| ING Uses Contests To Create Brand Buzz |
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ING Direct has used competitions for years to create a buzz around it's brand. In a recent promotion to it's customers in the US, ING run a promotion where customers had the chance to win one of five monthly $USD1,000 prizes. To enter customers simply had to set up an automatic monthly deposit of at least $USD100 into an ING Direct Saver account.
ING Direct has used competitions for years to create a buzz around it's brand. In a recent promotion to it's customers in the US, ING run a promotion where customers had the chance to win one of five monthly $USD1,000 prizes. To enter customers simply had to set up an automatic monthly deposit of at least $USD100 into an ING Direct Saver account. ING Direct transfer money area with sweepstakes banner In addition to the five monthly prizes, one grand prize winner could take home $USD30,000. With the contest running for six months, the total payout for this competition was $60,000. Encouraging customers to set up an automated savings plan in exchange for the chance to WIN BIG gave ING the perfect opportunity to build brand awareness, grow the customer database and increase their deposit book value. www.winbig.com.au thoughts This was a low-cost incentive campaign for ING and it turned out to be a win-win for both the bank and the customer as bank received a stable flow of deposits to its savings products and customers end up "paying themselves first" and developing a savings habit. The banking industry can take a leaf out of the ING marketing book and experiment with more competition and brand based promotions. In Australia, BankWest has used UGC competitions to drive loyalty and brand recognition while St George has tried to reposition itself as a major player in the banking sector offering the full range of consumer banking through various forms of brand promotions including competitions. Banks in Australia face a tough challenge as the market space is dominated by four major banks and a host of second tier banks who are trying to match it with the top four. Banking within Australia is suffering from consumer fatigue and the "sameness" of bank advertising. With the impact of the Global credit crisis pushing up interest rates in Australia the consumer has developed a strong bank bashing ethos that blocks individual or simplistic brand messages as the consumer categorizes all bank brands in the same negative space. This very real difficulty faced by entrenched financial brands trying to turn their brand perception around, either in the reality of their service or in its perception, can approach this through the use of competitions. If executed correctly, and I believe that ING has taken a step in the right direction with this promotion, competitions can give a more human and light-hearted face to what is usually perceived as boom and gloom industry. Nice Work ING! |
