The Big Sale

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Retailers revel in creating interesting offers – buy one get two free, free fill ups to the first 100 visitors, shop at midnight… the thing that many FIs forget is that they too can benefit from this style of marketing.

An FI I work with created a compelling offer – they offered 500 CDs with a 10% yield on a $1,000 maximum deposit. The results they drew were dramatic, their announcement email was sent at 8:30 AM and in less than two hours they had exhausted the 500 limit and had a waiting list of over 1500 people; by noon they had received more than 7000 queries for this great rate.

They played it smart, rather than turning away the rest of the people they offered them a money market account with a 3.75% rate… but to get this offer, the recipient had to provide additional information. This process also got the recipient to pay more attention to their email programs so they wouldn’t miss out on future, great offers – all told their open rate more than tripled.

The FI also created opportunities for their officers; their people were following up with more than 5000 people who had expressed interest in being contacted. Follow their lead, find a creative way to create a buzz and be prepared with a follow up plan for the post buzz too!