This effective redemption marketing for the Shin Kong Bank was found all around the Shin Kong Mitsukoshi Department Store, Taiwan’s most fashionable and popular department store. Advertisements for the Shin Kong Bank were found all over the Mistsukoshi Department Store, with prominent displays very difficult to miss.
For customers who apply for a credit card and make three transactions in the first month get to choose from one of three gift sets, including tote bags or a suitcase.
How is redemption marketing being used?
Redemption marketing is focused on getting the customer to return. The result is increasing profit in the long term, as opposed to a quick burst of profit. In the case of Shin Kong Bank, the offer for redemption gifts will incentivize customers to opening an account with them.
Shin Kong realises that just opening an account will not produce optimum results, thus customers must use their credit card three times. The credit charge will more than make up the manufacturing costs and advertising of this offer.
How can redemption marketing work for you?
In today’s market the level of competition is increasing. In order to retain and increase your market share, companies need to use their promotional campaigns in an effective way. Redemption marketing gifts will increase exposure of your company, by not only attracting new customers, but by helping to establish long-term relationships with existing customers. The main aim of such programs is customer retention, this is achieved by encouraging the client to continue to purchase with your company, as opposed to a one off purchase.
Choosing your redemption gift is important, in the case of Shin Kong Bank, they have focused on bags and suitcases. These items are cheap to produce and highly useful to prospective customers. These items also have large space for your company’s branding, this would allow further advertising when clients use these redemptive gifts.