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Given the current emphasis on thrift, savvy financial marketers are luring a coupon-conscious public with special offers to open an account or take out a loan. Couponing is being done in many different forms in the financial services business, one example being rebates in credit card offers. Coral Gables Federal (Florida) has been an avid user of coupons for the past several years. According to vice president and director of marketing Karl Steene, Coral Gables Federal gets a good response from its coupons, which are mailed to selected households. The best response rates - 6% to 7% returns - come from mailings to new customers. Coupons fit in neatly with the concept of relationship marketing, a central focus in most financial institution marketing strategies. The idea is to sell more products to existing customers and build on those relationships, rather than reach for new business. Coupon offers can help to boost direct mail responses from the general public and can help marketers better track which households respond to the offers.
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