• Ray Andrew posted an update in the group Group logo of Experiential Branding & Communications Experiential Branding & Communications 5 years, 6 months ago

    This past Black Friday and Cyber Monday has been filled with a flurry of sales. The madness associated with this huge shopping weekend can be attributed to the constant buzz around what deals and steals may be on the horizon, as well as those that may already be in effect. One that I noticed was on Amazon almost a week in advance of the actual sale (which is coincidentally today):

    “Check back on December 3, 2013 for a special deal on Assassin’s Creed IV Black Flag!”

    This was in the midst of the pre-Black Friday rush and seemed to pop up on their website quite often, so this previewed (in sale terms) way in advance. In addition, I know multiple websites that consistently had their deals being announced via social media like twitter and Facebook. This works fine with retailing, but I question how a business like a bank would conduct their communications effectively, especially when it comes to special offers. Most are solicitation letters promoting a new card or discount, but most people simply throw them away before they are opened. Email fairs no better, leaving visual media the primary communication method of choice. I see commercials and internet banner ads, but are they truly effective? I have always dabbled with the question as to whether or not a bank could benefit from following a more retail approach. This would not be a retail store approach with constant sales, but more akin to a fitness club that offers discounts on monthly fees or signup costs. Fitness clubs do phenomenally during high volume periods like January, and I believe that banks can capitalize on this as well. The question is how would a bank best communicate these offers, knowing that their standard forms of communication are not entirely efficient or effective.

    • I know I’d love it if my bank was more people friendly and started actually trying to be liked and known. Now me and my gym have a love hate relationship, and that’s a story for another time 🙂 but you know that I’ll still listen in for deals and news if I hear about them. My bank? I only hear about them when they’re pounding on the door for money I owe them! 😀 But I’d wanna find out more about my bank’s offerings, and maybe they should try to make that more modern and people friendly nowadays. It took them forever to jump onto making mobile banking, but who knows, maybe they’ll figure out that we aren’t digging through the paper for deals anymore.

      • This issue is more complex than that in my mind, but I agree that banks are lagging behind in the transition with new technology. As I see it, they need to understand that there is a balance between maintaining their minimalist policy towards advertising their offers and promoting their new offerings. Banks cannot be an invasive business lest people become skeptical of how involved they are in the lives of others. However, they also cannot idle and let competition run off with their customers. As I see it, they need to become more accessible via new social media and promote their business during seasons of high volume.