Befriending the Bank

Pitches, products and plans to make the sale with banks and other financial businesses

It's no secret that consumer banks are avid self-promoters. From direct mail and branded stationary to banking incentives and employee uniforms, banks and other consumer financial organizations (such as H&R Block) use almost every promotional product there is. Unfortunately, their fondness for promotional marketing doesn't exactly translate to easy sales these days. Times aren't just tough for banks, they're horrible. The financial crisis dried up revenue, obliterated public perceptions and raised the stakes and urgency of the banking business from one thousand to about a million. Any bank worth selling to is going to be counting every penny, examining every product and second-guessing every suggestion you make before you even finish your first sales pitch. It's going to take work and guile selling even the easy, tried-and-true promos that banks use every day. Luckily, Promo Marketing is here for you, as always, with the right whats and hows of selling some of the most common banking items to the financial industry.

Pens

A cornerstone of the promotional industry in general, pens are just as crucial to the banking world.

What To Pitch

Ubiquity. Pens are everywhere in banking already, so why not put a logo on them? "Pens in specific are especially relevant within the financial industry as traditional writing is still a frequent and mandatory part of daily business activities," said Kristie Schnier, national director of sales and marketing for Sanford Business-to-Business, Oak Brook, Ill. "From signing checks to completing deposit slips and signing loan applications, a pen is an imperative tool in millions of financial transactions every day." She also noted that pens are very cost-effective compared to other advertising banks could conceivably be involved in, such as print or radio, suggesting another helpful angle to work with hesitant buyers.

What To Know

"Know your product," said Scott Pearson, vice president of merchandising for Sweda Company LLC, City of Industry, Calif. "Know everything there is to know—physical attributes about the writing instrument, what makes it a good/bad product, the quality of the product, the internal mechanisms (click or twist)," he explained. "You want to know these things so you can speak to how 'high quality' the product is and how it fits into a budget."

Ideas For Use

Pearson stated that because pens are lightweight, they're easily used in in direct mail campaigns. Schnier recommended tying the promotion into a larger marketing message the institution is trying to convey, such as having great customer service or easy online banking. She provided a hypothetical example where a pen that uses wash-proof ink, such as Sanford's Uni-ball 207 Gel, pictured [above], could be used in check security demos. The ink in the pen is impervious to a fraud practice known as check-washing, where defrauders seize completed-yet-uncashed checks, chemically wash the ink off the desired fields, and re-enter the information they want. "Institutions across the country are conducting seminars on identity theft prevention," she said. "Each participant [could be] provided with a sample of the pen with the bank's logo and experience the impact that this simple promotional item can have on his or her everyday life."

Electronics

With the continued rise of e-commerce and home banking, electronic items are becoming more and more prized as financial promotions.

What To Pitch

When it comes to money, everyone wants to bank with the smart kid, and high-tech items are a great help in cultivating that image. "These products can help show a financial institution is savvy, technologically driven and a place you want to keep your money," said Pearson.

What To Know

Pearson again emphasized the importance of knowing your product, this time with an emphasis on understanding the pricing of electronics and its realation to quality. "Know the ingredients that make the price point," he said. "There are many electronics to choose from—know the best value of a product at the best price."

Ideas For Use

Pearson suggested a number of items, such as smart phone accessories and computer-cleaning tools, which could be used to promote banking products like a mobile app or worry-free banking. He also mentioned providing USB drives with web keys that auto-launch the company's website whenever used.

Uniforms

For financial businesses that are very consumer-oriented, staff uniforms can be as important as the sign out front for establishing a brand.

What To Pitch

Necessity for the brand. "The financial organizations main reason for purchasing garments is to quickly identify their associates with the patron using their service," said Taraynn Lloyd, marketing director for Edwards Garment, Kalamazoo, Mich. She explained the apparel provides a professional appearance for their associates and establishes the company's brand.

What To Know

"What I would suggest is that uniforms or image apparel are styles that associates 'have' to wear and are not necessarily something they 'want' to wear," said Lloyd. "Knowing this, showcase styles that are appealing to the end-user, or are more retail-inspired. Look for fashion items that blend the institution's colors with the professional service they are providing," she explained. "Take a couple of styles in to have the associates look and feel the fabric. If they feel good about the selection process, then they will feel great about wearing them to work."

Ideas For Use

Lloyd pointed out pants (navy, black or charcoal), woven skirts (white, blue or grey in addition to the aforementioned colors), and sweater- or high-button vests as examples of typical financial uniform items. "The vest and woven shirts are always are embroidered with the financial institution's logo to assist with building their brand," she said. "They can add color with a tie or scarf."