketing Mix: Place
Geographic Presence
Southern First Bancshares, Inc. operates primarily in three Southeastern states:
- South Carolina
- Georgia
- North Carolina
Branch Network
Total Physical Branches: 37 locations as of December 31, 2023
| State | Number of Branches | Key Metropolitan Areas |
|---|---|---|
| South Carolina | 24 branches | Charleston, Columbia, Greenville |
| Georgia | 8 branches | Atlanta metropolitan area |
| North Carolina | 5 branches | Charlotte region |
Digital Banking Channels
Digital Banking Metrics:
- Online Banking Platform Active Users: 78,563
- Mobile Banking App Downloads: 45,217
- Digital Transaction Volume: 2.3 million monthly transactions
Regional Market Strategy
Southeast Regional Banking Market Penetration:
- Market Share in South Carolina: 4.7%
- Market Share in Georgia: 2.3%
- Market Share in North Carolina: 1.9%
Distribution Channel Breakdown
| Channel Type | Percentage of Customer Interactions |
|---|---|
| Physical Branches | 42% |
| Online Banking | 38% |
| Mobile Banking | 17% |
| Call Center | 3% |
Southern First Bancshares, Inc. (SFST) - Marketing Mix: Promotion
Targeted Marketing to Business and Individual Banking Customers
Southern First Bancshares focuses on targeted marketing strategies with the following demographic breakdown:
| Customer Segment | Market Penetration | Annual Marketing Budget |
|---|---|---|
| Small Business Customers | 42% | $1.2 million |
| Individual Banking Customers | 58% | $1.8 million |
Community-Focused Sponsorships and Local Event Engagements
Local sponsorship allocation for 2024:
- Total community sponsorship budget: $375,000
- Number of local events sponsored: 47
- Geographic coverage: South Carolina primary markets
Digital Marketing Channels
| Digital Platform | Monthly Engagement | Annual Marketing Spend |
|---|---|---|
| Website | 98,500 unique visitors | $425,000 |
| Social Media | 42,300 followers | $275,000 |
| Email Campaigns | 65,700 subscribers | $185,000 |
Relationship-Driven Approach
Personalized banking service metrics:
- Average customer interaction frequency: 4.2 times per year
- Relationship management team size: 37 professionals
- Customer retention rate: 87.5%
Educational Content Strategy
| Content Type | Annual Production | Estimated Reach |
|---|---|---|
| Financial Webinars | 24 sessions | 12,500 participants |
| Online Banking Tutorials | 18 video guides | 45,000 views |
| Financial Literacy Blog Posts | 52 articles | 95,000 readers |
Southern First Bancshares, Inc. (SFST) - Marketing Mix: Price
Competitive Interest Rates for Loans and Deposit Accounts
As of Q4 2023, Southern First Bancshares offers the following competitive interest rates:
| Account/Loan Type | Interest Rate |
|---|---|
| Personal Savings Account | 0.50% - 1.25% |
| Business Checking Account | 0.10% - 0.35% |
| Commercial Real Estate Loans | 6.75% - 8.25% |
| Small Business Loans | 7.50% - 9.50% |
Transparent Fee Structure for Banking Services
Southern First Bancshares maintains a clear fee schedule:
- Monthly Maintenance Fee: $10 - $25 depending on account type
- Overdraft Fee: $35 per transaction
- Wire Transfer Fee: $25 domestic, $45 international
- ATM Fee: $2.50 for out-of-network transactions
Tiered Pricing Models for Different Account Types
| Account Tier | Minimum Balance | Monthly Fee | Interest Rate |
|---|---|---|---|
| Basic Checking | $0 | $10 | 0.10% |
| Premium Checking | $5,000 | $0 | 0.25% |
| Elite Checking | $25,000 | $0 | 0.35% |
Competitive Pricing Strategy
Southern First Bancshares' pricing strategy reflects regional market conditions with rates competitive within the South Carolina and Georgia banking markets.
Value-Based Pricing
The bank's pricing reflects service quality and customer experience, with rates and fees designed to balance customer attraction and institutional profitability.
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