Unconventional bank marketing strategies
Thursday, 17 September 2009
Zahir Uddin
An 'innovative idea' can manipulate the attitudes and approaches of customers and prospects. "Innovative ideas", the pair of words has already become synonymous with the word "marketing" as people think, "marketing is all about innovative ideas". Which ideas actually generate desired response for marketer?
The question can be answered in varied tones but there is little scope to overlook four simple requirements. First, these ideas are memorable: "Not just different, but memorable". Second, the marketing offers and communications should be easy to understand and deliver. This standard is important for both customers and employees. The marketing ideas with the greatest potential are those that are easily understood and supported by existing resource.
Third, really great marketing ideas have a foundation in value -- the kind of value that connects quickly with the banks' target audience. It doesn't matter if your marketing offer and communications are directed at retail households or business decision-makers, the bank needs to provide value that the end user perceives important. And, marketer needs to do it quickly or risks losing his or her prospects. Marketing promotion that lacks a clear value propositions for the target market require wider dissemination and thus more spending in order to connect with potential customers.
An example of a 'value' offer that connects product and decision-maker is free checking from a bank with convenient location, plenty of ATMs and online banking targeted to young families with busy schedules. DBBL in this country is a stunning example of this kind.
Finally and fourth: Focus, focus, and focus. The best marketing ideas create a connection with a targeted audience that generates response, interaction or purchase intent. In his book titled 'Tested advertising method', John Caples shares three steps to improve creativity applied to print advertising. The steps include: 1) capture the prospects' attention; 2) maintain the prospects' interest; and 3) move the prospect to a favourable action.
The use of the word "prospect" assumes we have a target audience identified and worth pursuing. "Moving to a favourable action" implies our offer and communication will connect with the potential client. Targeted connections, whether applied to direct marketing or mass media, will help control your marketing expense.
The profession of bank marketing in Bangladesh is getting eye-caching glamour day by day. At the same time, the bank marketers are now on a hyper competitive race to capture their market share. As the competition becomes intense "newer thinking" is inspired. Let us think about some "ideas" for bank marketers, which are not necessarily newer rather very simple, yet unconventional.
Popularising bank website
As the new government promised for Digital Bangladesh, banks can collectively negotiate with the government so that it helps them go for web based banking solution. The idea of Digital Bangladesh overtly depends on how much prepared the people are and to what extent they are technology oriented in their day-to-day activities. Customers' habit of transacting online with banks is one of the robust indicators of their readiness for a digitally enabled Bangladesh. Standing on this footing, we should ponder on how effectively we can attract people toward web-based banking transaction. The following are a few ways:
Firstly, the banks can offer special rate for online customer. A bank can offer a home loan at .05 per cent lower rate of interest only for their online customers. The reduction of the rate of interest can be justified, as the bank needs to pay out less amount of service cost to serve them. Those who travel through London city know that a passenger, saying bus fare through ATM card, needs to pay almost fifty percent less than those who pay cash. The reason behind this service charge diminution is that the transport agency gets the payment directly without incurring any cost of collection, as they do not require extra employees to take delivery of payment.
Secondly, the banks can bargain with government so that the authorities subsidises them for on-line service. Otherwise, the government can make on-line service fully tax-free or can reduce tax rate on the revenue generated through online service as this web-based service motivates people to think digitally.
Thirdly, the bank can develop some pretty products, which can be reached only over Internet. This product will entice customers to transact on-line.
In fact online service has become a "need-to-survive". The whole world is moving toward a brick less virtual banking. Not only the developed, but also developing countries are opting for technology oriented services. The question, how much popular a website is holds almost same weight as the question- how much popular the bank is? Moreover, having smart customers is a bliss for business. Dealing with smart customers makes a service provider smarter. And they are easy to deal with and more profitable to transact with, because they are not likely to kill your time by nagging attitudes.
Another way of popularising online banking can be -- offering website sweepstakes. The bank can develop a sweepstake to give away computer-related items such as photo printer, software, music or movie downloads, allow entries at the bank, by mail or online. It can also collect name, address and e-mail information for future broadcast communications and publish sweepstake winners on sweepstake's entry page of your website.
The goal would be to encourage website visit and collect e-mail addresses for future promotion of technology based services.
Those who know about free SMS service of www.Wdja.com, a web-based social network, are well acquainted with this very simple but unconventional marketing idea. An easy-to-understand example: suppose, a bank makes an agreement with a mobile phone company that its subscribers would enjoy free SMS service up to a total of 5 SMS per day to any cell phone operator. The bank will pay for those SMS with the agreement that every SMS will accompany a very small ad of a product of the bank or simply a clause will be added with SMS that, "This SMS is sponsored by the following bank".
Since the subscriber sends his own message in his own language to his friend or family, that SMS will definitely carry weight to the receiver because the SMS serves his own interest, when the receiver suddenly sees message along with his own-purpose, the SMS will create an appeal to the recipient.
A bank can introduce a blog on economic issues or more specifically on financial issues where bloggers will share their experiences regarding services of various financial institutions, their ideas about new products, the features they desire from a product, or simply what they know about financial market. Introducing new blogging platform may not produce any appeal to bloggers as lots of popular blogging platforms have already been introduced. Rather it would be better if bank purchase a place on "www.somewhereinblog.com" as this blog has already become lucrative platform for bloggers. The sponsor bank can declare awards for the best idea provider at a grand gathering.
It will definitely create positive image for the sponsor bank. This idea is best suited for prominent banks that already have gained glamour otherwise the blog might not be able to magnetize bloggers.
Think about two products with almost similar features. One of which has been innovated by marketing specialists after a tremendous work of brainstorming on product development. Another one has been adorned with all the features that are directly derived from customers who are supposed to purchase those products. Definitely, the second one will induce more demand than the first, as customer will think that product as "my product".
A competition can be launched among a target segment so that they will suggest appropriate product idea, which is best suited for their own need. Suppose, HSBC is going to launch "student package" and the bank can ask students to suggest product features what they want to get in the package. The bank can offer lucrative award in huge gathering for the best idea provider. This competition will spread wide awareness about the upcoming package even when the package is yet to come.
The success of the strategy would fully depend on how much competently the bank can arrange the competition. Actually, a simple even funny idea can generate huge responses if the organisation performs in a professional fashion. Just think about 'oath-taking campaign' of Daily Prothom Alo.
At the genesis stage I thought that the idea is very much of childish type. But ultimately they succeeded in creating a wide response among readers only because they were sincere, professional and prepared enough for the campaign.
We are nauseatingly bombarded with so many billboards set on both sides of city streets. Most of the billboards are thought as niggling as they are filled with exaggeration and sometimes it appears as street-canvasser, which is almost a slung in this country. Setting very big clocks on important places can be a worthwhile idea for bank marketing.
Let us understand the idea with an example. Suppose, a bank sets up a big clock at Shahbagh crossing with their logo to advertise their e-banking product. There might be a slogan like 'Banking service round the clock'.
Think about an ad on billboard advocating for a product, which is designed specially for retired persons. Billboards are set in many places throughout the city. A passenger who does not belong to that specific segment but is being repeatedly exposed to the billboards, which do not convey anything of his own interest, will definitely be psychologically harassed and more severely bored with the advertiser.
It is very simple to understand the reason behind this is that the billboard does not exhibit anything, which can compensate for his time wasted by the billboard. A clock can be a better alternative to a billboard, which will compensate him by showing time. Someone may find it trifling 'compensation', but it will definitely add value for the audience. One may find it costly, but only 10 big clocks at key points could cover the entire city of Dhaka more effectively than 100 billboards. It would also create a positive image for banks.
The writer is a BBA student of Dhaka University and can be reached at
e-mail: zahirasia@mail.com
An 'innovative idea' can manipulate the attitudes and approaches of customers and prospects. "Innovative ideas", the pair of words has already become synonymous with the word "marketing" as people think, "marketing is all about innovative ideas". Which ideas actually generate desired response for marketer?
The question can be answered in varied tones but there is little scope to overlook four simple requirements. First, these ideas are memorable: "Not just different, but memorable". Second, the marketing offers and communications should be easy to understand and deliver. This standard is important for both customers and employees. The marketing ideas with the greatest potential are those that are easily understood and supported by existing resource.
Third, really great marketing ideas have a foundation in value -- the kind of value that connects quickly with the banks' target audience. It doesn't matter if your marketing offer and communications are directed at retail households or business decision-makers, the bank needs to provide value that the end user perceives important. And, marketer needs to do it quickly or risks losing his or her prospects. Marketing promotion that lacks a clear value propositions for the target market require wider dissemination and thus more spending in order to connect with potential customers.
An example of a 'value' offer that connects product and decision-maker is free checking from a bank with convenient location, plenty of ATMs and online banking targeted to young families with busy schedules. DBBL in this country is a stunning example of this kind.
Finally and fourth: Focus, focus, and focus. The best marketing ideas create a connection with a targeted audience that generates response, interaction or purchase intent. In his book titled 'Tested advertising method', John Caples shares three steps to improve creativity applied to print advertising. The steps include: 1) capture the prospects' attention; 2) maintain the prospects' interest; and 3) move the prospect to a favourable action.
The use of the word "prospect" assumes we have a target audience identified and worth pursuing. "Moving to a favourable action" implies our offer and communication will connect with the potential client. Targeted connections, whether applied to direct marketing or mass media, will help control your marketing expense.
The profession of bank marketing in Bangladesh is getting eye-caching glamour day by day. At the same time, the bank marketers are now on a hyper competitive race to capture their market share. As the competition becomes intense "newer thinking" is inspired. Let us think about some "ideas" for bank marketers, which are not necessarily newer rather very simple, yet unconventional.
Popularising bank website
As the new government promised for Digital Bangladesh, banks can collectively negotiate with the government so that it helps them go for web based banking solution. The idea of Digital Bangladesh overtly depends on how much prepared the people are and to what extent they are technology oriented in their day-to-day activities. Customers' habit of transacting online with banks is one of the robust indicators of their readiness for a digitally enabled Bangladesh. Standing on this footing, we should ponder on how effectively we can attract people toward web-based banking transaction. The following are a few ways:
Firstly, the banks can offer special rate for online customer. A bank can offer a home loan at .05 per cent lower rate of interest only for their online customers. The reduction of the rate of interest can be justified, as the bank needs to pay out less amount of service cost to serve them. Those who travel through London city know that a passenger, saying bus fare through ATM card, needs to pay almost fifty percent less than those who pay cash. The reason behind this service charge diminution is that the transport agency gets the payment directly without incurring any cost of collection, as they do not require extra employees to take delivery of payment.
Secondly, the banks can bargain with government so that the authorities subsidises them for on-line service. Otherwise, the government can make on-line service fully tax-free or can reduce tax rate on the revenue generated through online service as this web-based service motivates people to think digitally.
Thirdly, the bank can develop some pretty products, which can be reached only over Internet. This product will entice customers to transact on-line.
In fact online service has become a "need-to-survive". The whole world is moving toward a brick less virtual banking. Not only the developed, but also developing countries are opting for technology oriented services. The question, how much popular a website is holds almost same weight as the question- how much popular the bank is? Moreover, having smart customers is a bliss for business. Dealing with smart customers makes a service provider smarter. And they are easy to deal with and more profitable to transact with, because they are not likely to kill your time by nagging attitudes.
Another way of popularising online banking can be -- offering website sweepstakes. The bank can develop a sweepstake to give away computer-related items such as photo printer, software, music or movie downloads, allow entries at the bank, by mail or online. It can also collect name, address and e-mail information for future broadcast communications and publish sweepstake winners on sweepstake's entry page of your website.
The goal would be to encourage website visit and collect e-mail addresses for future promotion of technology based services.
Those who know about free SMS service of www.Wdja.com, a web-based social network, are well acquainted with this very simple but unconventional marketing idea. An easy-to-understand example: suppose, a bank makes an agreement with a mobile phone company that its subscribers would enjoy free SMS service up to a total of 5 SMS per day to any cell phone operator. The bank will pay for those SMS with the agreement that every SMS will accompany a very small ad of a product of the bank or simply a clause will be added with SMS that, "This SMS is sponsored by the following bank".
Since the subscriber sends his own message in his own language to his friend or family, that SMS will definitely carry weight to the receiver because the SMS serves his own interest, when the receiver suddenly sees message along with his own-purpose, the SMS will create an appeal to the recipient.
A bank can introduce a blog on economic issues or more specifically on financial issues where bloggers will share their experiences regarding services of various financial institutions, their ideas about new products, the features they desire from a product, or simply what they know about financial market. Introducing new blogging platform may not produce any appeal to bloggers as lots of popular blogging platforms have already been introduced. Rather it would be better if bank purchase a place on "www.somewhereinblog.com" as this blog has already become lucrative platform for bloggers. The sponsor bank can declare awards for the best idea provider at a grand gathering.
It will definitely create positive image for the sponsor bank. This idea is best suited for prominent banks that already have gained glamour otherwise the blog might not be able to magnetize bloggers.
Think about two products with almost similar features. One of which has been innovated by marketing specialists after a tremendous work of brainstorming on product development. Another one has been adorned with all the features that are directly derived from customers who are supposed to purchase those products. Definitely, the second one will induce more demand than the first, as customer will think that product as "my product".
A competition can be launched among a target segment so that they will suggest appropriate product idea, which is best suited for their own need. Suppose, HSBC is going to launch "student package" and the bank can ask students to suggest product features what they want to get in the package. The bank can offer lucrative award in huge gathering for the best idea provider. This competition will spread wide awareness about the upcoming package even when the package is yet to come.
The success of the strategy would fully depend on how much competently the bank can arrange the competition. Actually, a simple even funny idea can generate huge responses if the organisation performs in a professional fashion. Just think about 'oath-taking campaign' of Daily Prothom Alo.
At the genesis stage I thought that the idea is very much of childish type. But ultimately they succeeded in creating a wide response among readers only because they were sincere, professional and prepared enough for the campaign.
We are nauseatingly bombarded with so many billboards set on both sides of city streets. Most of the billboards are thought as niggling as they are filled with exaggeration and sometimes it appears as street-canvasser, which is almost a slung in this country. Setting very big clocks on important places can be a worthwhile idea for bank marketing.
Let us understand the idea with an example. Suppose, a bank sets up a big clock at Shahbagh crossing with their logo to advertise their e-banking product. There might be a slogan like 'Banking service round the clock'.
Think about an ad on billboard advocating for a product, which is designed specially for retired persons. Billboards are set in many places throughout the city. A passenger who does not belong to that specific segment but is being repeatedly exposed to the billboards, which do not convey anything of his own interest, will definitely be psychologically harassed and more severely bored with the advertiser.
It is very simple to understand the reason behind this is that the billboard does not exhibit anything, which can compensate for his time wasted by the billboard. A clock can be a better alternative to a billboard, which will compensate him by showing time. Someone may find it trifling 'compensation', but it will definitely add value for the audience. One may find it costly, but only 10 big clocks at key points could cover the entire city of Dhaka more effectively than 100 billboards. It would also create a positive image for banks.
The writer is a BBA student of Dhaka University and can be reached at
e-mail: zahirasia@mail.com