While there is no doubt that increased digital clutter is a legitimate concern, 70% of financial services companies still use direct mail. This is largely due to the consistent engagement and conversion of direct mail, especially when combined with digital marketing methods. In addition to this, direct mail is highly targetable, so a bank can increase its visibility among its customers. Here are some of the advantages of direct mail for banks. Firstly, it’s a highly efficient channel that reaches a targeted audience.
Print and mail platform
With Postgrade’s direct mail automation software, financial institutions can automate offline communications and send targeted offers to the right audience with ease. Bank direct mail marketing materials can include attractive graphics and taglines that inform, educate, and promote. The platform’s sophisticated reporting and analytics capabilities allow financial institutions to track engagement, delivery, and user levels. With Postgrade, financial institutions can automate and track their direct mail marketing campaigns to see the ROI of their efforts.
One of the biggest challenges in direct mail marketing for banks is keeping track of the number of cheques mailed. Using a cheque register helps banks keep track of their cheque inventory, notice missing cheques, and plan payments. Cheques can take days or even weeks to mail, so it’s important to plan ahead for the mailing process. If a customer requires a cheque right away, Postgrade’s direct mail marketing automation software is the ideal solution.
Behavioral triggered direct mails
With the rise of fintech products, banks are finding it difficult to attract customers. Direct mail is still a powerful marketing tool and 67% of marketers believe that it delivers the best ROI. Behavioral triggered direct mails for banks have been proven to increase response rates and ROI. Listed below are some benefits of these marketing materials for banks. You can use these to increase your bottom line. These emails target customers based on certain behaviors and offer them relevant offers.
Behavioral triggered direct mails for banks have many benefits. These mails can be automated and customized to suit different audiences. Typically, triggered direct mail campaigns are part of a customer acquisition campaign, but these campaigns can be extended to lower-funnel workflows and post-sale follow-ups. With the right tools, you can customize and automate these marketing pieces to boost customer retention. The results can be impressive.
Personalized variable data printing
The use of personalized variable data printing in bank direct mail marketing campaigns is a proven way to increase response rates. These personalized direct mailers allow the recipient to fill in their own personal information, which can increase live response rates by as much as 15 percent. The cost per response is far lower than the cost of printing each individual’s name, address, or telephone number. In addition, personalizing direct mailers can be done without sacrificing the effectiveness of the campaign.
The use of personalization can greatly increase response rates and increase return on investment. A few percentage points can significantly increase the marketing ROI. For example, proximity is important in many industries. Personalized maps can show the shortest drive time or distance to a customer’s door. Such customized maps are highly effective in increasing response rates and return on investment. While this type of personalization is not suitable for every industry, it is a great way to boost response rates.
Cost-effectiveness
Because the relationship between a bank and its customers is based on trust, banks should consider incorporating direct mail into their marketing strategy. The personalized and tangible nature of direct mail makes it effective at generating a powerful emotional response, which may then be converted into a profitable action. While it might have started as a bank calling card, direct mail has evolved into a highly efficient marketing tool. For this reason, banks should consider a consultation with a direct mail marketing agency to maximize their marketing ROI in 2022.
Reach
Personalization in banking is an excellent example of this. By highlighting prior interactions with consumers and references to specific industries, bankers can tailor their direct mail to individual customers. Moreover, by leveraging website activity, bankers can automatically trigger personalized direct mail based on the information provided by website visitors. Personalization can also be used for lending. For example, banks can target small business owners by including specific imagery or copy that reflects their business.
