The In-Store Branch which utilizes promotions as a part of their marketing program finds the effort to be worth the benefit. Contemplate the following in-store branch promotions:
- A strategic initiative to new customer/member acquisition.
- A cost-effective means to highlight the In-Store Branch’s product and service offerings. Promotions may be conducted with a small budget.
- Equip the In-Store Branch staff with the needed essentials of marketing to today’s consumer savvy audience.
- Transform In-Store Branch associates into powerhouse sales agents energized to secure growth and profitability.
Gaining Attention, Building Interest
In-Store Branches have countless promotional opportunities at their disposal. An advantage of having the target market inside the store is that the branch’s promotional expense and effort is calculated and focused. In other words, very little time or effort is wasted on individuals who are not in the target market. It is important to be aware of your financial institution and retail partner expectations when it comes to creating promotions. Promotions can take on many designs. However, each promotion should accomplish the following:
- Increase the In-Store Branch’s presence within the retail store.
- Highlight the financial institution’s services or product line.
- Generate excitement and interest among shoppers.
- Demonstrate the In-Store Branch’s convenience based on its location.
- Identify the In-Store Branch as a full-service operation rather than a transaction facility.
- Create an energetic vehicle to aid in attainment of goals.
Planning, Conducting, and Evaluating Winning Promotions
Utilize the following steps based on the FSI Power Promotion Worksheet to create the ultimate promotion time and time again.
Step One: Begin by Determining Which Product or Service You Wish to Highlight
Basing your promotion around one particular product or service enhances the purpose of the promotion and increases its potential for effectiveness.
Step Two: Determine Length of the Promotion
Promotions should be conducted over a short period of time; ideally no longer than one month, to ensure appropriate visibility. However, great success has been found in one-day or weekend promotions. Test your store environment for optimal promotion performance.
Step Three: Set Goals
At this stage of the promotion design, both branch-wide goals and individual goals should be set. Goals should be challenging yet attainable. Individual In-Store Branch associates should be held accountable for their participation towards the overall branch goal. Remember, it is not always the In-Store Branch Manager who receives the highest or most challenging goal.
Step Four: Select the Promotional Theme
The theme of the In-Store Branch promotion sets the tone for the entire run. Themes can be based on any of the following:
- Seasons
- School Events
- Holidays
- Sports
- Local Events
- Movies/Music/Television
- Spontaneous Celebrations
- Current Fads/Trends
Step Five: Create a Catchy Slogan
This step of the process is typically the most challenging and the most enjoyable. Feel free to be as creative as you wish. Remember, the goal here is to catch the attention of the shopper while informing them of the particular product/service you are promoting. Here are some examples:
- Fall Into Your Hopes and Dreams With a Home Loan
- Honey of a Deal
- Let Us Give You S’more Reasons to Join
- Let Us Be Your “Peeps”
- Our Rates Are Falling Like Snowflakes
- Let Us Help You Tackle Your Financial Needs
- Get Financially Fit
- Unmask Your Money’s Potential
Step Six: Utilize Your Marketing Message Board
Once your slogan has been created, put it to good use. Draw, paste letters, or color your slogan on the Marketing Message Board and place it a few feet in front or to the side of the branch where it will be seen and read. Remember to get your retail store manager’s approval on approved locations for your message board. The Marketing Message Board can also be utilized to post trivia questions, a brain teaser or highlight upcoming events. Effective Marketing Message Boards are kept simple and create a gimmick that entices shoppers to inquire as to more information.
Step Seven: Plan Your Merchandising Scheme
Decorate your branch to fit the theme of the promotion. Utilize your ceiling, cabinets and teller line as decoration destinations. The bigger, bolder, and brighter, the more of an impact you will make on the shoppers of the store.
Step Eight: Determine the Attire
In-Store Branch associates are encouraged to incorporate special attire into their promotion. Whether it is a ribbon placed under your nametag, a hat worn on the weekends, logo wear or a full costume, shoppers will notice and will likely be intrigued to discover what the promotion is all about.
Step Nine: Ste the Business Development Goals
In addition to the In-Store Branch’s normal business development practices, determine what specific business development activities will be necessary to meet the promotion goals. Breaking down your business development goals during a promotion will help each associate see a direct correlation between business development and the goal results.
Step Ten: Write a Coordinating Public Address Announcement (PA)
When appropriate, create a unique PA to highlight the product/service you are promoting. The message will reach shoppers and enhance your promotional success. Use the FSI PA form found in this section of The Smart Cart under PA Announcements.
Step Eleven: Select a Branch Activity
The purpose of the branch activity is to draw shoppers into your branch allowing for conversations that lead to personal connections. Branch activities should fit within the branch’s promotional theme, be short in duration, and allow the shopper to return quickly to their shopping. In-Store associates should utilize the time to step out from behind the teller line and actively interact with participants in an effort to build relationships.
Step Twelve: Budget Planning
An important step in the Power Promotion process is budget planning. Being located in a retail environment allows you the advantage of knowing the price of items that you will utilize to decorate or distribute during your promotion. Take the time to carefully price the items that are necessary to the promotion. The more frugal and accurate your branch is with the budgeting process, the more respect and approval you will gain from senior management.
Step Thirteen: Evaluation
Evaluating the In-Store Branch promotion upon completion allows for a more calculated approach to future promotions. Take into consideration the feedback gained from retail employees and shoppers, as well as how much new business was generated.
Step Fourteen: File and Share
Once the In-Store Branch promotion is complete, file your Power Promotion Worksheet in a notebook. The ability to reuse previous promotions will be beneficial as the branch’s activity grows. Sharing promotional ideas with other in-store branches within your financial institution also helps everyone win.
Step Fifteen: Submit and Earn Recognition
Visit supermarketbank.com to submit your best promotion ideas for potential publication on The Smart Cart, in The SuperMarketing Calendar, or in FSI’s National In-Store Banking Conference Idea Exchange. Recognition is great feedback for your team’s effort.
Sample Promotional Slogans
- Investment Products: Medical “Revive Your Finances”
- Free Checking: Christmas “We Have the Best Presents”
- Savings Account: Pirates “Store Your Treasure”
- Online Bill Pay: Picnic “Paying Your Bills is a Picnic”
- Loans: Construction Zone “Enter the Loan Zone”
- Full Service: Gas Station “We’re Your Full Service Branch”
- IRA: Black Tie “Invest With the Best”
- 6 Month CD Rate: 70s “Grooving With Interest”
- Christmas Club Account: Beach “Don’t Get Burned”
- Branch Hours: Clocks “Nothing But Time For You”
- Minor Savings: Diego Cartoon “Activate Your Savings Pack”
- Convenience: Housework “Iron Out the Wrinkles”
Employee Contest and Incentive Games
Obtaining In-Store Branch associates’ buy-in is occasionally a challenge. The introduction of employee contests and incentive games can be the answer. A chart or game board hung in the back room allows associates a visual picture of the In-Store Branch’s standings toward its goals. Incentive prizes do not have to be indulgent or expensive. Consider these suggestions:
- Movie Tickets
- Candy Bar
- Lunch with the Branch Manager/Financial Institution President
- Ability to Leave 30 Minutes Early
- Free Movie Rental
- $5 Coffee Shop Gift Card
- CD
- Earn Points for Larger Prizes
- Earn Clever Titles:
- Director of Fun
- Coordinator of Promotions
- Retail Relations Specialist
- PA King/Queen
- Manager For a Day
- Reward Task Completed by Branch Manager
- Wash Team’s Cars
- Cook Breakfast for the Team
The Shopping Cart Challenge
The Shopping Cart Challenge is a promotional idea that has been proven effective in “breaking the ice,” as well as raising awareness.
A shopping cart is filled with items purchased from the store. Get approval prior to the contest from the store manager. Shrink wrap the cart to avoid people moving the items around. Have a cashier scan the items to get a total dollar amount for the cart. The tally would also provide the number of items contained in the basket. Shoppers are encouraged to guess the dollar amount of the items and/or the total number of items in the cart and write their guess on an entry form. The contest participant is told that the winning guess will receive a prize (value of the prize is decided by the financial institution). The winner is to be notified by phone/email.
*The shopping cart should be locked within the branch after hours. PA announcements and in-store signs should also be used to promote participation in the activity. All valid customer names and information could be recorded in some fashion (e.g., spreadsheet and database) and kept for future use.