Most people really don’t like paying for things with no perceived value and are always looking to save money. So this happened to me last week, and it was a humbling experience and was a great reminder that clients appreciate good value. I have this long time client George, he is a second generation owner of a very successful consulting firm here in the city. Last week we’re chatting and he said that he and a great idea that’s worth at least $50 for me if I’m interested in trying his idea, and if I’m really smart I would be able to turn it into $150. My initial thought was that maybe he wants to bet on a hockey game or something (we’re both fans). Anyway George said to me that he has finally found a way to stop paying banking fees and on top of that, a bank is willing to pay him to become a client. He was completely stoked about this, so much so that he’s been telling everyone about it, he even encouraged all of his employees to do it as well. Now for him its not about the money, he’s just fed up being held hostage and being forced to pay fees where he does not feel he’s getting any added value.
This was made me realize a few things, well the first is that clients hate paying fees where there’s no perceived value. In our world it’s very evident that some folks over charge and are not providing real value added services. Second, this might just be a great opportunity for any client facing professional or marketer to be a real human and show your clients how they can get rid of their banking fees as well. Imagine that some of these folks might save more $100 plus each and every month. The best part is that does not affect your revenues in any way and client sees you as an advocate.
So let’s get back to George for a bit, this is how it all got started. His grand daughter signed up for a new bank account at Tangerine after being referred by a friend. Upon opening up her new account and depositing just $100 she received a bonus of $50, but the person who referred her also received $50. After that his granddaughter then setup her paycheque deposits to go into the Tangerine account as well, which then entitled her to an additional $100 onetime bonus as well. So she couldn’t keep it to her self, she went around and told the whole family. Eventually it got to George, initially he was skeptical and didn’t really care for another bank account, he’s been dealing with his big bank branch down the street for most of his life. Throughout that time he always liked dealing with this bank, but over the last few years he started noticing fees being charged for just about everything. Sometimes it would bug him enough that he would even walk over to the bank and have a chat with the manager and they would reverse some of the fees. But it just irked him. So George decided he try this Tangerine account, the rest is history, once setup on Tangerine, he was such a raving fan that he’s given his referral code(Orange Code) to all of his employees, they are planning to have pizza for the next few Fridays on the referral $50 he’s been collect each time an employee in his group get setup on Tangerine. He said that he has even noticed his staff switching their paycheck deposits to take advantage of the extra $100 bonus.
Talk about a viral marketing campaign and getting people excited, this is definitely one of the best campaigns I’ve seen recently. If a professional is able to replicate this kind of excitement, they would be able to create a huge business fast.
Every financial advisor should be telling their clients about stuff like this. This is a very simple way to add value for your clients and believe me they will remember it. Furthermore, it will help to strengthen your relationship and demonstrate your independence while sending a message that you are unbiased to the service provider. I know for folks in bank owned firms you might have second thoughts about executing this idea, but you should not, its simply in the best interest of the client period!
So on George’s reference I went out and got myself a Tangerine account as well and I got $50 for doing it haha.
If you’re thinking about doing this, here the link Tangerine.ca, use this Orange Code 51795291S1 when setting up your account to get the $50, to be eligible you’ll have to make a deposit to the account, minimum of $100, if you switch any automatic payments to that account you’ll be eligible for an additional $100 bonus as well.
I know this sounds too crazy, yes from a bank, but hey what a way to start the new year.
Remember to use this Orange Code 51795291S1 when setting up your account to get the $50 Bonus.
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