How Banks Use Contests to Market Themselves

Bank marketing involves more than running commercials on traditional media outlets or placing an ad in a newspaper. Banks can also use contests, which are a popular marketing strategy due to the fact people love to win free “stuff”. Plus the entries also give the financial institution a list of names, email addresses, and social media usernames that can be used for future marketing purposes.

If your bank is looking for ways to interact with customers beyond traditional tactics, we have the inside information on how bank contests can grow your customer numbers, increase consumer engagement, promote community engagement, and even showcase bank products and services.

Bank Contest Marketing

The idea of using contests to market a company is not a new one. All types of companies use contests to market their business and grow consumer loyalty. Bank marketing efforts in the coming year can include bank contests that provide a reason for consumers to interact with the bank. One of the great things about marketing a bank with a contest is that it naturally engages customers while also providing value in the form of monetary rewards, promotional products, or a prize from a third party sponsor. A contest also produces a level of excitement through an element of risk or luck, or a challenge that needs to be completed to win the prize.

While a contest naturally lends itself to consumer interest, a creative contest combined with a large prize means there will be a greater amount of engagement on the part of the public.

Contests for Bank Marketing

Unlike many businesses, banks enjoy a unique advantage when it comes to marketing and contests because of the wide variety of products they have to offer and sell to their customers. They can tie a contest into the services they provide and even target a certain type of customer based on their income level or the types of service they are in the market for this year. While the types of contests banks can run for marketing purposes are varied, the following are some of the most popular contest ideas banks use to market themselves: