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Bank Marketing: How To Create Buzz
The banking marketplace is getting crowded. It seems like a new bank joins the ranks every month and competition heats up in an effort to increase deposits, retain customers, and build market share. In order to stand out in the crowd, bank managers are taking their bank marketing efforts to the next level.
Add Some Excitement to Your Bank Marketing!
People tend to think of financial products as ‘boring.’ In a world with so many things vying for our attention, it’s essential to create bank marketing strategies that are exciting! Let’s face it; people enjoy having fun and winning prizes! That is why an exciting bank marketing promotion can be all that is needed to bring clients through the door. A well-publicized promotion can generate enough buzz throughout the community to bring in new clients as well as those who are unhappy with their current banking situation.
Here are a three bank marketing ideas that are exciting enough to generate buzz and also accomplish the goal of introducing new and existing customers to new financial products:
The Money Blowing Machine
 A Money Blowing Machine or ‘Cash Cube’ has been proven to be one of the most exiting bank marketing tools. There are hard case Money Machines that look like glorified phone booths, as well as colorful inflatable Money Machines. Companies like Ideas 4 Now offer Money Machines for rent or purchase.
When customers step into the Money Machine, an attendant flips on the power that sends currency, ‘funny money,’ or prize vouchers swirling around in the air for the contestant to grab at. Try creating a promotion where when customers open a new account, they get a chance to step into the Money Machine to grab at some cash to put into their new account.
Setting up a Money Machine permanently in your bank lobby will definitely generate word of mouth buzz around town. Why wouldn’t someone want to open an account at your bank when they have the chance of winning some free cash to put into their account? Money Machines are also portable and can be transported to fairs and other marketing events where your bank sets up a booth for promotion.
The Prize Vault
 If given the opportunity to try and guess a combination for a chance to win a great prize, would you give it a try? Judging by the success of banks who have tried this bank marketing strategy – many people would! The Prize Vault is a wonderful bank marketing tool with real power to draw in the crowds. With millions of combinations, it may take years for someone to unlock the vault – but that won’t stop them from trying!
Try offering customers one chance per day to try their luck with the prize vault. You can also extend this offer to non-customers to keep them coming into your bank so your bank reps can establish important relationships with potential customers. In the world of bank marketing, the bank that builds the strongest relationships with its customers wins the customer.
The Prize Wheel
 Prize wheels are one of the most versatile bank marking tools. Like the Money Machine, and the Prize Vault, a Prize Wheel can be placed in the bank lobby or transported to off-site marketing events.
Many prize wheels such as those from Prize Wheels Direct can be customized to promote your specific financial products. Give customers a chance to spin to win a CD, a discount on a safe deposit box, or other ad specialties that customers can enjoy while promoting your bank around town.
Unique promotional ideas like the Money Machine, a Prize Wheel, and a Prize Vault, are all fun ways to drive potential customers to your bank and enhance relationships with current customers.
The most important aspect of these bank marketing strategies is that they have the buzz factor. As a bank marketing manager, your goal is to choose something so unique that people can’t help but talk about it. Word-of-mouth advertising will take over and people will not want to miss their chance to win.
Choosing Bank Marketing Promotional Tools That Can Be Used in Multiple Promotions
It is important to define your bank marketing goals before beginning a big promotion. What aspect of business are you trying to improve right now? New checking accounts? Increased loan applications? Credit card applications?
Because bank promotions change often, it’s important to choose bank marketing tools that are versatile. For example, if you are promoting new accounts one month, you may stock your Money Machine with dollars to put into a new checking account.
The next month when you are promoting credit card applications, you can stock the Money Machine with prize vouchers for free attractions around town such as a limo ride, a shopping spree, or dinner at a restaurant for those that apply for a card. Local businesses are often happy to provide free giveaways in exchange for promotion!
Leverage Your Existing Bank Marketing
It is highly likely that you are still using traditional marketing to advertise your bank’s specials and rates. You can easily cross promote your special promotions such as the Money Machine in newspapers, on the radio, and other advertising already you are already using.
Using your existing ads not only presents a cohesive campaign to the public, but it also leverages your bank marketing dollars. Every impression counts, so having the promotion mentioned at every opportunity increases the chances that a client will hear it, retain the information and act.
Off-Site Bank Marketing
Every town has events that draw the community together. When you are beginning your lobby based bank marketing promotion, check the local calendar to see if there are any festivals or large community events in which your bank can participate. This is a great way to really make use of your Money Machine, Prize Wheel, or Prize Vault while promoting that “neighborhood bank” feeling.
Having the Money Machine, Prize Wheel, or Prize Vault in a public venue will work to build your bank’s brand recognition, increase visibility, and earn new clients.
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