Take it to the Bank
Even after the market collapse of '08 and '09, banks and other financial institutions remain some of the strongest markets for promotional products. Large or small, banks will make use of promotional products for internal branding, customer outreach, local nonprofit sponsorship and support, and in many other ways. Whether you're looking to get your first bank client or to deepen your sales with a current one, below are seven tips to put you on your way.
1) Be aware of all the ways a bank can use promotional products
The lobby or the drive-through window aren't the only places banks and other financial institutions use promotional products. "They use them in community- based banking promotions, new account premiums, traffic builders to get people into branch lobbies, corporate identity for employees, recognition awards and more," said Gregg Emmer, vice president, chief marketing officer for Kaeser & Blair Inc., Batavia, Ohio. Other areas you will want to consider are new product launches or pushes (like electronic banking), or any nonprofit work or sponsorship the bank may be doing.
2) Try selling to multiple departments within the bank
In line with point No. 1, banks have multiple departments with purchasing budgets that would be interested in promotional products. Marketing and PR departments are the obvious choices, but don't forget to consider human resources (for internal incentives or recruiting items), or even a purchasing department responsible for in-office branded stationery and uniforms.
3) Corporate identity matters
Look for ways you can improve a bank's corporate identity, and be ready to explain why it matters to clients. "Corporate identity is fundamental marketing for banks," said Emmer. "Any time they have a meeting everyone should have a logoed beverage container (cup, mug, water bottle), logoed note pad, logoed pen, etc. A bank is more than a financial store—it is a consultant-type business and strong corporate identity helps customers trust their bankers."
4) Use promotional products' low cost-per-impression to your advantage
The price of advertising has always been front-of-mind with banks, but since the recession the advertising strategies of banks have become more cost-conscious. "Promotional advertising is quite inexpensive when compared to TV, magazines or any other broadcast media," noted Emmer. "Since the cost is so small, many banks cut all the expensive advertising and relied more on promotional."
5) Incentives or rewards programs can be a good choice
Whether it's rewards for sales staff or client incentives to encourage high-end investment or corporate banking, a rewards program can be a good choice for many financial institutions. From total cash-deposited to yearly thank-you gifts, there are a lot of options here, but Emmer recommended two in specific. "Referral programs and length-of-service programs are two things the have good ROI for banks."
Looking for more advice on running an incentives or rewards program? Turn to page 44.
6) The importance of public image
It's no secret that the public image of banks has been hurting lately. Try suggesting programs that will help them escape from their collective bad image, like youth banking initiatives, nonprofit work or environmental/green initiatives. Such publicly visible promotions have the added benefit of being a good portfolio piece for your company, as a good portion of the local community is usually aware of these kinds of events.
7) Don't forget print
From internal documents and direct-mail marketing to functional banking forms, print materials in financial institutions is an area worth exploring. Offering holiday or custom versions of checks, drive-through envelopes and other banking forms is one option, and another would be to emphasize how creative use of direct mail can still work in the digital age.