Amidst economic uncertainty, consumer confidence in banks has sunk to unprecedented lows. According to Gallup’s 2012 confidence survey, published in July, only 21 percent of Americans are confident in their financial institutions. The banking industry had the third lowest rating, coming in ahead of Congress’ 13 percent and Health Maintenance Organizations’ (HMOs) 19 percent.
With record unconfidence, it’s difficult for banks to retain their clients. Some consumers have grown weary of increased transaction fees, while others bristle at poor customer service. The entire industry has to work harder to appeal to their customers to avoid losing even more business.
Promotional marketing can help rebrand banks so consumers will forget about the negative connotations they have about the financial sector. Finding new ways to appeal to consumers and motivate them to stay with one company can help restore confidence in the industry.
Establishing an image
Making sure clients are able to recognize a brand is a large component in developing awareness and changing a reputation. Promotional products can create a long-lasting advertising presence so there is a greater chance consumers can identify a company and its images. These small gifts are an opportunity to move away from the old symbols that customers associate with mistrust and uncertainty.
Promotional pens are popular giveaways because of their effectiveness and popularity among consumers. Some people don’t realize how often they write each day until they don’t have pens with them. These gifts are budget-friendly, so banks will be able to hand one to almost every customer.
Some clients aren’t satisfied with small gifts and want large tokens of appreciation for their loyal patronage. Companies can still give promotional items, but should make sure they’re something customers wouldn’t expect to receive for free.
Personalized business gifts show clients their banks are paying attention to repeat business and are grateful for those returning customers. Giving a coffee mug emblazoned with a client’s name or a personalized tote bag can endear a financial institution to a reliable patrons.
Gifts geared toward a client’s lifestyle can help create a deeper connection. For example, someone who exercises regularly would appreciate a reusable water bottle, while a client who’s constantly on the go can use a promotional USB to bring all their documents everywhere.
Banks need to work hard to restore their images in the post-recession marketplace. Consumers are slow to trust businesses that have failed once before, but giving small gifts can help companies establish their identities and hold onto their clients.