Perspective

A rocking idea can manipulate the attitudes & approaches of customers and prospects. ”Innovative ideas” the pair of words has already become synonymous for the word “marketing”. Peoples’ perception is something like “marketing is all about innovative ideas”. Which idea actually generate desired response for marketer?

The question can be answered in varied tones but there are very little scope to overlook four simple requirements. First, these ideas are memorable : “Not just different……. but memorable”. Second, the marketing offer and communications should be very easy-to-understand and deliver. This standard is important for both customers and employees. The marketing ideas with the greatest potential are those that are easily understood and supported by existing resources.

Third, really great marketing ideas have a foundation in value- the kind of value that connects quickly with the banks’ target audience. It doesn’t matter if your marketing offer and communications are directed at retail households or business decision-makers, the bank need to provide value that the end user perceives important. and, marketer need to do it quickly or risks losing her prospects. Marketing promotion that lack a clear value propositions for the target market require wider dissemination and thus more spending in order to connect with potential customers.

An example of a ‘value’ offer that connects product and decision-maker: Free checking from a bank with convenient location, plenty of ATMs and highly rated online banking targeted to young families with busy schedules. DBBL in our country is a stunning example of this kind.

Finally and fourth, Focus , Focus, and Focus. The best marketing ideas create a connection with a targeted audience that generates response, interaction or purchase intent .In his book titled ‘tested advertising method’ , John Caples shares three steps to improving creativity applied to print advertising. The steps include :1)capture the prospects’ attention; 2)maintain the prospects ‘ interest; and 3)Move the prospect to a favorable action.

The use of the word “prospect” assumes we have a target audience identified and worth pursuing. “Moving to a favorable action” implies our offer and communication will connect with the potential client. targeted connections, whether applied to direct marketing or mass media, will help control your marketing expense.
The profession of bank marketing in Bangladesh is getting eye -caching glamour day by day .At the same time, the bank marketers are now on hyper competitive race to capture their market share. As the competition becomes intensified “newer thinking” are inspired. lets think about some “idea” for bank marketers which are not necessarily newer ; Rather very simple, yet unconventional.

Popularizing bank website:
As the present government promised for digital Bangladesh, banks can collectively negotiate with government so as to the authority help them promote web based banking solution. The dream of digital Bangladesh overtly depends on how much prepared our people is & to what extent they are technology oriented in their day to day activities. Customers’ habit of transacting on-line with banks is one of the robust indicators of their readiness for a digitally enabled Bangladesh. Standing on this footing, we should ponder on how effectively we can magnetize peoples towards web-based banking transaction. Here I am making an endeavor to suggest few ways:

Firstly, the Bank can offer special rate for online customer. Suppose bank can offer a home loan at .05% lower rate of interest only for their online customer. The reduction of the rate of interest can be justified as the bank need to pay out less amount of service cost to serve them. Those who travel through London city they know that if one passenger pay bus fare through ATM card s/he need to pay almost fifty percent less than one who pay hard cash. The reason behind this service charge diminution is that the transport agency get the payment directly without incurring any cost of collection as they do not require extra employees to take delivery of payment.

Secondly ,the banks can bargain with government so that the authority subsidize them for on-line service. Or otherwise government can announce on-line service fully tax-free or can reduce tax rate on the revenue generated through on-line service as this web based service motivate people think digitally.

Thirdly, the bank can develop some pretty products which can be reached only over internet. This product will entice customer to transact on-line.

Rationale:
In fact online service has become a “need-to- survive”. the whole world is moving towards a brick less virtual banking .Not only developed country but also developing countries like ours exhibit a trend of technology orientation. The question that –how much popular your website is ?—holds almost same weight as the question- how much popular your bank is? Moreover ,having smart customer is bliss for business. Dealing with smart customer makes a service provider more smart. And they are easy to deal with & more profitable to transact with ,because they are not likely to kill your time by nagging attitudes.
another way of popularizing on-line banking can be—offering website sweepstakes; Bank can develop a sweepstakes to give away computer-related items such as photo printer, software, music or movie downloads. Allow entries at the bank, by mail or online. Collect name, address & e-mail information for future broadcast communications. Publish sweepstakes winners on sweepstakes entry page of your website.

Goal:
increase website visit and collect e-mail addresses for future promotion of technology based services.
Free SMS service:
Those who know about free SMS service of www.Wdja.com, a web based social network, they are well acquainted with this very simple but unconventional marketing idea. I am clarifying my idea with an easy-to-understand example. Suppose, DBBL makes an agreement with Grameen phone that subscriber of GP will enjoy free SMS service up to a total of 5 SMS per day to any cell phone operator. DBBL will pay for those SMS with the agreement that every SMS will accompany a very small ad of a product of DBBL or simply a clause will be added with SMS that “this SMS is sponsored by DBBL”.

Rationale: since subscriber send his own message in his own language to his friend or family, that SMS definitely carry weight to the receiver because the SMS serves his own interest, when the receiver suddenly see message along with his own-purpose SMS, it will create An appeal to the recipient.

Blog on Economic Issues
A bank can introduce a blog on economic issues or more specifically on financial issues where blogger will share their experiences regarding services of various financial institutions, their ideas about new products, the features they desire from a product, or simply what they know about financial market. Introducing new blogging platform may not produce any appeal to bloggers as lots of popular blogging platforms have already been introduced. rather it would be better if bank purchase a place on “www.somewhereinblog.com” as this blog has already become lucrative platform for bloggers. The sponsor bank can declare awards for best idea provider at a grand gathering.
Rationale: it will definitely create positive image for sponsor bank. This idea is best suited for prominent bank that already has gained glamour. or otherwise the blog might not be able to magnetize blogger.

Product-idea generating competition:
Think about two products with almost similar features. One of which has been innovated by marketing specialists after a tremendous work of brain-storming on product development. Another one has been adorned with all the features that are directly derived from customers who are supposed to purchase those products. Definitely, the second one will induce more demand than the first one as customer will think that the product is “my product”.

A competition can be launched among a target segment so that they will suggest appropriate product idea which is best suited for their own need. Suppose, HSBC is going to launch “student package”. The bank can ask students to suggest product features what they want to get in the package. The bank can offer lucrative award in huge gathering for the best idea provider. This competition will spread wide awareness about the upcoming package even when the package is yet to come.

The success of the strategy fully depends on how much competently the bank can arrange the competition. Actually very simple even funny idea can generate huge responses if the organization perform in an professional fashion. Just think about ‘oath-taking campaign’ of Daily Prothom alo. At the genesis stage I thought that the idea is very much of childish type. But ultimately they succeeded in creating a wide responses among readers only because they were sincere, professional and prepared enough for the campaign.

Setting big clock on Roadsides:
We are nauseatingly bombarded with so many billboards set on both sides of city streets. Most of the billboards are thought as niggling as they are filled with exaggeration and sometimes it appears as street-canvasser (which is almost a slung in our country). Setting very big size clock on important places can be a worthwhile idea for bank marketing.

Lets understand the idea with an example. Suppose Bank Asia sets a big size clock at shahbagh crossing with their logo to advertise their e-banking product. There might be a slogan like ‘banking service round the clock’.

Rationale: Think about an ad on billboard advocating for a product which is designed specially for retired persons. Billboards are set in many places throughout the city. A passenger who doesn’t belong to that specific segment but is being repeatedly exposed to see the billboard which doesn’t convey anything of his own interest will definitely be psychologically harassed and more severely bored with the advertiser. It is very simple to understand the reason behind this, That is the billboard doesn’t exhibit anything which can compensate for his time, killed by the billboard. Setting clock can be a better alternative to billboard which will compensate him by showing time. Someone may find it trifling as compensation but I do believe, it will definitely add value to audience. One may find it highly costly but only 10 big size clock at key points could suffice to cover whole Dhaka city, more effectively than 100 billboard. it will also create positive image for bank as welfare marketing.

Sponsoring SSC/HSC result through SMS:
Grand reception for GP A-5 achievers has become a very much image creating program for any organization in our country. It can be much more heart touching reception if an organization serve them exam result through SMS. Think about AKTEL ,they are sponsoring Grand reception programs for GPA-5 achievers in consortium with the daily Prothom-alo. Definitely they are spending a huge amount of money to get the heart of best children of the nation. A less expensive but more heart touching effort can be –serving them exam result through SMS. Suppose Dhaka bank make an agreement with AKTEL so that SSC/HSC result will be served through SMS & the Dhaka bank will pay for the cost incurred. Their might be a system of prior registration through SMS. The mobile operator can design an attractive registration form with the logo of Sponsor bank.

In the month of Ramadan, timing of sehri & iftar is very important for fasting peoples. Suppose SIBL can make an agreement with Bangla Link that all subscriber of Bangla Link will get timing of sehri and iftar through SMS. SIBL will provide the cost of all those SMS. An ad of their shariah compliant product will accompany every SMS. Bangla Link need not to send SMS everyday rather they can send 10 days timing in single message.

There should have opt-in /opt-out option so as to who doesn’t feel comfort to see this sort of SMS can keep himself out of this service. An ad in this regard can be published in media and press. Opt- out option is more appropriate in this case.

Rationale: If cell phone operator send SMS to its own subscriber, it actually carry very little marketing value for the operator. On the other hand, when people see that SMS has been brought by a bank it might work as marketing way for the bank without making any image problem for the operator.

Likewise a bank can greet its customers & prospect on the eve of Eid, Puja, Christmas day etc through SMS. Bank can make a long term agreement with mobile operator to curtail their marketing expenditure.

Unique CD offer:
Introduce a 6-month Certificate of deposit with 10% interest rte. The required investment is tk.5000. “No more no less-than 5000”. Limit the offer to a new location or a lower-traffic branch that you would like to develop.
Goal: increase customer traffic, generate new relationship and provide a cross selling opportunity.

Bank merchandise trade-in program;
Develop a merchandise trade-in program that allows customer & prospect to bring in T-shirts from competing institutions with your promise to replace it with a T-shirt from your bank! The idea is very simple but fully new in Bangladesh & worthwhile for creating a customer craze. FSIBL can propose its clients to bring in their used or new T-shirts sponsored by any corporate house esp. by banks and in return, customer will get a brand new FSIBL T-shirt on the fly.
Goal: increase awareness levels in your market area as well as minimizing the exposure of competitors.

Sport CD(certificate of deposit) offer;
It’s a funny idea but unconventional idea. At the time when the cost of funds is not prohibitive, develop a special CD that allows the interest rate to increase related to the performance of a sport team. For example “cricket CD”. The interest rate will increase .05%every time, the national cricket team wins. The offer can be tied to wins, points scored or other indices.

The idea is not a new one rather its already prevailing in some developed countries. they actually tie the interest rate of this type of CD with performance of local team or university team . A brain storming session can be done to customize the idea in the perspective of our country.

In the time of football world cup, bank can offer ‘Argentine fan’s CD’ & brazil fans CD’. Huge no. of fans clubs are seen at the time of world cup. Banks can positively avail the opportunity to create their “sport friendly image”.
Goal: its one type of seasonal guerilla marketing to promote a bank’s offer and to generate “instant charm”.

Sell the payment, not the rate;
The competition among banks is that of oligopoly type in very nature; where price competition is not that much influencing as marketing tool. “Loan rate” is a pricing tool for banks, but peoples think very little about interest rate at the time of applying for loan. And it might not be possible to be the rate leader in your trade area as Oligopolistic competitors always keep track of the behavior of each other and adjust with price cut ,though in case of your price hike competitor might not adjust with, resulting into kicking you out of the market.
Here is my point -you better sell payment, not the rate.
In stead of offering a 1.99% loan rate help your prospect understand how much they could borrow for little as 500 taka per month. Pick an affordable payment and determine the maximum loan amount based on your advertising communications to create a picture of what can be achieved with the loan amount.
Goal: to increase customer loan inquiries & application. This offer can entice middle class client more effectively.

Writer: Zahir uddin
the writer is a BBA student
Department of Banking
University of Dhaka.
e-mail: zahirasia@gmail.com
cell:01673986127