Introducing a new product is always a head scratcher for bankers. How to price and how to create a promotional incentive are just two of the many difficult questions that bankers have to solve. For example, do you price a new service with annual fees or monthly fees? Do you introduce the product and offer a money back guarantee so there is no risk to try the new product or do you offer it free on a trial basis?
The below video looks at the above four different ways to market a basic bank product and then compares them based on conversion rates and net revenue generated. We take a case study of offering an identification theft and credit protection package as an example and look at each marketing method and then compare the results.
You might not only be surprised with the outcome, but the winning structure may give you insight into how to successfully offer your next new product.
Submitted by Chris Nichols on December 21, 2016