Challenge: Increase the customer base of a small local bank.
Small local banks lose customers to large national banks every day. To stop this trend, one small bank advertised with a message that its customers were not merely account numbers, but real people. The bank wanted to come up with an incentive to get these people into the bank and to take out new CDs with them.
Solution: Offer an executive pen with each new CD deposit of at least $5,000.
The bank decided to run an ad in the local paper offering a promotional executive pen as a gift with each new CD deposit of at least $5,000. When customers responded to the ad and came in to open an account, the bank presented them with a luxurious pen in a gift box to use to fill out the paperwork.
Result: High response rates and an increase in new CD deposits.
The advertisements offering the free executive pen resulted in a very high response rate and an increase in the customer base. Customers understood right away that they were going to receive very special treatment from this bank and they referred others to make CD deposits as well. The bank was thrilled with the response and is looking forward to using a similar gift-with-purchase campaign in the future for their other products and services.
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