Incentive marketing doesn't have to mean gifts, as a customer will appreciate a bank offering things like lowered fees and extended hours, but studies show that clients put freebies at the top of their wish list. It wasn't long ago that banks would not offer marketing incentives to the "regular" customer. They considered a regular customer to be someone with a couple thousand dollars in the bank, and while the business was appreciated, it was not rewarded. In the late 1990s, financial institutions targeted 99% of their incentive marketing programs towards rich clients, leaving the typical customer feeling unrewarded and underappreciated.
A lot has changed since. A multitude of huge mergers happened, and though many of them did not work out, it made banks realize that in order to expand in the financial climate at present, they must focus on organic growth methods. This is where marketing incentives come into play, as they allow banks to concentrate on new accounts, while at the same time keeping existing clients satisfied in a cost-effective way. Today's incentive marketing plans include rewards and perks for every new or prospective client regardless of the amount of money they have in their accounts.
What does all of this mean to you? It means that there are marketing gifts for all customers. Today, your customer has many options for meeting their financial needs, and shopping around will not only be fun but also rewarding in the end. Each financial institution has some sort of incentive marketing plan in place offering rewards or gifts for opening new accounts or adding extra services. Loan rates, credit card rates and hours are all pretty much comparable, so the only place to stand out is in what you have to offer your clients. The smarter customers will invest their money in the bank that offers the best services as well as the best rewards.
Let's take a look a few of today's more common incentive marketing gifts and their counterpart from a few decades ago.
Back in the days, the iPod would have been the lunch pail or thermos. It makes clients feel appreciated despite the fact that these are the most basic marketing gifts of this type. Presently, an incentive marketing strategy may offer customers an iPod for simply opening an account with a minimum balance.
The equivalent of a toaster perhaps some 3 decades ago, the iPad is one of the top electronic marketing gifts that you can give to a client. It is fascinating how one would have felt extremely rewarded when leaving the bank with a toaster in hand back then. As part of the incentive marketing plan, the iPad now costs about $500 and is usually given to reward clients for fulfilling a hefty loan obligation or for keeping a significant minimum balance for a span of a full year.
Portable Blu-Ray or DVD Player
The counterpart for these marketing gifts of today would have been yesterday's pen & pencil set. It is a highly appreciated gift that will be utilized for a long period of time. This is typically given to a customer who maintains a moderate minimum balance and utilizes online bill payment for a full year.