Marketing gifts are a great way to motivate and reward prospects and customers. Why do marketing gifts work so well, especially when competing against cash? Let’s review.
Merchandise-based incentives provide three main benefits:
- Trophy value – A great marketing gift acts not only as a reward for a desired action, but also acts as a “trophy”, on display for their friends and family.
- Reminder of You – A well devised incentive program will engender a relationship with your customer, and the incentive acts as a positive reinforcement of their value to you.
- High Perceived Value – The value of the marketing incentive is in the eye of the beholder, and merchandise can be very cost-effective given River Rock’s ability to get superior pricing.
Merchandise Motivates
Potential customers get massive amounts of marketing messages every day, including multiple offers from your competitors. Many of these offers get thrown in the trash after the prospect does a quick two-second scan of the offer. Merchandise motivates people to actually review your offer, and if the prospect is interested, they will be motivated to act on it. Merchandise can tap into the emotions and desires of people, and that connection creates motivation.
Cash Doesn’t Stick
Cash incentives simply don’t have the long term relationship impact that marketing gifts possess. According to studies cited by the Incentive Marketing Association, over 65% of the recipients of a cash incentive can’t remember how they spent the money one month after receiving it. According to another study, cash-based incentive programs can cost up to six times more than a well-designed merchandise incentive program that delivers the same result. Marketing gifts have a higher perceived value than actual cost, which results in great performance and a good price for you!
Marketing Gifts Are Innovative
Cash is the ultimate commodity, which means if you are participating in the “cash war” the only way to differentiate your institution is to offer more. Marketing gifts can create a real connection with the prospect or existing customer. Marketing gifts also constantly change due to product innovation and retail trends. This keeps your program new and exciting. Merchandise can be themed with the decoration of a banking center, or can support important community events, such as high school football season. Using properly selected marketing gifts show real thought and consideration of your prospects and existing customers, which gives you a leg up on your competition.
Marketing Gifts Are Personal
Successful financial institutions understand the value of a relationship. Relationships are personal, and a personal connection creates loyalty to your institution. Marketing gifts increase loyalty by offering something for your customer’s time and effort. It also shows that you value them, and gives your new customers an indication of the level of service they will receive from you.
If you would like more information about how marketing gifts can be used in your marketing efforts, please call River Rock Marketing at 817-488-3901, or complete the Contact Us form. A River Rock team member will be in touch shortly!
