- December 23, 2014
- 0
- Email This Post
- Print This Post
Bankers & Insurers See Big Returns on Promotional Product Investments
It’s ironic that the people who manage money for a living are among the first to spend it on promotional products.
“They are fighting for brand recognition and market share but in addition, spend a lot of time, effort and money educating consumers about new products and services and new technologies,” writes Jean Erickson for Advertising Specialty Institute (ASI).
At last count, ASI reports that bankers and insurers accounted for 10 percent of promotional product revenue in 2013, up from 7.8 percent the year prior.
PwC (Price Waterhouse and Coopers & Lybrand) documented this fight for brand recognition and market share in its “2020 Evolution or Revolution” industry report, which shows that nearly all bankers polled viewed attracting new customers as one of their top challenges. They also noted the need to “deepen customer relationships and focus more on specific customer outcomes.”
Easier After the First Billion
Erickson generalized that banks tend to allocate about 0.073 percent of their total assets to marketing, citing a Financial Brand article published in 2014. “Banks between $500 million and $1 billion might allocate proportionately more to marketing than other asset tiers because they are so heavily growth-oriented,” the report states. “Once a bank hits $1 billion, there’s a little less pressure and it’s got a bit of a cushion. But getting to that first billion takes hard work and extra marketing muscle.”
Local Networking Pays Off
Commenting on the report, Kathy Whitburn, strategic marketing consultant at American Solutions for Business (ASB), says, “This is a very competitive segment and networking is critical.” She offers these pointers for any professional involved in the financial services field:
- Get involved in local clubs and organizations, such as the Chamber of Commerce or business networking groups. (Brush up on your networking skills with these tips.)
- Educating children about sound financial principals can give banks a competitive edge.
- When they come in with parents or grandparents, offer children branded piggy banks, customized with two slots at the top labeled “donate” and “save” as a great way for kids to learn how to make financial decisions, such as where to donate or to spend part of their savings.
- Get involved in community events to instill trust, touch families and get them to invest. Give away items like reusable drawstring bags for shopping, reflective products for bikes, and rulers and coloring books for school, to show that you’re invested in the community.
And while you’re at it, make sure your company employees wear branded apparel at community events. Forget the one-size-fits-all abominations of the past. These straight-from-the-runway-trends convey comfort, style and pop culture attitude.