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NEWS
Banks Discover Chareidi Sector
By R. Gil
The banks have discovered the chareidi sector, setting off a
chain reaction of competition typical of the industry. The
chareidi customer is no longer a sure thing for any of the
banks and the way to his heart involves numerous image,
marketing and advertising campaigns aimed at meeting the
chareidi bank customer's special needs.
One year ago Bank Mizrachi hired Trio, an advertising firm
that specializes in the chareidi sector, and during the past
six months we have witnessed two particular moves that
increased tensions in the banking industry.
Bank Yerushalayim changed its marketing strategies and began
a campaign designed to penetrate the chareidi sector using a
branded approach. Two weeks later advertising agency Afikim
launched a campaign for Bank Pagi of the First International
Bank of Israel Group, which was also designed to strengthen
the bank's leadership in the chareidi sector. Bank executives
pledged to advertise as much as possible and appear
everywhere. Not wanting to be outdone, other banks,
particularly Mercantile Discount Bank, boosted advertising
dramatically.
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