Oak Valley Community Bank Develops New Target Market Strategy With InterQ's Research Findings
Oak Valley Community Bank is a California Central Valley-based bank, with branches in five counties. They have a thriving residential and commercial banking business, with high customer satisfaction rates, a healthy balance sheet, and a sustainable growth plan.
The leadership at Oak Valley wanted to expand their commercial banking products into new sectors. Specifically, they wanted to develop products tailored for dental practices, but they first needed to understand the financing and banking environment that dentists rely on.
Oak Valley hired InterQ research to conduct in-depth interviews with dentists who reside in the five counties where they have branches.
InterQ began the process by running quantitative reports on the dental financial sector. We looked at the biggest competitors in the financing space, examined dental office average incomes, and segmented out dental offices and nearby competitors within the five counties.
Following the quantitative research, InterQ then conducted in-depth qualitative interviews with dentists within the geographical region of Oak Valley branches. We asked dentists how they find financing options; asked their perceptions about the dental manufacturing companies that offer financing; learned about banking services they use; asked about their needs for financial services; and discussed lifestyle questions, including media-watching habits.
We assembled a comprehensive report, with details of the quantitative and qualitative findings, and we included observations and implications for moving forward with product development and marketing initiatives.
The Oak Valley team was extremely pleased with the report findings. Equipped with a better understanding about the dental practices within their region, they were able to make a strategic decision about how to develop new financing and banking products, and come up with practical ways to better serve dental practices.