Citicorp Posts Bounties for Referrals from Top-Drawer Customers

By Moyer, Liz | American Banker, December 8, 1997 | Go to article overview

Citicorp Posts Bounties for Referrals from Top-Drawer Customers


Moyer, Liz, American Banker


Citicorp is offering rewards to big-ticket customers who refer their friends and associates for new business.

Although corporate America has long relied on client referrals to generate a pool of business prospects, Citicorp's program could be the first use of the tactic by a major U.S. bank.

The word-of-mouth strategy helps solidify relationships with current customers, said consultants.

"They are showing that this is not just a commodity business, it is a relationship," said Peter Harleman, area managing director at Landor Associates, a consulting firm in New York. "They are saying, 'We want more good customers like you.'"

It also helps Citicorp find prospects that fall into a desired category, said consultants who track direct mail strategies.

Citicorp is asking for referrals from its approximately 15,000 CitiGold account customers. CitiGold, the bank's high-end retail package, requires a minimum balance of $100,000 in combined deposit and securities accounts or $250,000 if linked to a Citibank mortgage balance.

Customers who make referrals through the direct mail campaign will get rewards for each person who qualifies and opens a CitiGold account.

The offer expires Dec. 31.

Rewards include 10,000 miles toward American Airlines' frequent-flier program, $150 gift certificates for selected department and specialty stores, or certificates for dining at restaurants nationwide. …

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Citicorp Posts Bounties for Referrals from Top-Drawer Customers
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