Bank Marketing

Some interesting comments about bank marketing in Xiang Rong’s blog I have just found. He commented on the student-friendly services that TD bank provides and thought it is so worthwhile to open a savings account in TD because of the $50 incentive (and he did encourage me to get it!). And one year earlier when I first came here, I recalled one of my friends also recommended me TD due to the “juicy” offer it gives and also the friendliness of staffs.

In my point of view, TD’s marketing strategy works pretty well on students. It attracts students through the back-to-school offer and charging them ZERO annual fees, which I see is a critical step in getting new customers. What TD aiming for is not students’ tremendous savings (as I don’t think students would save a lot), but a new, potential long-term customer pool. Students may not invest or purchase funds during their school years, but they will when they are part of the workforce a few years later. In other words, the core idea of the back-to-school incentive and student-friendly services behind is having the young customers to try its services, love it, and are slowly converting them into loyal customers. At the same time, it also tries to create peer influence especially in colleges and universities. When students feel good about their services, they will actually share that with their friends (just like what Xiang Rong did =D).

*Frankly speaking, I did feel a little bit remorse for missing the chance to get that as I see more and more poeple around me are so excited in getting that 50 bucks!