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Need Ideas ...
Posted By: m_haddad17 on 1/4/2007 5:41 PM (CST) 125 Points
Hi

Hi my name is [name deleted by staff] and im working in a bank as customer relation officer,
In my bank we have lunch a new product called XXXX milioner as u see bellow…


" Win Our Bank Shares"
XXXX Millionaire is one of the latest products offered by our bank.
Invest in our Bank Millionaire certificates and you will be eligible for daily and monthly draws on our Bank shares. Each Certificate value is JOD 100.

Features:
• No account opening required.
• Subscription amount is JOD 100, or its multiples, without a limit.
• Daily winner of 100 our bank shares & monthly winner of 1000 our bank shares.
• Higher subscription amounts and longer subscription periods increase your chances of winning.
• Special offers & draws.
• The customer is allowed to redeem the certificate(s) at anytime.
SPEACIAL OFFER: A special draw on 7500 Our Bank Shares on 1/4/2007. Buy your certificate before 1/2/2007 to be eligible.
Don’t miss the special draw on 5000 Our Bank Shares on 6/1/2007.
.

The main purpose for this product was to brought a new deposit for the bank
And that's was happening in the pegging but after that the customer who'd did not win decided to return bank there moneys' despit there still chance to win..

So do u have any idea's that we can made it for the product (add value)..so we can connives customer to keep there money's and brought new deposit for the bank..

Posted by: bigstarnow Member Response
1/4/2007 6:03 PM (CST)
Let someone win everyday

PR
 
Posted by: m_haddad17 Author Response
1/4/2007 6:11 PM (CST)
there is already winner every day for 100 share and at the end of easah month 1000 share ...i nead new idea's so we can made it in the product to make it more atractive....
 
Posted by: ASVP/ChrisB Member Response
1/4/2007 6:47 PM (CST)
M.Haddad

What problem are you trying to solve with this product?

Does the bank need new deposits in order to maintain liquidity ratios and to keep up lending?

Or does it just want to expand its customer base?

Why?

ChrisB
 
Posted by: m_haddad17 Author Response
1/4/2007 6:56 PM (CST)
new deposit in order to increase banks general deposit...... and also to expand customer base ...

but the proirity is to brought and convince customer to for brought new deposit....
 
Posted by: d_crawford* Member Response
1/4/2007 7:20 PM (CST)
Increase the value of the deposit--higher return on deposits, no fees, and etc.

Better yet, include a survey with the contest entry asking customers what they need/want from their bank, then create programs to fulfill their needs/wants.

Right now, you are assuming that everyone wants a chance to win money. Maybe it is more important to them that their bank associates be friendly and helpful. Maybe they want free savings accounts for their children. Maybe they would like to get a free cell phone when they open an account. You don't know without asking.
 
Posted by: m_haddad17 Author Response
1/4/2007 7:33 PM (CST)
thanx...

but what we r looking here is to develope this product to increase deposit and no of custome...
 
Posted by: lraul_marroquin Member Response
1/4/2007 10:30 PM (CST)
Identify which customers are leaving, why they do it and where are they taking their money. Realizing the value of the customer who is leaving and why is he/she doing that is a must to find a proper response.

Besides the lack of interest of customers show because they didn't won the price at first, there must be aditional reasons for leaving, asking the following may show you
relevant information:

- Are they taking their money to your competition? If it so, do their saving/investment instruments have more attractives/incentives than yours, does their selling/advertising efforts are more engaging than yours?

- Are they taking their money to put under theirs pillows? If it so, why they do? if customers took certificates just because the prize was fantastic and sudently their expectations were not met, there might be an overpositioning of your campaign or a lack of
tangible benefits for your product.

Once you've spotted the causes why customers are leaving, it will be more clear to see what initiatives you can run, some of them might be:

Product Definition: Improve the core benefits (profit) the instrument provide to your customers.

Customer Care Program: Apply a loyalty program oriented not only to the acquisition phase, else take care that customers find incentives to stay and invest more, even when they are they signing off, this prompt a question, has your branch personnel the tools to retain a customer? can they offer a better rate/lower comission or other value to a client willing to leave?

Advertising/Promotion: Change the prize to something more attractive, improve the probability to win, maybe you customers are interested in having better chances to win than the size/value of the price, there is a savings account from BBVA (spanish bank) called "el libretón" that is a great example of a permanent promotional program to incentive savings from customers.

I hope this can give you a detailed approach to find a solution, I have been involved in marketing for the banking sector and know that detailed insights from your customers will reveal you what to improve.
 
Posted by: m_haddad17 Author Response
1/5/2007 4:49 AM (CST)
lraul
thank u for ur respond...

most of the customer living us for no reason..des pit we asked them to fill form (coz of living us)....so as u can see we are in the middle of fog...so what we exactly looking to do here is to add value for this product...

and could u lraul give me more ex about bank's as the spanish bank ( i'v visited all the site in spanish
)
 
Posted by: lraul_marroquin Member Response
1/5/2007 7:51 AM (CST)
I recommend you to google some banks in the world and saw what have worked for them. Another example I know is "El Ahorrotón" (big savings) from BAC Bank https://www.bac.net/elsalvador/esp/banco/personal/percueahorroton.html) however, it is a similar concept of what BBVA realized first.

The point of this kind of promotions is to offer really atractive prizes that outcome customer expectatives, something beyond a promotional gift. For some customers this may mean getting a car, a house, a travel...etc. there are so many ideas you can wonder around, ask your customers to infer what they want, and if you can't then unleash your survival instinct with a gut guess.

To Add value to your product you have two options:
1. Do a cross or up selling of other financial products thay can be appealing to your customers
2. And again, deliver better prizes and chances to win.

Maybe you need to soften your feedback approach, instead of a form, rely on a simple interview or conversation, try to reach your customers that haven't resigned yet , for those customers who already are visiting your branhes with the purpose to take their money back may be is too late to ask for feedback.
 
Posted by: rjohnni Member Response
1/5/2007 9:34 AM (CST)
Lottery prices can become bigger.

Dubai Shopping festival Gives away huge raffle wins. for 500 AED, you might win a porsche! Also think of American Visa Lottery.

Why are they succesful and have large franchisees? 'coz they have larger benifits out of winning. And exciting.

You stop giving away participation to everyone...put it more like get an account with our bank, for every 100 JOD, you get one raffle no. and for every 100 further you get more...till you reach a level and offer more raffles to increase his depositing amount. Offer a grand PRIZE, than just 100 JOD daily...here the new customer does not lose anything...he just have your account...and now YOU will have to retain them with your customer management skills!!!

As a bank if you are losing out on clients, and you are trying to solve them with small raffles...there must be something wrong somewhere throughout the process. You have to identify the problem. The crux of it.

KUDOS
 
Posted by: m_haddad17 Author Response
1/5/2007 11:01 AM (CST)
dera rjohnni...


as u can see below in the producut eash 100 give's u one chance in the draw...

so what we nead here is to put extra value for the product..
 
Posted by: m_haddad17 Author Response
1/5/2007 11:30 AM (CST)
lraul..

thanx again...

iv already did a few research and the result was as u can see....https://www.fnb.co.za/personal/save/million/index.html this product looks similar like our..

lrual u have said about add value for the product(To Add value to your product you have two options:
1. Do a cross or up selling of other financial products they can be appealing to your customers
2. And again, deliver better prizes and chances to win.
could give example in English (coz the other site was also in spanish

...lrual what we r looking now in my bank to let this product succeed .

I'm really looking ur respond ..
[name and email address deleted by staff]
 
Posted by: lraul_marroquin Member Response
1/5/2007 2:44 PM (CST)
Mohammad, I am glad to help you.

Examples of doing a cross or up-selling of others products means give them preferred or -even a free access- to other products you have like insurance programs, check accounts, preferred rates for personal loans. how about access to a VIP room in your branches? Let your customers feel special and they will acknowledge your effort showing their preference for your bank. You will need to crunch numbers to realize what mix of products can be offered to this customers at a preferred price/rate/comission.

Create a plan to retain current customers, many ideas come to my mind: give incentives to your branch personnel for retaining customers, give to yoru branch personnel better negotiation resources to use with a client willing to take back their money, improve the chances to win: double the opportunities to win for customers who stay longer.

Secondly, create a plan to recover lost clients, do they still have any open account/product with the bank? contact them and offer them a better deal, rely on personnel like a call center who can do outgoing calls and follow up clients.

I am guessing that is possible to negotiate with customers willing to leave, isn´t it? The cultural differences among all of us could be an impediment to reach a full understanding of the situation.

If you need to fasten this conversation and take it to a closed level, you can drop a line at my email or instant messaging, my e-mail account is listed on my profile.

Sorry I am out of more examples, the left one I remembered was that of BAC Bank, good luck!
 
Posted by: m_haddad17 Author Response
1/5/2007 2:54 PM (CST)
lraul

thanx very much...

i would to ask u to visit this link..
https://www.fnb.co.za/personal/save/million/mamaOut.html

so as u see thay were faced same propliem ...so what u think could we implement this in our product or u have some oter idea's...
 
Posted by: lraul_marroquin Member Response
1/5/2007 3:15 PM (CST)
I already visit the site and got a better picture of the product, however we are not clear yet why your customers leave and that let us short of hands.

Take in consideration that a saving/investment decision is not solely influenced by your marketing mix, there are external variables out of your control: inflation, capital market openess, shifts in consumer preferences, competitors reactions and even speculation.

 
Posted by: m_haddad17 Author Response
1/5/2007 4:01 PM (CST)
lraul

what im saying here have u noticed how thay made link between two product eash one support the other ...so is ther any chance that it could be work in my bank..
arabbank.com.jo
 
Posted by: garykoroth Member Response
1/6/2007 5:08 AM (CST)
better give those unlucky fellows some prizes just to pull them back by offering some thing along with the account opening so that the customers feel that they are not doing the right thing by closing the account in this particular bank.
 
Posted by: lraul_marroquin Accepted Answer
1/6/2007 11:45 AM (CST)
Chances to succeed? Ask yor customers, they will tell you how good a combination it is, I believe people like more for less, if the financial needs of your customers are better satisfied by the combination you have made, then you in the road. My advise is set a goal, go ahead, measure the results and correct if necessary.

If you don't want to go on big scale, then do a pilot test at a branch or with a group of customers, you need to take action as soon as possible, it is the only way you will gain the most valuable insight from your customers.
 
Posted by: Kamran Member Response
1/8/2007 2:19 AM (CST)
Iraul has already given so many examples and points that, nothing really important is left. there is no magic bullet, you will have to think about doing all these recommendations.

However, i have a question for you. What is your success criteria, e.g. when will you consider that the product has succeeded, would it depend upon no of cusotmers, amount of new deposits etc.
you might also like to think about, is keeping ALL the customers are worthwhile. 80% of your profits from 20% of customers, so you might like to check out this fact also. if really rich customers are leaving then you are in trouble.

Regards
 
Posted by: shouq.s Member Response
1/17/2007 4:39 AM (CST)
Hello,

I think the problem you have lies in the local stock market, not in your campaign, the problem is that the stock market is loosing big time, and you are giving the participant a share in this loosing market (as the customer see it) so maybe you should direct these customers to the fact that your shares are not loosing, like, by sending SMS to them on daily basis what is the share price today, do some news announcement on how your bank capital is increasing and how it is shares gaining profits, maybe you can publish a Press releases on how the first people participated with your bank in this promotion have gained more now form their 100 JD (I mean their shares must have brought them some money by now, the campaign have been running from 3 months I think) or maybe, you need to add a new prize, like instead of giving them share in the bank give them advantages from bank services that usually they will have to pay for, like credit card with higher ceiling than a 100 JD can give them....

I hope it will help....

Good Luck
 
Posted by: shouq.s Member Response
1/17/2007 4:55 AM (CST)
hello again,

You can also announce if the participant in your promotion shall bring 5 new customers he shall get another share of 100 JD, it's like you create sales men from customers!!
you can Of course do your calculation to make it profitable and to achieve your goals...

 
Posted by: nasrkaram Member Response
5/24/2007 8:32 AM (CST)
hey intersted to know what happened with your product. Is it stll functioning or is it stopped. In addition is a branch or two loosing or the whole bank loosing customers?
 


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