The FINANCIAL — “Inbox” – the universal method of saving money, has become one of the most successful products at Bank Constanta and has brought many new customers to the Bank. At this point 60,000 customers are saving money with Inbox. The statistics show that out of Bank Constanta’s 60,000 customers, more than a half are new clients.
Due to its successful campaign, all the goals that Inbox set have already been accomplished, believes Lasha Gogua, Head of the Marketing Department at Bank Constanta. The idea of the campaign was for attention to be paid to the new brand and to attract customers that were not previously from Bank Constanta’s target audience both in Tbilisi and in regions. Campaign’s preferred target is the 18-24 and 25-35 year old segment of the population. As a result, 65 percent of Inbox customers are from exactly this segment.
For the purpose of attracting younger customers Bank Constanta ran a provocative advertising campaign. A viral video featuring Hollywood star Vinnie Jones was spread all over social networks and TV channels, where a visibly agitated and cursing Jones warned someone named Inbox that he was going to track him down for sending him several newspaper-wrapped packages from Tbilisi. This was a commercial that was part of the ad campaign of Bank Constanta’s new savings product Inbox. It was later followed by several small funny commercials, where Vinnie Jones encouraged future customers of Inbox to “Go Crazy with Your Wishes”.
“As a result of the campaign we managed to attract younger customers and change their mentality towards saving. Saving has become a part of their everyday lives now,” Gogua said.
The average amount of money saved monthly with Inbox per customer is GEL 19.
Q. What exactly do you think attracted the 60,000 customers to join the Inbox scheme?
A. Some people like that Inbox is a novelty on the Georgian banking market. Some people are savers themselves. Some people simply had an interest in Inbox. I believe it was the effective PR and marketing activities that caused this huge interest in Inbox. Also, Inbox has the distinguishing feature of saving one more and more money. This feature does not allow Inbox users to take their money out prematurely. This is why the number of Inbox accounts that are shut down is very low.
Inbox is a universal method of saving money. Crediting the account is available from any fast payment terminal with a 6 digit unique Inbox number. Inbox is one of the products whose main goal is to help customers save money. The product is intended for low-income people, mainly younger people.
Q. Inbox had a slightly “unusual” marketing and PR campaign when first introducing it to customers. Please could you describe how you arrived at the decision to do that?
A. Inbox was designed to break down the barriers between bank institution and customer. Its goal was to attract a younger target. If Inbox wanted to teach this target how to save money, then it would have to be accessible to them. In actual fact, we have children coming to us, bringing their parents with them and asking us to help them open their Inbox. As a result, we have started thinking about offering children a corresponding product specifically for them.
We did not explain to customers exactly what Inbox meant. Customers just knew from the initial part of our campaign that Inbox is cool. Now, the second stage of the campaign is to explain to them exactly what Inbox is about and precisely why it is so cool.
Q. What is the purpose of saving money with Inbox?
A. Some people save money for the purpose of achieving a concrete goal, some save money to later splurge on whatever they wish, some – for the payment of debts. There is an elderly lady in Poti who has saved GEL 3,000 so far for debt repayment. Our customers are very creative, they follow the ideas which Inbox gives them and also create some new ideas as well. Still, the purpose of it is still in the process of development as the possibilities are wide.
Inbox is a product which helps customers fulfil their wishes.
Q. Could you please compare Inbox to your Deposit banking product, what is the difference between these two?
A. It is not right to compare Inbox to Deposit. These two products are not competitors with each other as their content and purpose is absolutely different. In terms of Deposit, a customer has a certain amount of money that they then deposit on a regular basis. But customers can save irregular or small amounts of money using Inbox that would otherwise never be put into Deposit.
People ask why, when there is an interest rate of 17 percent for Deposit and interest rates of only 2 percent for Inbox, people still prefer Inbox? The preferable percentage rate is not a reason why customers should save money in Inbox. Its advantage is that Inbox saves money which will never be able to be put in to a deposit otherwise. I mean coins and small amounts of money. Inbox is a product of spontaneous accumulation. Its customers' behaviour is different to depositors' behaviour.
Another good feature of the product is that customers can deposit money through payboxes as often as they want with no limit on the amount. The interest rate is not as high as on our other products because Inbox is targeted at those individuals who are left with coins at the end of the day, so why not save up and help make your dreams come true?
In terms of what the difference is between Inbox and an actual piggy bank, Inbox protects you from yourself. I mean, with a piggy bank you can break it open and take the money out whenever you want, whereas with Inbox – you can’t. Also, the procedures of premature withdrawal from Inbox are more difficult than from a deposit.
***
At the Golden Brand Awards Ceremony, Bank Constanta was announced winner of Golden Brand 2012 for the nomination of the most socially responsible brand. Bank Constanta spent GEL 100,000 on CSR projects in 2012. The same amount of money will be allocated for CSR projects this year as well. Art-Gene and Meet Georgia were the main projects that were implemented within the framework of its Corporate Social Responsibility in 2012.
“It was very important for us to win in exactly this nomination of the most socially responsible brand, as this direction has always been a priority of Bank Constanta,” Nana Chkhikvadze, CSR Specialist at Bank Constanta, told The FINANCIAL. “That is why we were doubly happy to receive this award. It is nice when such efforts are appreciated by others,” she added.
Q. In your opinion, exactly which efforts were appreciated by the jury?
A. I think that when allocating this award what was taken into consideration was: the contribution of Bank Constanta in developing the Georgian business sector; caring about the wellbeing of the population; supporting cultural events which serve to maintain traditions and values in the country. All these activities are a part of the Bank’s mission. Constanta was the first microfinance organization in the country, founded in Georgia in 1997, which has been serving tens of thousands of small and medium-sized business entrepreneurs since in developing their businesses. Due to all these activities, it is not surprising that Bank Constanta was selected as the most socially responsible brand.
***
“To our staff members as well as our customers, it is a combined achievement. Of course we use this award for marketing and PR purposes. The diploma and trophy are placed in a visible place for everyone to see. We are very proud of the achievement!”
***
Discussion about this post