Diamond Deposits


Here’s an interesting idea from — of all places — Azerbaijan, where Unibank is giving away three 1-carat diamonds every month for a year.

Well actually, only for 11 months. The winner of the final drawing in the 12th month (March 2009) will receive three 3-carat diamonds.

Winners are selected in a raffle from bank customers with at least $1,000 in the bank. You get extra entries for each additional $1,000 you have on deposit.

One-carat diamonds are
worth at least $2,500,
and 3-carat diamonds
are worth between
$15,000 and $30,000.
Bluenile.com

Someone might be thinking, “Yeah, okay. Diamonds are fine for women. But what about men? What guy wants to win a diamond?” Answer: The guy who wants to give his wife jewelry but is too lazy (or cheap) to buy it — e.g., most men.

Key Questions:

  • What else can be used as promotional incentives instead of the omnipresent iPod?
    Why do financial institutions always give away the same stuff?
  • How much new money is Unibank’s diamond campaign bringing in?
    Or is it essentially a “thank you” promotion to existing customers?

You can do this same kind of promotion in the U.S. as long as you allow anyone to enter. It’s generally okay to give customers entries to a raffle-style drawing, as long as the drawing is open to the general public and it doesn’t require any purchase.

Bottom Line: If you’re going to do a giveaway, as least follow in Unibank’s footsteps and pick something unique and differentiated from your competition.

This article was originally published on . All content © 2020 by The Financial Brand and may not be reproduced by any means without permission.