As marketers, we’re continuously stressing the importance of digital media. And while it’s a major component in any solid marketing strategy today, our digital tunnel vision might cause us to abandon former tried-and-true practices too early. Don’t give up on legacy media so soon! Below we revisit three old-school strategies proving just how valuable they still are — especially when integrated with your credit union’s digital plans.
Although traditional cable and satellite viewers are dwindling, television is, in fact, booming thanks to Over The Top (OTT) TV.We’re cutting the cord, moving away from traditional channel surfing in favor of apps which allow you to conveniently stream content from virtually any device with internet access. According to a recent global media intelligence report, ad-supported OTT subscriptions in 2019 reached more than 181.5 million monthly users, equating to 63.9% of the US population.4The report, provided by eMarketer, notes the immense value for brands with increased investment in ad-supported OTT, proving that streaming services are not only redefining the way we view TV shows, but also commercials.
OTT video viewers are much more receptive to advertising than TV-Only viewers. In fact, a study by IABregarding ad receptivity discovered that 1 in 3 users find ads via OTT more engaging, unique, and relevant, and will complete 98% of video ads compared to traditional television commercials.5Through OTT services, businesses can leverage collected consumer data like geographic area, age, gender, and ethnicity in order to tailor their ads to specific audiences. Using data insights allows you to create ads with messages that address the unique challenges, concerns, and needs specific to your target consumer. This strategy helps communicate initiatives more effectively as well as saves resources that would have otherwise been wasted on the wrong market.
OTT works especially well alongside digital strategy, bringing current content like banner ads to life and helping to create a cohesive, well-rounded marketing plan.
SNAIL MAIL RESURGENCE
Today’s marketing strategies focus heavily on digital communication, pushing consumers to the brink of email burnout. Our inboxes overflow with generic promotions, advertisements and spam — many of which are sent straight to the trash. To avoid getting lost within the email promo pileup, your credit union might want to reconsider the good ole’ snail mail days.
Digital ads are now so commonplace that receiving direct mail feels like a refreshing change of pace. According to an ANA/DMA report, direct mail response rates are on the rise, with house lists boasting an average rate of 9% — nearly doubling the previous year’s figures.1Sending someone a tangible piece of mail provides a personal element that — when done right — can leave a lasting impression and create rapport with your members. In fact, 82% of millennials viewed brands’ print advertisements as more trustworthy than digital marketing materials.2That stat makes even more sense when you think about how quick many of us are to download ad-blockers onto our computers to achieve uninterrupted internet use.
On average, direct mail offers a 29% return-on-investment.3To make the most of the medium, try incorporating an interactive element that gives mailer recipients a reason to visit your website or physical branch. An example might be a branded postcard or flipbook, highlighting favorable perks that make your credit union unique. Include a token, voucher or code within the mailer which can be redeemed for a reward, like a free tote bag or hat. Having that redeemable incentive is a great way to track the ROI of your efforts, and the branded swag will increase your credit union’s visibility. With the amount of physical mail an average person receives on the decline, there’s much more room for businesses to stand out within consumers’ mailboxes.
If you want to give your direct mail strategy a modern twist, bring in a social component. Encourage recipients to post a photo of the mailer to their social media channels for a chance to win a prize, like a gift card. Be sure they tag your credit union and any specific hashtags. Contests like this are simple to arrange and will boost your member engagement as well as social media presence.
Amid today’s noisy digital landscape, outdoor advertising makes a triumphant return. Similar to direct mail, Out-Of-Home (OOH) platforms like billboards, wall murals, and public transport stations provide a refreshing break from the internet and lets brands create campaigns with more artistic flare. Today’s ads look less like ads and more like “visual stories” that enhance a brand’s narrative or values. Enter a New York subway and you’ll find cars outfitted with lively, eye-catching banners. They often boast stylish or entertaining content, witty slogans, rhymes, even brain teasers and puzzles.
Plus they know how to speak to and connect with the local community. Thanks to advancements in data collection, businesses can use demographics and trend insights to better target their audience, making it easier to market to consumers on a personal level. For example, popular food delivery app Seamless launched an OOH campaign across public transport platforms “awarding” NYC neighborhoods with superlatives based on their unique food orders. Awards included “Hottest Neighborhood” to SoHo based on orders for extra hot sauce and Dyker Heights for “The Neighborhood That Never Sleeps,” due to their large number of night-time coffee orders. The ads were fun and witty, and most importantly relatable to their target New Yorker audience.
Since credit unions are so ingrained within their neighborhoods, OOH campaigns are great opportunities to use specific community knowledge in a fun and exciting way that will personally resonate with members.
Who Said Legacy Media’s Dead?
While it’s important to always stay current within our digital media landscape, sometimes dusting off the old playbooks can make a big impact on your overall marketing strategy. Whether you’re fully embracing new media or kickin’ it old school, don’t be afraid to revisit your old ideas— they might be the key to unlocking some new ones.