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Case Studies

Bank Recruits New Accounts With Promotional Incentives

Challenge: Entice inactive bank customers to open a new credit card account.
A banking credit card company wanted to update an inactive database in order to solicit new credit card accounts and expand its customer base. The company was looking for a promotional product that could be used as an incentive to get qualified leads to comply with telemarketers.
Solution: Offer a promotional pen to customers who completed an initial survey.
The company decided to order a promotional executive pen engraved with the customer’s name, as well as the bank name, to distribute to people who responded properly to a survey. Telemarketers who contacted the 2,500 names on the inactive list told people about this free gift before mentioning anything else. This showed potential customers that the bank valued their time and attention, and was willing to reward them for it.
Results: Many new accounts were signed.
Of the original 2,500 prospects, the company added 850 accounts to the new database. The promotional ball pen served as an excellent tool that aided in the filtering process and enticed people to complete the survey. Customers who were eager to get new accounts in the first place found that the pen was an added bonus. The bank was thrilled with the results and is looking forward to similar promotional incentive campaigns in the future.
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