If you’re looking for a way to market your financial services, don’t sleep on direct mail. This well-established medium can achieve a 90% open rate. Seventy-five percent of direct mail recipients can easily recall a brand, while only 44% can do so after viewing an online ad. Not to mention, 92% of millennials are influenced by direct mailers.
Let’s take a look at why direct mail marketing is effective for financial services firms in particular, how it can fit into your overall marketing strategy, and how you can leverage direct mail in your financial services marketing strategy.
How Direct Mail Can Help You Find New Clients
Here are a few ways direct mail is uniquely suitable for financial services marketing.
Unrestrictive Advertising Format
It isn’t easy to fit a complex proposal with multiple layers and complex terms into an online banner, promotional email or 30-second commercial spot. Direct mail, such as letters and brochures, offers ample space to accommodate the requirements of financial services marketing.
Tangibility That Builds Trust
Any fly-by-night operation can send out an email campaign at almost no cost. On the other hand, 76% of people trust ads they receive in the mail. Not to mention, a tangible piece of mail with an attractive offer can entice more people to visit your branch.
The Power of Personalized Marketing
Direct mail can be very effective for millennials, but only if the content is relevant to them. The latest technologies, such as variable data printing, allow you to segment your list and personalize your campaigns. Deliver the most relevant offers to specific target audiences and make your prospects feel special. For example, you can present a calculation for mortgage refinancing based on property value in a recipient’s neighborhood to make the offer more impactful.
Seamless Omnichannel Experience
You can combine direct mail with other marketing channels to collect detailed metrics while delivering a seamless experience across multiple touchpoints. Online interactions with your brand may trigger a personalized direct mail piece with an offer related to the particular financial service that the prospect has viewed. Then, advisors can follow up with emails, phone calls or social media outreach at the right time to facilitate the sales process.
Improved Tracking and Control
You can control every aspect of a direct mail campaign, from design and size to recipients and timing. Target prospects with high lifetime value, such as those who are more likely to use your banking service, take out a mortgage and apply for a credit card. You can also track response rates and conversion rates using promo codes, personalized URLs and unique QR codes to refine your tactics.
How To Use Direct Mail Effectively in Financial Services Marketing
Financial services direct mail marketing combines the personalization and tracking capabilities of digital marketing with the tangibility and credibility of offline channels to help financial services firms deliver a top-notch customer experience.
Here are five tips to help you get the most out of financial services direct mail marketing.
Don’t be afraid to think outside the box when you design your direct mail pieces. You can add interactivity with a scratch-off element (e.g., to reveal a “low APR” or “double reward points” credit card offer), stand out with a three-dimensional item, use bold colors and headlines to grab attention, or write copy that piques curiosity to drive online traffic.
Include Worthy Offers
No amount of creativity can save the day if your offer isn’t relevant and valuable to the recipients. Implement a granular segmentation strategy and use data analytics to refine your customer profiles, so you can send the right promotion to the right people at the right time. For example, you can leverage third-party data to identify people looking for real estate agents in an area and send them offers on your mortgage products.
Send Personalized Campaigns
Besides segmenting your list, you can create event-triggered campaigns to target people who have shown interest in your products. Thanks to print-on-demand technologies, you can send the most appropriate message to individual recipients cost-effectively. For instance, you can send a credit card promotion to one prospect and a business loan offer to another as soon as they view your products.
To support a seamless omnichannel customer experience, ensure that the images, taglines, messages and offers in your direct mail pieces are consistent with those used in other marketing touchpoints. Consistency can help you build trust, facilitate the customer journey and avoid confusion, which is especially important for financial institutions.
Financial services firms need to navigate an ever-changing labyrinth of data security and legal compliance requirements. You should partner with a service provider that specializes in direct mail for financial services to avoid getting into regulatory hot water.
Maximize the Impact of Your Direct Mail Campaigns
Successful direct mail campaigns combine the latest marketing technologies with effective strategies, outstanding creativity and knowledge in regulatory compliance to help you build trust, stay top of mind and drive conversions.
Learn more about United Mail’s direct mail program for financial services firms and get in touch to see how we can help.