Selling Checking Accounts with Crockpots

In the blog post Bringing New Life to Checking Account Acquisition, we looked at how Kasasa, Strategy Corps, and M6 Marketing help financial institutions bring in new checking accounts. Looking back, we should have included Haberfeld, the company that pioneered checking account acquisition. Haberfeld was started in 1989 and worked with hundreds of FIs across the country. They were famous for using gifts to attract new customers. What was most startling about the success of Haberfeld was the everyday nature of the incentives, which included barbecue sets, tote bags, toasters, tool kits, and crockpots. Haberfeld programs also were built around free checking, which certainly helped create interest with consumers. But there were rarely any other rewards, and the accounts usually did not pay interest. 

Not as well known about Haberfeld was how they used targeted direct mail throughout the year to spread the word. Haberfeld was also famous for the level of analytics incorporated into their programs. Today Haberfeld has kept up the times, and their incentives are part of programs that include digital marketing, direct mail, and frontline training.

 Selling checking accounts with crockpots might seem strange. Still, financial institutions looking for checking account growth would do well to remember Haberfeld's success over the years with the simplest of gifts together with systematic promotion.

M6 Marketing's ReImagine Checking® addresses the fundamental sameness of checking products by restating the product attributes to highlight the FIs own brand, along with outcomes and benefits that matter to today's consumers. No changes to the product or core are required, and there are no on-going fees, giving financial institutions a game-changing option to improve checking account acquisition. When joined with Community Engagement Marketing (CEM) to build visibility and engage potential customers outside of the paid media marketplace. M6 Marketing helps financial institutions target and build engaged communities of customers. Let’s talk if you are interested in learning more.