Credit union marketing and other promotional efforts for financial institutions can be made more effective with incentive marketing. Incentive marketing, or the act of giving potential clients and current customers merchandise as rewards for desired actions, can help boost how these individuals respond to your direct marketing efforts.
Create a Unique Market Identity
In an increasingly saturated market with numerous companies and businesses competing for customer attention, rewarding customers with merchandise can be a much cheaper way to set yourself apart from your competitors without having to resort to large amounts of cash for monetary incentives. With various kinds of possible merchandise to use for incentive marketing your business can employ in line with its own unique direct marketing efforts, there are virtually no limits on the offers you can make to your customers.
Attract More Clients
After standing out from the crowd with your one-of-a-kind incentive marketing, your business can be in a better position to acquire new clients and accounts. Since a continuous turnover of new accounts help financial institutions thrive, these gift incentives can result in a stronger company with a large and loyal client base because these motivate leads to sign up for your services, and current customers to get more involved with your products or services. In addition to direct marketing methods like direct mail, these merchandise incentives can exponentially add to the new accounts your overall marketing efforts create.
Generate More Account Activity
As accounts are the lifeblood of banks and credit unions, it makes a lot of sense from a profit and customer satisfaction standpoint to increase the longevity of your business relationships with your clients. One great way to do this is by giving merchandise incentives to individuals who enroll in online bill payment or direct deposit services. These incentives may not cost as much in terms of actual value, yet they may help you reap substantial additional profits because of the extended lifespan of a maximized and more active customer account.
Increase Referral Rates
Incentive marketing has another additional benefit that many financial institutions and other businesses will find invaluable: the likelihood of increased rates of referral from current customers. Referrals usually cost your business less, in comparison to turning cold leads into an existing customer, and an existing customer into one that uses numerous products and services in a long-lived account. One of the main advantages of using incentives in your credit union marketing efforts is that it builds more trust, in no small part due to the relationship between your client and the referred customer, which can also result in longer and more active new accounts.
Do you need credit union marketing to boost your direct marketing efforts? Katherine Smith is an expert on various marketing topics and promotional methods, and writes articles to help you narrow down your options.
For more information, go to River Rock Marketing Services