16
Dec

Bank marketing for smaller financial institutions does not require huge advertising budgets or complex promotional tools to be effective. Recent trends in direct marketing and the use of various venues such as the Internet to supplement traditional promotional means have contributed to leveling the playing field for small banks and credit unions, with the use of gift incentives in a marketing campaign being one of them. Gift incentives, which can come in the form of cash rebates or discounts or promotional items facilitated by the business at the center of the campaign, can help attract new customers by turning interested leads into clients, and current customers into ones who purchase more of your products and services.

These types of incentives are great for extending the mileage of your direct marketing campaign, especially if the gifts are chosen well and are backed up by a strong marketing plan. Incentive marketing does not require large amounts of money or resources often exclusive to big business, while permitting business flexibility in terms of how these can be incorporated into an overall campaign and simultaneously imparting more of your brand identity and the strengthening of your company foothold in an increasingly saturated and overly competitive market.

Gift Incentives for Better Business

Large financial institutions depend on the addition of new accounts to survive and expand; your smaller business is no different. Your business requires the infusion of new customer accounts to support a certain level of profitability, and gift incentives can boost your chances at maintaining that by increasing your rates of converting leads into clients, and clients into loyal customers who come back for repeat business. Each incentive may persuade your lead or client into going with the response you desire, which may be anything from simply reading a piece of promotional correspondence, signing up with your email subscriber list, purchasing additional products or services, or referring new customers (all of which give you increased potential for earning more money).

These incentives, of course, are designed to work in collaboration with traditional promotional materials and means like emails, snail mail, calls from telemarketers, and so on, while requiring relatively little in the way of resources, especially if the incentive system has been in place for some time. If you are looking for a cost-efficient way to expand your client base and boost your overall marketing campaign, consider hiring a direct marketing professional who specializes in bank marketing.

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