Tag: Quantitative Marketing

This Subject Line Will Make Your Bank Perform Better

Bank Marketing

Last week we brought up the fact that it takes five to 20 calls on a prospect to get a relationship established with a commercial account, yet most bank calling officers give up after three. In addition to perseverance, it helps to improve your prospecting metrics. Yesterday, we discussed the math between how many mass emails you need to send out to equal one customized email to a loan or deposit customer. Today, we give you some best practice tips on how you can make your emails get opened, get read and get acted upon.

 

This Email Equation Will Help Your Bank Prospect

Bank Email Prospecting

We like to have every business development officer spending at least 1.5 hours per day prospecting - sometimes making cold calls, sometimes warm calls and oftentimes emails. The physical calling we will discuss in a future segment, but when it comes to emails you have two choices, send mass emails or send personalized emails. Both work, it is just a question of percentages.

Who Is Getting What In The $1B NCAA Challenge And Why It Matters To Banking

Bank Marketing

While much has been written about Quicken Loans and Warren Buffet’s billion dollar NCAA men’s college basketball bracket challenge, there are important lesson in both marketing, customer acquisition and data collection for bankers that we will get to in a moment. By way of a quick recap, you go to Yahoo, enter for free, pick all 63 games correctly (you don’t have to pick the winners from the play-in round!) and you get $1 billion dollars paid in 40 annual installments of $25 million each or choose the lump sum for $500 million.

What Chase Did Here To Gather Profitable Customers Was Smart

Bank Deposit Promotion

It is a testament to your marketing when your bank’s promotion is traded in the secondary market. Chase is currently offering a $200 bonus when you open a savings account with $15,000 or more (for 90 days minimum) of money not already at the bank. 

While a $200 cash bonus for a new account is on the high side of deposit account cash promotions, it is not unheard of. What is different is that Chase correctly chose to do this with a targeted mailed coupon instead of an open offer, as most banks would have done.

 

Here Is A Template For A Better Bank Marketing Plan

Bank Marketing Plan

To amend an old saying, if you give a man a fish he will have food for a meal. If you teach a man to fish he will eat for a lifetime. However, if you convince the world that they need more Omega 3s in their diet, you and that man catching all the fish can be eating steak at Ruth Chris for the rest of your lives – this is the power of marketing.

 

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