The UK’s leading B2B bank breaks the mould with Passionfruit

Background

Allica Bank, UK B2B challenger bank founded in 2019, has set itself apart from competitors with its focus on fostering strong local relationships and tailored support to startups and SMBs. Aiming to transcend the traditional role of a bank, they sought to evolve from savings-focused operations to robust customer expansion initiatives.

Despite having a full-stack marketing team in-house, Allica Bank engaged Passionfruit to enhance its marketing strategies with specialised expertise, focusing on lead acquisition and performance marketing, and injecting agility into their campaigns.

Challenges

Scaling The Customer Base

Allica Bank faced the challenge of expanding its customer base while maintaining its renowned personalised service.They needed innovative strategies to stand out and effectively capture more market share - a tough task when competing against household names.‍

Optimising Paid Media Operations

Having previously managed paid media in-house, Allica Bank was eager to enhance lead quality and lead conversion rate to establish a more systematic approach for managing and forecasting media spend.‍

Expanding Specialised Capabilities

Allica Bank aimed to reduce the strain on its internal marketing team, who had priorities beyond just lead acquisition. They sought a plug-and-play solution that allowed for specialised, expert-driven marketing solutions through the use of fractional talent.

Solutions

Allica Bank tackled their marketing challenges with a strategic three-phase approach in partnership with Passionfruit:

1. Integration of Hybrid Marketing Capabilities‍

Allica Bank incorporated a pod of channel-specific Passionfruit specialists to augment & bolster its internal marketing team. This included channel-specific marketing experts who provided immediate support to enhance the bank’s marketing efforts.

2. Enhanced Paid Media Execution and Optimised SEO Presence‍

This dynamic team focused on optimising existing campaigns to increase lead generation, targeting the bank's specific niche, and launching a comprehensive SEO campaign to boost digital visibility and increase traffic.

3. Strategic Partnership and Thought Leadership‍

The collaboration thrives on mutual trust and a shared vision for cutting-edge marketing. Passionfruit now serves as a trusted thought partner for Allica Bank, sharing strategic insights and collaborating on niche marketing strategies with the bank's internal team. 

Results‍

Strong Market Positioning

Bringing in Passionfruit to enhance the bank’s paid media strategy drove significant lead quality and conversion rate improvements, optimising PPC spend.‍

Reduced Dependency on External Agencies

Implementing an agile talent layer has enabled Allica Bank to minimise its reliance on external agencies, resulting in cost savings, increased control over day-to-day marketing activities, and a renewed sense of agility. The flexibility of the monthly rolling set up allowed them to ramp work overtime to support experimentation.

Fully integrated hybrid freelance team

‍The initial successes of the Passionfruit pilot program in early 2023 paved the way for a continued partnership into 2024, focusing on expanding Allica Bank's acquisition strategies and further integrating specialised marketing functions.‍

Key Learnings‍

Flexibility in Specialist Integration

Integrating specialised talent into any core business can significantly enhance internal capabilities and provide a competitive edge in targeted marketing initiatives.

Strategic Partnership Value

A strong partnership between the client and third-party, based on alignment of values and open communication, can transform marketing strategies and lead to substantial growth.

Innovative Approach to Traditional Banking Challenges

Employing cutting-edge marketing techniques and technologies, including advanced SEO tools and tailored PPC strategies, can effectively address traditional challenges within the banking sector.

Conclusion

The partnership between Allica Bank and Passionfruit has set a new standard for how UK banks can leverage flexible marketing models to drive cross-channel marketing growth. Through strategic collaboration and the integration of specialists, Allica Bank has not only enhanced its customer acquisition and retention strategies but has also solidified its market leadership, paving the way for future growth and innovation.