| Executives in the bank marketing industry already | | | | attention-grabber have been chosen, it is now time to |
| know the benefits of traditional marketing. In order to | | | | tie them together. Let's assume a cash cube money |
| build market share, increase deposits and retain | | | | machine was selected as the incentive. |
| customers, banks are finding themselves struggling to | | | | If the primary marketing objective was to increase |
| stand out in an overcrowded marketplace. Stepping | | | | new checking accounts, then every new checking |
| outside the realm of traditional newspaper and radio | | | | client will earn the opportunity to step into the cash |
| advertising can often be just what is needed to take | | | | cube to win hundreds or thousands of dollars worth of |
| your bank marketing to the next level. | | | | real cash or custom imprinted vouchers that represent |
| Step One: Choose a Unique Bank Marketing Promotion | | | | cash or prizes. |
| A well-publicized exciting bank marketing promotion | | | | Based on the bank's marketing budget available, the |
| works to bring in clients who are new to the | | | | cash and prizes can be altered to meet any needs. |
| community and provides an incentive for those who | | | | Prizes may include anything from cash, checking |
| are unhappy with their bank to finally make the switch. | | | | incentives, savings bonds and CD's to pizza coupons |
| People enjoy having fun and winning prizes. | | | | and sporting tickets. |
| Implementing a high-profile bank marketing promotion | | | | Step Four: Utilize Traditional Bank Marketing |
| that incorporates these activities can be all that is | | | | Most banks still rely heavily on traditional marketing to |
| needed to bring clients through the door. | | | | advertise their specials and rates. When a special |
| Attention-grabbing promotional ideas include a cash | | | | promotion such as a cash cube in the lobby is |
| cube money machine swirling with cash and prizes, a | | | | introduced, it is important to use newspaper, radio and |
| promotional prize wheel, a locked prize vault or | | | | other advertising already in place to cross-promote the |
| something as simple as customized scratch-off lottery | | | | event. Existing ads can be altered to include the |
| cards. Clients will earn the chance to spend 30 | | | | phrase "Stop in today for your chance to grab cash |
| seconds in the cube, spin the wheel, unlock the vault or | | | | and prizes in our cash cube!" |
| scratch off a ticket. | | | | Using existing ads leverages your bank marketing |
| The goal is to choose something so unique that people | | | | budget. It also presents a cohesive campaign to the |
| can't help but talk about it. Not only will word-of-mouth | | | | public. Every impression counts, so having the |
| advertising take over, but people will not want to miss | | | | promotion mentioned at every opportunity only |
| their chance to win. | | | | increases the chances that a client will hear it, retain |
| Step Two: Determine The Bank Marketing Goal | | | | the information and act on it. |
| Having a specific goal for a public promotion can | | | | Step Five: Take the Promotion on the Road |
| greatly influence its outcome. It is important to define | | | | Participating in community events is a great way to |
| this goal before moving forward. What is the bank's | | | | gain exposure and promote that "neighborhood bank" |
| highest priority for marketing right now? Increased loan | | | | feeling. People like to feel as if they are doing business |
| applications? New checking accounts? Increased | | | | with a bank that cares. During the duration of the |
| deposits? | | | | promotion, check the local calendar to see if there are |
| Sometimes the bank's marketing goal is not that easy | | | | any festivals or large community events in which the |
| to pinpoint. Many times banks are simply looking to | | | | bank could participate. |
| increase overall awareness within the community. If | | | | The opportunity to have the cash machine in a public |
| this is the case, it is important to consider how the | | | | venue will achieve visibility, build brand recognition, and |
| population currently feels towards the bank and | | | | gain customers. Of course, public events would not |
| specifically what changes are desired. Setting tangible | | | | necessarily have the same level of prizes as the cash |
| goals allows the promotion's success to be measured. | | | | machine in the bank lobby! That becomes one more |
| Step Three: Connect The Promotion To The Goal | | | | reason for people to come into the bank. |
| Once the objective of the promotion and the | | | | |