Business accountholders are often overlooked as potential new account prospects. This institution ran a successful business campaign that opened a substantial number of accounts.
As a 10-year anniversary offer, this east coast bank promoted its Business Line of Credit and High Yield Money Market Accounts. The campaign was mailed to both current business accountholders and area business prospects.
GIFT OFFER STRATEGY
Offers work best and generate the most attention when tailored to the prospects. In this case, the bank offered a $10 gift certificate redeemable at a Staples store. When an account was opened, the business would receive a $100 Staples gift card and would be entered into a drawing for a $2,500 office makeover.
This unique combination of offers broke through barriers and attracted the attention of a considerable number of business owners.
The letter package went out to a list of less than 12,000 business owners, yet more than 370 business customers and prospects took advantage of the offer and opened new accounts.
• 370 new accounts
• 3.1% opening rate
• $7,385,124 total new deposits
• $6,820,649 total loan balances
• $301,466 estimated revenue
• 1995% Return On Investment
A simple approach with a creative offer made for a very successful marketing campaign to business owners. Both current business customers and new business customers took advantage and opened new accounts.