Checking in on Banking Social Promotions
We always like to keep our eyes on social promotions being run by financial institutions, like banks and credit card issuers. Since it’s been a few months since we shared the Facebook promotions from Umpqua and First Tennessee, we thought now was a good time to share what others are up to as they try to deepen customer loyalty and brand affinity:
Wells Fargo’s “Succeeding Together” video contest
Wells Fargo is no stranger to social promotions. In fact we’ve been following its ongoing “Share Your Goals” sweepstakes since last year. As part of its sponsorship of The First Tee, a golf program for kids, Wells Fargo is running a video contest called “Succeeding Together.” Customers can upload a video that shows “how working together has influenced you in your life” and then share that video to get votes from friends. Wells Fargo will judge the finalists and name a winner who gets to attend and play in the Wells Fargo Championship in Charlotte, North Carolina, with Rickie Fowler (last year’s winner).
What we like: We always love to see banks using their sponsorships as part of a promotion. It can make for some great prizes. Plus, who doesn’t love kids… and getting kids active in a sport like golf?
What could be improved: This is a really big prize, and yet the details are buried at the bottom of the landing page. The window for entries and voting is also very brief – only 15 days. While social promos are often quick hits, contests with large prizes and complex entries (create, share and get votes for a video) sometimes need more time to build momentum.
Key Bank’s “Upgrade” photo contest
In Key Bank’s “The Key Upgrade Contest,” Facebook fans submit photos of items (like cars and rooms in homes) in need of upgrades. Key Bank will select 12 finalists among the entries, and the public will vote on a winner who will receive the $5,000 prize for the upgrade.
What we like: It’s universal; we all have something we look at every day and wish we could improve or replace. And it’s simple – you upload a photo and write a description.
What could be improved: Honestly, not much! Key has done a nice job of tying the creative hook to the ultimate pay off. And with a rich — but not extravagant — prize, the bank can easily replicate this contest if it succeeds.
Navy Federal’s “Go Paperless” sweepstakes
On Facebook, Navy Federal Credit Union is promoting a “Go Paperless” sweepstakes. Customers who turn off paper statements by March 31 can win a $25,000 Grand Prize or be one of 80 weekly winners of $500.
What we like: It’s a really unique way to shift engrained behavior from costly (for the bank) paper statements to convenient paperless statements. And we always love to see weekly winners. It’s great for engagement because it provides opportunities to show that the promotion is active and that people are winning.
What could be improved: Although it’s an excellent motivator, $25,000 just to switch to paperless statements feels high. From our agency experience creating and executing social promotions with various client sectors, we find you don’t need to break the bank when asking customers to pass a small hurdle or make a slight behavioral shift. We’d also love to see a social element here, even something simple like optional tweets or Facebook posts that help the customer brag about going paperless.
