Bank marketing can be a tough game these days, so you’ve got to come up with a fresh plan of action that will actually get people in your doors. That can be a pretty tough order, as a lot of people aren’t very likely to walk in and open an account because they saw a commercial. The problem is that the recent economic meltdown has led a lot of people to distrust banks. Your job then becomes earning their trust, as well as letting them know you’re there.
Your job isn’t advertising your bank’s existence or great rates anymore. Your job is to make people more willing to trust your bank. The easiest way to accomplish this task is through incentive marketing – giving your new customers a gift for giving you a chance. This marketing tactic has been proven to bring more people in the door, and improve their loyalty over time. You can even give incentives to your existing customers for spreading the word about your bank.
It’s a simple concept. You advertise a free gift for opening any account with your bank. You can give different gifts for different accounts – say a basic gadget for a free checking account, and an expensive set of knives for a more profitable investment account. Your prospective clients come in, curious about what they may receive, and most of them end up opening an account with you. Chances are that they’ve only deposited the minimum to open the account, but that deposit gives you the opening to demonstrate how much better your bank is. If you do your job right and your bank really is a better choice than their usual bank, you just earned a new customer.
This type of marketing automatically makes your typical business/customer relationship one that is already based on trust. Because of this, your new customers are more likely to remain loyal in the future, and tell their friends. For your small up-front investment of a gift (which you purchased at wholesale prices), you’ve done something small, but enriching, for your new customers. They will appreciate that, and work with you for years to come if you prove yourself.
On top of that, when their friends ask where they got whatever gift you gave, they’ll say that they got it from your bank for opening an account. They’ll probably even throw in how wonderful your bank treats them. There’s no advertising better than word of mouth, and you’ll be creating referrals for a long time coming from each new client.
It’s easy to see how incentive marketing may be the next big thing in banks. If you’re looking for a way to get your bank on top, then this new form of bank marketing is probably just what you’re looking for.
