Banks are a dime a dozen. Customers are spoiled for choice when it comes to which bank to choose. In such a competitive environment, banks have to come up with unique ways to stand out from the crowd. Promotional bank giveaways are a great way to do this. In this blog, we will be taking a closer look into the promotional giveaway campaign that DBS is currently engaging in.
DBS is offering its new customers a wide variety of incentives and free gifts when they sign up for the DBS Compass Visa credit card. When customers spend a certain amount of money over a specified time period, they get to enjoy a variety of free gifts.
For example, customers who spend HK$2,880 will be eligible to redeem a Dyson Pure Cool Link 2-in-1 Fan and Air Freshener.
Customers who spend HK$6,800 will be eligible to redeem a Le Maurice Dolomite series suitcase.
Why Bank Giveaways Are A Good Idea
Attracts New Customers:
Customers who are looking for a new bank will always consider the advantages and disadvantages of choosing to go with different banks. They also consider what each bank offers them. In this situation, offering giveaways of free gifts for new customers will definitely make them gravitate towards your brand. Due to the nature of banks, customers typically stick with a bank for an extremely long period of time, sometimes even indefinitely! Hence, attracting new customers is very important for banks, as it ensures a long relationship where both parties benefit.
Enhances Relationship with Existing Clients:
Having a bank giveaway marketing campaign also strengthens the relationship with existing clients. When a bank offers its customers gifts for using their credit cards to purchase items, customers would inevitably use that card more, and even make it their default card for purchases. Hence, as customers are doing more business with your bank, the relationship between the bank and the customers strengthens. This is extremely valuable, as customers are sure to remain with your bank rather than turn to your competitors.
Increases Brand Value:
Offering a bank giveaway also increases brand value. When customers receive gifts for doing business with your bank, they would associate the bank with a higher perceived value, especially relative to other banks that do not offer such promotions. Banks can take this one step further by offering high-end gifts to customers, which will result in an even higher perceived value in the eyes of customers. Brand value is an extremely priceless trait for businesses, especially for those who handle their customers’ money, such as banks. Therefore, a greater perceived value would ultimately translate into greater trust in the bank from its customers.
Opportunity For Collaborative Marketing:
Bank giveaways also present the perfect opportunity for banks to engage in collaborative marketing with other brands. For example, the banks can partner with travel agencies to offer short vacations as a promotional giveaway. Furthermore, collaborative marketing allows brands to undertake more ambitious marketing campaigns that they would not be able to achieve alone. Hence, it presents a win-win situation for both parties. In addition, a strong business relationship could be formed, leading to further successful collaborative marketing campaigns in the future.
How We Can Help You:
Decided to hold a similar giveaway promotion for your brand? Smart move! We here at ODM can help you achieve your marketing goals. ODM specializes in designing, sourcing, and manufacturing custom promotional products. We also offer product brainstorming sessions to come up with a range of custom promotional products perfect for your brand. Don’t hesitate to contact us today to find out how we can help your brand!
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