Financial Wish List

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Last Friday we wrote about eWish Lists – although this post applied to retail companies, the wish list concept can also apply to financial institutions.

Credit Union Example
A credit union I work with came up with a unique way to engage local youth during the summer, they told their members (in credit union lingo customers = members) to give their kids a special summer writing project. To participate, they had to submit an essay describing what they would do with $250K as the mayor of the city, charged with creating summer youth programs.

Parents submitted the essays and included the child’s age, education goals, etc. as part of the entry form. All this information was maintained in a database that allowed the CU to market education, insurance and car loan products to the member’s for their kids. All members were asked to judge – so everyone was involved.

Banking Example
Another financial institution I work with sent an email campaign with the subject lines (split testing) What if you won the Lottery? and What if you won a Million Bucks? The campaign was used to launch a dream giveaway – recipients were asked to tell what they would do with the winnings.

Obviously the email got attention; there were many click-throughs to the landing page designed to capture the responder’s lifestyle choices/ products – things they could buy or do if they had a million dollars. The landing page also included a calculator, to help the customer learn how much they would have to save to reach their financial goal(s.) They tried to make the interactivity as real as possible – asking for more and more detail from the customer and showing them the steps to attain their financial goals. All information fed the bank’s marketing database and used today to create personalized marketing programs for each customer.

In both of these examples, the CU and Bank made connections with their customers – they created conversations and fueled their marketing efforts for years to come.