Case Study – Employee Incentive Scratch Off Card & Promotion 3 Part Series (3 of 3)
This last case study, although it is a Financial Institution study, it could be done with any business. It works especially well if you have multiple locations and multiple products to promote to your clients. Employee incentives are a must to keep employees promoting your business.
Case Study 3 – Employee Incentive
A community bank began a company-wide competition to see which branch/location could cross-sell the most direct deposits in one month. Employee at all four offices eagerly accepted the challenge with high expectations of earning the Grand Prize – a chance to win up to $200 for the winning branch! But how could management ensure that employees would promote the service to current customers and follow up with the customers to make certain the direct deposits began?
The marketing team used a scratch and win employee incentive program inspired by the popular game show Deal or No Deal to help achieve a goal of 50 new direct deposit accounts. Each time an Employee enrolled a customer in direct deposit, the employee received a scratch and win game card. The employ scratched off a game card immediately after the “deal” was made and redeemed the ticket for the revealed prize when the customer’s direct deposit started. Waiting to reward the employees after the direct deposit started was a great way to encouraging employees to follow-up with prospects.
The prizes $5-$30 gift cards, $50-$100 cash prize, brank branded merchandise.
Yes – it IS that simple to keep your employees motivated and selling your products.
The results were over 90 customers expressed interest in direct deposit. Because employees were encouraged to follow-up, their efforts resulted in 60 new direct deposit accounts. That’s 20% more than their goal. This totaled more than $1 million in increased annual deposits. The winning branch earned an opportunity to play Deal or No Deal during a company-wide meeting and won $150 “It was one of our most successful promotions to date”.