Are you promoting the wrong checking account?
By Steve Topper
It’s marketing decision time.
Which one of your financial institution’s checking accounts do you choose to market via newspaper ads, billboards, or radio spots?
Marketing 101 dictates that you feature only one product at a time for any marketing campaign. This means you must choose one checking account – not feature your entire checking menu. And don’t think about including a savings account or auto loan.
It’s one product-only per campaign!
Do you choose your online or e-checking account, your free checking account, or your elite or premium checking account?
If your bank or credit union simplifies things by offering only two checking account choices – free and not-free – your choice is a bit easier. For those of you with 3 or more checking accounts, the decision of which account to promote becomes a bit more difficult. The more account choices you have, the tougher the decision.
Based on my many years of bank marketing experience, with rare exception, most checking account choices have significant overlap in features and benefits. It’s rare to see checking account choices that are mutually exclusive.
This makes choosing the right or best checking account difficult.
After choosing which account to feature, successful marketing requires that you come up with a competitive offer that is the foundation of your checking marketing campaign.continue reading »