July 15, 2024

Marketing From The 1960’s

Good Morning

I was in my bank yesterday (yes, inside the bank) making a deposit and picking up some deposit slips. I still have clients who send me checks and I like to deposit them in person. I like for bank personnel to see me and get to know me. If you don’t know why that’s important, then contact me!

As I was waiting for them to process my deposit I looked around the lobby and saw the bowl of candy, the new popcorn machine (Friday is popcorn day) and a table with a sign on it for a gift when you open a free checking account.

Back in the 1960’s and 70’s banks and savings & loans (S&L’s) would routinely offer free gifts, usually small kitchen appliances. I remember my mother would go to these banks and S&Ls and open an account for the gift, which I think she used as wedding gifts. I know she had to keep the account open a period of time and/or make additional deposits.

The free gifts helped increase deposits and the number of new accounts which was/is a key indicator of the health of the institution. It was interesting that my bank, which is a small state bank, was using this time-tested method of getting new customers. They did add a new twist, that if a person refers someone both get the gift!

I find it great that companies are looking to the past and using proven methods that worked to promote their businesses. What is old is now new again!

If you need ideas to promote your business this holiday season, just contact me for help!

Till next time.

Freed gift from bank