The results of a recent study indicate that bank branch managers list customer acquisition and cross-selling as two of the top 3 marketing challenges facing banks. To acquire new customers, banks must raise their brand profile and stay top of mind. There is no better way to do this than with promotional products, which can be branded and used as giveaways. There is data to back this claim – according to the recently released Global Advertising Specialties Impressions Study, 31% of people in the United States are more likely to do business with a company after receiving a promotional item from them.
Giveaways are not just effective in attracting new customers to bank branches. They are also a great way to cross-sell. If someone opens a checking account, why not offer them a branded duffle bag if they refinance their mortgage too?
The trick to using promotional products as part of a bank’s marketing mix is making sure that the items you give away are both memorable and useful to your customer. Throw away products that a customer won’t bother doing anything with are a waste of time and money.
Here are five products that we’ve found to be effective for banks:
- Tote bags– In this age of going green, more and more people are carrying their own tote bags to grocery stores, for shopping or simply carrying their belongings. Give the gift of a tote bag when one of your consumers opens their own account and they’ll be carrying your brand on their person regularly. According to a recent study, the average branded bag is seen almost 6,000 times! Talk about a walking billboard!
- Sports Bottles– Sports bottles are another part of the eco-friendly movement as well. There is a push to stop throwing away plastic recklessly and use refillable, environmentally friendly sports bottles instead – especially ones that aren’t made from plastic. Add your logo and branch information and your customers will be sure to have them on hand, whether at the gym, on the go, or at the office. In fact, research shows that people keep branded drinkware, including sports bottles, for an average of 7.1 months after receiving them – plenty of time for your brand to be seen!
- Duffel Bags– Duffel bags can be used in a variety of ways, from travel, to moving, to going back and forth to the gym. A well made duffel bag is always useful and will stand the test of time. Hand these off to your customers and you can be sure they’ll be keeping them for as long as possible and using them often.
- Lunch Bags– Another popular item, lunch bags, are used by not only the customer, but by their family members as well. School trips, packed lunch at the office- we all need a lunch bag or two at home. Why not let the bag that everyone is using be the one that promotes your brand when they do?
- Travel Coffee Mugs– We’re all on the go and coffee prices are through the roof. When people are trying to cut back on spending, one of the first indulgences to go are expensive coffee habits. But your customers can still enjoy that cup-a-joe on the go with your branded travel coffee mugs. This is a much better option than the traditional coffee mug, since it goes wherever your customer does and won’t sit on a desk or a shelf collecting dust.
In our experience, the items above are some of the best giveaways for bank branches to use in attracting new account holders and cross selling your bank’s other products. It’s worth the investment to show your customer that you care enough to consider not just giving them something for free when they decide to bank with you, but actually offering them products that they can really use regularly. It’s a personal touch that is not likely to be forgotten.