Bank Marketing Gone Bad (And a Note to Sam's Club)

I get offers all the time from my bank offering me a great deal to open an account with them.  In the fine print, it says the offer is good for "new customers only."  I always want to scream at them:

• "I'm already a customer of yours -- stop sending me offers as if I'm not!!!!"
• "Why can't I get the same deal you're offering the new people?!!"

Now I feel better because I have company in my tirade.  :-)

And while I'm on the subject, I get very frustrated with an offer I've received several times from Sam's Club asking me to come and check out all the great things they have to offer.  They enclose a coupon that notes I need to pay a 10% premium on anything I buy there since I'm not a member.  So let me get this right -- you're sending me a coupon to come to your business and pay MORE than the listed price?  Are you trying to get me to be a customer or ensure I never walk through the door?  And BTW, where have you been the past four years?  Not working to get my business, that's for sure.  Maybe it's the fact that there are several new Costco's opening up in the area that you finally decide to contact me?  Well, I have joined Costco -- and I love it.

There, I feel better now.

Anyone else frustrated with bad marketing that makes no financial sense?

Update: Time to link to the Beltway Traffic Jam.

Comments

[Alex Givant]

Just read here - Costco vs. Wallmart, another reason why I love Costco.

http://concentrationofwealth.blogspot.com/2004/03/costco-under-pressure-to-cut-wages.html

[JODSTER]

Thanks for picking up this story! Much appreciated. There must hundreds of botched and poorly executed ideas out there.

I wonder how many people actually stop to tell the company that they are being ridiculous?

All the best to you!

J

[mbhunter]

Well, I suppose that I'd market harder if I knew that there were direct competition in the area.

I'm a member of Costco as well, and it does have its advantages. But they also have the upper hand -- they have your membership fee. If anything, I would think that paying a membership fee would give you BETTER service, not worse service. But since you're not likely to leave your membership fee behind, you end up carrying out your groceries in discarded boxes, getting a "find it yourself" approach to customer service, and getting badgered by employees because you're keeping a price book (they thought I was with the competition doing price points). And for a lot of items, the prices just aren't that great.

As for the bank thing, you could call them up, ask them to honor the new deal for you, and threaten to cancel if they don't. It usually costs a lot more to get a new customer than it does to keep an existing one, so they may just give it to you. Credit card companies pay on average over $100 to get a customer, so sure they'll lower your rate if you ask.