The Not-pocalypse
STILL STANDING
When asked if banks, given their current monetary problems, would be shying away from promotional products or advertising in general, all three interviewed suppliers had the same answer: “Definitely not.”
“They are going to tighten their belts, but there are things that they absolutely have to do,” said Karen Sherrill, director of marketing for Hixson, Tennessee-based Gold Bond. “When they can’t make loans, and in 2009 it’s going to be tough to make loans, they’ve got to grow their deposits. They’re going to go after deposits, they’re going to focus on the mom and pops and the retail side of banking. They’re going to do whatever they can to hold onto the customers they have,” she added, noting this is actually a good situation for distributors. Given the lower cost of promotional advertising compared to mass-media ventures, as well as how much easier it is to focus on a target demographic, she explained promotional products are exceptionally well-suited to helping banks out of the current economic situation. Good news, certainly, for distributors looking to do something other than finish up their perfect bomb shelter.