Tag: Behavioral Marketing

How To Use Goal Gradient Rewards In Banking

Behavioral Bank Marketing - Picture of a gift

Put a rat in a maze, and they will speed up as they get near the end as can smell the reward. Forget rats, human sprinters also run the last 15% of a race faster than the previous 30%. Forget athletes, citizens make more donations to a charity as that charity gets closer to its fundraising goal. Forget citizens, bank customers also complete more new account applications, hit savings goals, and complete conversions if they can view a goal that is close.

Do You Show Price or Attributes First for Banking Products?

Bank Pricing Tactics

If you are in retail, you spend a lot of time thinking about the most effective way to display your product and where to put the price. If you’re Tiffany’s, you put your products out there first, make consumers click into the display, or if you are in person, make them ask about the price. In this manner, the website or salesperson have a chance to explain the quality attributes of the product. However, if you are Amazon or most other retailers, you put your price first.  The question is, what works best in banking?

Should You Play Music In Your Branch?

Music In Bank Branches

Honestly, we are not huge supporters of the opera and go there really only under special circumstances - like when we are forced to go there under gunpoint. Maybe it’s our ADD, or maybe we are too used to Game of Thrones, but in opera it can take a performer up to ten minutes to convey a simple concept such as, “She left me.” Most country songs can do this ten times in thirty seconds.  

 

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