Financial markets in America are the largest and most liquid in the world. In 2016, finance and insurance represented 7.3% ($1.4 trillion) of the U.S. GDP.
The purpose of this document is to provide you with extended knowledge of the financial industry as it relates to promotional products, as well as offer tips to help expand your cap sales into the market.
In this series, we will look at different types of companies within the banking and stock market industries, so that you will have a better understanding of how to target each.
You will learn how to reach out to common decision makers in various businesses both small and large. You will also learn how to optimize sales among differing promotional product usage behaviors.
Today, we’ll cover banking, lenders, and credit card companies. Next time, we’ll look at investments, taxes, and insurance.
First, we will look at locally owned and operated banks, known as community banks. Community banks, make up 99.5% of all banks in the U.S.
They are run by a board of directors that is made up of local citizens who want to advance the interest of the towns and cities where they live and do business.
So, how do community banks consume promotional headwear?
Because of the scale of business and the way these banks operate, they spend a lot of time and resources to have representation at community events. This includes things like bicentennial celebrations, charity events, festivals, etc.
Representatives from the bank can pass out promotional caps during the festivities, or include them in the swag bag if one is handed out. If the bank is sponsoring the event, representatives and volunteers can wear them as part of the uniform.
Community banks like to have a home-town feel and one-on-one relationships with their customers. To do this, they can offer logoed hats as welcome gifts to new customers as well as a way to say thank you during the holiday season.
Although multi-state banks make up less than 1% of the total number of banks in America, they still hold a significant portion of your potential promotional sales.
Large chains are run more like a business with a C-Suite and multi-level management, rather than a local board of directors.
In addition to things like customer gifts and event apparel, chain banks can use promotional hats for giveaways at grand openings of new branches.
Credit Unions and Lending Institutions
Credit unions, loan officers, and other lending institutions can target their advertising to fit the needs of their customers—teenagers applying to school or buying their first car, millennials financing their first home or business, etc.
Often times, lenders will take a commission on any loan they approve, so they will be motivated to provide promotional products that will attract new clients. The lender can choose whether he wants to give one of his hats to every potential client, thus further enticing them to finance with his company, or only give them as a gift once customers have signed the dotted line.
Credit Card Companies
If you are like me, you probably get at least fifteen pieces of direct mail from credit card companies per week. It is an expensive way to advertise, especially considering if you are like me, you throw all of them away without even opening them first. Surely there is a better way to reach potential customers, right?
That is where promotional headwear comes in.
Yes, it is going to be significantly more expensive up front to mail a cap to someone than a letter, but not if we consider the long-term return. Those fifteen pieces of mail I receive each week are all from the same handful of companies, which means they are spending several dollars a month to target me to no avail because it all just gets trashed anyway.
Now, if I were to receive a large package that clearly contained a product in it, I would at least be curious enough to open it, which is more than I can say for the last hundred or so letters I have received.
Promotional products are known to create a lasting, favorable impression of a brand. So even if I do not immediately apply for a credit card after receiving my cap, I am still going to remember that company in a positive light. When I am ready to open a new line of credit, who do you think will be at the top of my list?
For more information on selling caps to the financial market, order your own Business Development Kit.
Don’t forget to check back next time as we look at other aspects of the finance sector: investors, tax representatives, and insurance agencies.