The Promotional Idea Showcase - Fall 2000 - Updated
Quarterly
Real Problems, Real Solutions
Teddy Bears Help Summit’s NewAccounts Climb
In the merger-laden, buyout-plagued, megabank market of today, it’s often
hard to set one bank apart from another. The super-banks have the reputation of treating
people more like numbers than valued customers, while simultaneously charging those
numbers an arm and a leg for services. So when a bank – even a large one – does
something really beneficial, it needs to let people know about it. Summit Bank, based in Princeton, NJ, had just rolled out a campaign that was, for banking, almost unheard of – it made price cuts in core accounts, lowered its minimum level for savings accounts and offered the lowest rate on home-equity loans in the country. Naturally, it wanted to get the word out. In the bigger picture, it sought a way to show it was the only bank in the area that could offer the resources of a large bank along with the pricing and service of a smaller one.
Summit embarked on a promotional campaign called “You Deserve The Best.” It was essentially a sweepstakes for customers to become eligible for prizes by utilizing more of the bank’s services. The prizes were chosen on the basis of being “the best” of their kind and included $100,000 cash, a Land Rover, 61-inch Sony TV, Apple computers, Lenox crystal and more.
Part of the campaign involved a teddy bear from the Vermont Teddy Bear Co., internationally known for its high-quality bears. “We thought the Vermont Teddy Bear was the best in its class,” says Susan England, the bank’s vice president and senior marketing manager. “We were very much looking at a program that could build customer loyalty and create that warmth between customer and bank; the same warmth you see those community banks have.”
The three-month promotion kicked off March 27 with a teaser campaign featuring Summit’s president announcing the roll-backs through June 30. It targeted current and potential customers. “It was twofold; our existing customer base, because we lowered their prices, and to acquire new accounts,” says England.
The bear used was decked out in colorful mountain-climbing equipment, including a bungee cord, a backpack stuffed with “Summit” money, a Summit-imprinted mini-checkbook and a triangular flag with the Summit Bank logo. Those who received bears were either the top depositors in each region or those who took out loans via the bank’s online navigator.
England says the bank found the results impressive. “Deposits went way up, loans did well, and we’re still getting requests for the bears from people who saw them and want to buy them. ... We never dreamed a bear would have that much impact.”