Pointpathbank is not giving up on newlyweds as a market for financial services.
The subsidiary of Synovus Financial Corp. of Columbus, Ga., last week announced a promotion with The Knot Inc. of New York, a wedding and gift registry Web site. Five prizes totaling $2,500 in pointpath's Visa-branded gift cards will be awarded.
Though pointpathbank dropped its original plan to offer Internet financial services to engaged and newly married couples, the promotion signals a continued interest in wedding-related products. It also reflects pointpath's new, narrower business limited to prepaid gift cards, which it has been marketing since October.
Besides boosting gift card use, the "Honey Money" sweepstakes is intended to provide insight about who buys gift cards and why they do. Contestants must complete a survey asking if they have purchased gift certificates in the past, if they would buy gift cards, and if so, for what occasion. They also must submit their name, address, and e-mail address for use by both sponsors.
"It's not the amount of money we're giving away, it's not even the amount of cards we sell that's important," said Blair Carnahan, director of business development for pointpathbank. "It's really knowing our customers. That's the purpose of this promotion."
Still, daily sales of gift cards have tripled since the promotion began March 26, presumably from contest entrants purchasing cards as they fill out entries. "That says that people want money, but they're really excited about getting it on a stored-value card," said Aimee Davis, marketing and public relations director for pointpathbank.
Though the promotion is being run with The Knot, it is open to anyone, Ms. Davis said. Nor is it necessarily intended to cash in on the coming wedding season, she said. "It's just a good time to find out information."
Contestants can enter by mail or by logging on to www.theknot.com or www.pointpath.com. The content closes April 30. One grand prize gift card of $1,000 will be given away, along with two gift cards worth $500 and two for $250. The cards can be used for purchases anywhere Visa is accepted, including the Internet.
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