Marketing of Banks
I read my friend, Xiang Rong’s blog and would like to extend his topic of banks’ marketing as I had became one of TD Trust’s customers after they offered the promotion of “Free Money” of $50. It was interesting and attractive to me as I’m a realistic customer.
As promotion is a tool to convey the value of product and services to the consumers, the “Free Money” is an effective tool to attract a large number of university students who are going to be out in the market in few years time. The promotion works well to anchor future potential customers who will be depositing maybe millions of dollars to their selected or favorite bank.
Once the students are finished with studying they go on to work, they will need more services from the bank. As more customers accepted the promotion, they will start using the bank’s services and they might get attracted by the quality of services of the bank. For me, I personally like their operating hours which closes at 8pm. This means that workers who finish their work at 5pm do not need to worry that no bank will be open to serve them.
What they expect for is that students who accepted the offer will turn to be their lifetime customers who will develop brand loyalty. Brand loyalty is so powerful in the marketing world as it can strengthen the consumer base and increase the market share to be one of largest financial institutions. So, this is just their way to invest on us to create huge potential returns in the future. But, I don’t mind because I want my “Free Money”. :->
