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Wheres the Benefit

Written by: Donald F. Pooley

Article Overview: Received a fat envelope last week from a new trust company that wanted me to place my deposit business with it. Inside was a free pen (very nice), and a white folder full of stuff telling how great it was, plus applications, and a contract to sign in order to do business with it.

Wheres the Benefit

Received a fat envelope last week from a new trust company that wanted me to place my deposit business with it. Inside was a free pen (very nice), and a white folder full of stuff telling how great it was, plus applications, and a contract to sign in order to do business with it.
A very expensive promotion.
As I already do business with a dozen other depositaries, I perused everything closely to try to discover any reason to do business with this new institution. Couldn't find any.
No current deposit rates were given, or compared with those of other institutions. So there was no way of knowing if it had anything good for my clients. Don't even know if its commission rates were better, the same, or worse than the firms I now deal with. None were given.
In short, the only reasons I'd consider dealing with this firm---BENEFITS for my clients, or for me---were omitted!
You and I know that the very first thing we must present to any prospect is the benefit of dealing with us. And we'd expect the executives or advertising arm of a new kid on the financial block to know this too. Evidently they don't.
Maybe they hoped to impress me with the pen, the bulkiness of the mailing, or the multi-coloured promotional material.
A very expensive promotion---wasted. I threw it all out.
Fortunately, you know how to discourage that happening to your promotions: focus on the BENEFITS of dealing with you.

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Related Forum Posts
Re: What or Who Sparks Your Business Interest - It's interesting to see what the different motivations are by Age Category. I've noticed this around me: 20 to 29yr olds: Motivator: Money 30 to 39yr olds: Motivator: Success/Ambition 40 to 49yr olds: Motivator: Family comes first 50 to 59yr olds: Motivator: Leaving a legacy i've only gone that far in my analysis. Of course this is a braid generalization but I find that it helps direct my marketing to individuals in different age brackets. The product/service can be the same but the Marketing message (Benefit Statement) to a 20 year will revolve around "Money" vs. a 30-something would be on their "Self Image"


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