Incentives have been consistently proven to boost response rates for direct marketing and motivate prospects to buy. Banks and credit unions have successfully used incentives to support their marketing efforts. There are many ways to incorporate incentive merchandise into your efforts.
Grow Account Acquisition
Acquiring new accounts is the lifeblood of any financial institution. Whether it is deposit accounts or loans, incentives can be used as a “tipping point” to motivate an individual to open their account with your financial institution. Coupled with a direct marketing effort such as direct mail, incentives can significantly boost account production.
Maximize On-boarding
One of the best ways to extend the lifespan of an account is to get the consumer into”stickier” products, such as direct deposit, on-line bill pay, etc. A great marketing incentive can motivate your new customer to add-on those services, directly at the point of sale, when they have the highest likelihood to buy. Using incentives to increase the products and services held by a customer maximizes profit per customer by extending their time with you much longer than the industry average.
Kick-start Your Referral Programs
Referrals are a fantastic way to create new business. The acquisition cost for referrals is typically much lower, since an existing customer is bringing their friend or family member to you. Your financial institution also gets a jump-start on building trust with referred customers due to the relationship they have with the referrer. Incentives can motivate your existing customer base to “break out” of their shell and talk with folks close to them. It’s an inexpensive and effective way to create an additional sales channel!
Differentiate Yourself in Market
There’s still a lot of competition for customers. Many financial institutions, especially the large ones, have turned to cash to incent new customers. Gifts are a cost-effective way of differentiating yourself within a crowded market. There is almost an infinite amount of options with merchandise to create a unique gift incentive offer in the marketplace!
Incentive merchandise can make an immediate impact on your marketing efforts. It’s inexpensive, quickly creates results, and can maintain “freshness” that cash, points, and bonus interest rates simply can’t do. For more information on how you can use incentives in your marketing efforts, call River Rock Marketing at 817-488-3901 or fill out our Contact Us form today!
