Cash In with Direct Mail
by: John Blom and Margie Church, Pinpoint Direct Marketing
Auto loans and mortgage refinances are hot this summer. Consumers are loosening their purse strings and using credit cards a little more often, too. If you’ve balked at using direct mail, it’s time to revisit your objections. Direct mail has a long, successful track record, and is the perfect way to entice consumers to finance with you.
Earmarks of a Successful Campaign
Segmenting member and prospect data must play a crucial role. Selecting only those most likely to need what you’re offering means they’re more likely to say yes. Data segmentation also eliminates waste and reduces campaign costs. Mass media can’t do this for you.
Deliver a very personal message to get a member’s attention. Integrate variable information beyond their name. Include loan amounts, rates, payment examples, terms and other information specific to the recipient’s offer. Change the graphics to match their age group. Consider branch coding and adding a contact name to eliminate frustration should they need to call or visit. Working with a knowledgeable direct marketer will ensure your campaign has no trace of junk mail characteristics. Mass media can’t do this, and neither can traditional printers.
Add a pre-populated PURL to expedite responses. (Never use secure information on a PURL.) Member services can get real-time reports on the every submission, which is the same as a hot lead. You’ll also have concrete proof of the campaign’s ROI to give your Board of Directors.
We always encourage cross-channel marketing instead of the “one and done” mentality. Follow-up on your initial mailing with another postcard or email that includes the PURL. Create point of purchase materials to reinforce your message and increase exposures. Now you’ve got a powerful, cost-efficient campaign.
Our clients are definitely benefitting from the direct mail/PURL combination. On a recent mortgage campaign, one had 86 visits to their PURL and 28 submissions—21 of them in the first three days. A credit card promotion garnered 68 visits and 29 submissions. Another credit union’s auto campaign had 91 visits and 36 submissions. Those are very impressive results that any marketer would be thrilled to share with their management. Many of our clients have been so pleased they’ve increased their direct mail budgets for the rest of 2012.
When budgets are tight and so is the market, we hope you’re convinced direct mail is the strategic tool you should reach for first.
John Blom has 24 years experience in marketing, 16 of which are in the credit union market. He attended the University of Wisconsin-Madison, and has an MBA from Colorado Technical University. He was previously employed with Liberty Enterprises before starting Pinpoint Direct Marketing in 2004.
Margie Church has a Bachelor of Science degree in news writing and editing from St. Cloud State University. She has worked in advertising for large corporations such as Cummins Power Generation, Interplastic Corporation, and Graco. She is also a published novelist.
Pinpoint Direct Marketing creates data-driven, electronic and print marketing campaigns for the financial industry. Its customized campaigns achieve excellent results without premium costs. Learn more about Pinpoint Direct Marketing at www.PDMKT.com or call Kerry Blom, owner, 866-784-7555.
