Saturday, July 26, 2008
Executives in the bank marketing industry already know the benefits of traditional marketing. In order to build market share, increase deposits and retain customers, banks are finding themselves struggling to stand out in an overcrowded marketplace.
Stepping outside the realm of traditional newspaper and radio advertising can often be just what is needed to take your bank marketing to the next level.
Step One: Choose a Unique Bank Marketing Promotion A well-publicized exciting bank marketing promotion works to bring in clients who are new to the community and provides an incentive for those who are unhappy with their bank to finally make the switch. People enjoy having fun and winning prizes. Implementing a high-profile bank marketing promotion that incorporates these activities can be all that is needed to bring clients through the door.
Attention-grabbing promotional ideas include a cash cube money machine swirling with cash and prizes, a promotional prize wheel, a locked prize vault or something as simple as customized scratch-off lottery cards. Clients will earn the chance to spend 30 seconds in the cube, spin the wheel, unlock the vault or scratch off a ticket. The goal is to choose something so unique that people can't help but talk about it. Not only will word-of-mouth advertising take over, but people will not want to miss their chance to win.
Step Two: Determine The Bank Marketing Goal Having a specific goal for a public promotion can greatly influence its outcome. It is important to define this goal before moving forward. What is the bank's highest priority for marketing right now? Increased loan applications? New checking accounts? Increased deposits? Sometimes the bank's marketing goal is not that easy to pinpoint.
Many times banks are simply looking to increase overall awareness within the community. If this is the case, it is important to consider how the population currently feels towards the bank and specifically what changes are desired. Setting tangible goals allows the promotion's success to be measured.
Step Three: Connect The Promotion To The Goal Once the objective of the promotion and the attention-grabber have been chosen, it is now time to tie them together. Let's assume a cash cube money machine was selected as the incentive. If the primary marketing objective was to increase new checking accounts, then every new checking client will earn the opportunity to step into the cash cube to win hundreds or thousands of dollars worth of real cash or custom imprinted vouchers that represent cash or prizes.
Based on the bank's marketing budget available, the cash and prizes can be altered to meet any needs. Prizes may include anything from cash, checking incentives, savings bonds and CD's to pizza coupons and sporting tickets.
Step Four: Utilize Traditional Bank Marketing Most banks still rely heavily on traditional marketing to advertise their specials and rates. When a special promotion such as a cash cube in the lobby is introduced, it is important to use newspaper, radio and other advertising already in place to cross-promote the event. Existing ads can be altered to include the phrase "Stop in today for your chance to grab cash and prizes in our cash cube!" Using existing ads leverages your bank marketing budget. It also presents a cohesive campaign to the public.
Every impression counts, so having the promotion mentioned at every opportunity only increases the chances that a client will hear it, retain the information and act on it.
Step Five: Take the Promotion on the Road Participating in community events is a great way to gain exposure and promote that "neighborhood bank" feeling. People like to feel as if they are doing business with a bank that cares. During the duration of the promotion, check the local calendar to see if there are any festivals or large community events in which the bank could participate. The opportunity to have the cash machine in a public venue will achieve visibility, build brand recognition, and gain customers. Of course, public events would not necessarily have the same level of prizes as the cash machine in the bank lobby! That becomes one more reason for people to come into the bank.
Tuesday, July 08, 2008
MasterCard Worldwide today announced that Fifth Third Private Bank, one of the largest Private Banks in the Midwest, has launched World Elite MasterCard, a premium credit card for its elite affluent clients. Unlike other payment products geared to these audiences, the World Elite MasterCard offers cardholders a rich mix of travel benefits, including airline, cruise and hotel benefits, in addition to robust rewards, and global acceptance.
World Elite MasterCard is designed to meet the needs of the elite affluent demographic segment, often defined as those with annual household incomes greater than $250,000, who spend over $40,000 annually on credit cards. According to the American Affluence Research Center, elite affluent consumers account for the wealthiest 10 percent of U.S. households, and represent 40 percent of all American income. Unity Marketing's Luxury Report 2008 presents data that shows that -- despite a decline in some industries -- elite affluent consumers continue spending on luxury goods. In fact, in 2007, spending by this group totaled $321.9 billion in the U.S. alone.
"Our deep insights into the elite affluent segment keep us extremely focused on meeting the needs of this population. Increasingly, these consumers demand a high-degree of personal service, exclusive travel opportunities and access to unique and memorable experiences. Through World Elite MasterCard, we're helping issuers around the world deliver value to this influential group of consumers," said Bill Mathis, Group Executive, U.S. Relationship Management, MasterCard Worldwide. "We are very excited to be partnering with Fifth Third Private Bank to offer their top clients World Elite MasterCard."
World Elite offers exclusive perks including complimentary airport club access, 24/7 concierge service, as well as a personal travel advisor and other unique travel privileges through MasterCard's relationship with Virtuoso, the leading luxury travel network.
"At Fifth Third Private Bank, we recognize that the affluent segment is rapidly expanding and is becoming a critical driver of our growth," said David J. Pittman, president, Fifth Third Private Bank. "We always put our clients first, and offering them the World Elite MasterCard is just another example of our commitment to providing them with the best options to suit their needs." Pittman added, "World Elite MasterCard is more than just a credit card. It offers our clients an exclusive array of experiential and travel benefits few payment products can offer."
For more information about the Fifth Third Private World Elite MasterCard, contact a local Fifth Third Private Bank Advisor.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R: 70.08, +2.97, +4.42%), Maestro(R: 70.08, +2.97, +4.42%) and Cirrus(R: 70.08, +2.97, +4.42%), MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 18 affiliates with 1,316 full-service Banking Centers, including 102 Bank Mart(R: 70.08, +2.97, +4.42%) locations open seven days a week inside select grocery stores and 2,335 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2008, has $212 billion in assets under care, of which it managed $31 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ(R: 70.08, +2.97, +4.42%) National Global Select Market under the symbol "FITB." Member FDIC. Equal Housing Lender.
Fifth Third Private Bank is a division of Fifth Third Bank offering banking, investment and insurance products and services. Fifth Third Bancorp provides access to investments and investment services through various subsidiaries. Investments and Investment Services:
