Companies in banking, mortgage, financial companies, and the federal government widely chose the direct mail marketing channel of communications for its dependability in deliverability to the right person or company. Right or wrong?
According to recent research data from 2019 on the mortgage, banking and the financial industry, most firms provide a variety of financial products. They use an assortment of marketing strategies and advertising tactics, provide yearly sales figures, and what their market share is for the US markets.
Yet, most of these financial institutions, however, have been slow to return to direct mail marketing tactics, mostly due to “the existing perspectives of how things should be done.”
Maybe direct mail marketing for mortgage and financial firms is like face-to-face advertising for other companies?
Not long after the emergence of a digital marketing strategy, many industries had jumped on board the digital highway, embracing these new channels. However, in the mortgage and financial industry, the benefits of this the new medium created some confusion. So, many firms in the industry held back, and continued to use the marketing tactics that worked for them in the past.
This industry was always rather conservative and unwilling to experiment with new and possibly unsafe technologies. Plus, it’s highly regulated. In fact, fewer than 15% of this group is using some digital marketing strategies, which are much lower than other industries. Considering their role in previous financial depressions, it’s quite logical. Customers felt it violated their trust.
Why not try a direct marketing mail channel using certain segments of your customers and prospects?
What’s your product? Is it more male or female? If you know how many of each sex or type, why do they make a purchase?
Getting back to mortgage and financial companies, they already have a lot of information about their customer marketing needs. Probably the biggest need when filing for a mortgage is they need to know a customer’s salary, what is owned in their savings, how they use credit cards and types of insurance they purchase. Theye can find all this and other information in the target markets they build.
Take another tip from the mortgage and financial sector.
Create trust-building strategies in unison using direct marketing mail, on the company website, social media posts, a blog or build one if one does not exist, or just about any communication channel you used to reach customers and prospects.
One of the best channels you can use today for trust and readability remains direct mail. Direct mail today gets a 95% whopping delivery rate. As a bonus, if a person in your data moves, that information is forwarded to you to change your records.
Social media can also be a gold mine. People who post can say a lot and some of this may be wise to determine how you can dissect how much of the discussion is useful in a marketing test. Keep in mind there are a few too many scammers on some of the social channels.
I build successful customer relationships on trust, and if you set that as a goal of measuring the data from the direct marketing mail or other advertising communications for your company, expect to be compensated. Any company can tout exceptional service, but only a few can deliver. Why? Trust between organizations and people can be expected, but trust is earned.
Find out more on how to use direct mail marketing in the digital era.
Speak with one of our community members serving the mortgage and other financial companies. They can help you get on track with your marketing advertising.
According to the data collected in 2010, it takes 2.7 channels (email, radio, social media, etc) to connect with a contact. I could not locate a recent update, but I am sure it is now higher. If you still only use one channel to connect, you need to consider selecting a few other segments your contacts prefer.
There is an old saying in direct marketing: test, test, and test again. It is also helpful when you start channel selection.
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Sharing my time with you is not over at the end of a post. There are many ideas I experienced in owning a small business. My ideas about using and writing direct marketing and customer-centric copy are from my experience as a small business owner and a marketing entrepreneur in marketing, advertising, and selling content, articles, reports based on my philosophy of people learn by reading, then learn by doing.
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Thanks again for reading. Questions?
Mdoc@direct2customers.com or 800-251-3608