The Importance for Lenders to Apply and Leverage Multi-Channel Marketing Deployment |
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Oct

19

The Importance for Lenders to Apply and Leverage Multi-Channel Marketing Deployment

The Importance for Lenders to Apply and Leverage Multi-Channel Marketing Deployment
Multi-channel deployment is often overlooked in marketing and not applied correctly. When done correctly, its benefits will surpass your expectations and play a big part in the lift on ROI and response.
Multi-channel marketing deployment is the art of using several mediums to advertise to the right target market, with the right offers, at the right time. The issue that most lenders have with multi-channel deployment is that they are not utilizing it to its full potential. Multi-channel deployment begins to suffer when internal marketing teams are unable to perform accurate analytics on their Marketing Campaigns, and the reason for this is that those lenders are then unable to remarket through other channels and make them all interact with each other.
When employing multi-channel marketing deployment, the lender must make sure all processes, especially the analytics on each different channel, are optimized. Direct mail marketing tends to be the channel that requires the most attention. The logistics in Direct mail marketing require a lot of skill and expertise. Anyone can understand it and do it, but only those with years of experience can do it correctly. Having the right mail piece linked to the right offer based on several tests, making sure that each one of those tests have undergone the proper analytic reviews based on the mail specifications vs. target market, understanding the quality of the data, knowing and making sure that mail is dropped at the right time, and analyzing results based on call tracking… These are just some of the parts to the equation that one has to have under full control to receive satisfactory results. Multi-channel marketing is the one strategy that may potentially take your business to the next level. If you are doing good in one channel, why not do good in all of them by utilizing the results from one and applying it to the others? For example, say you mail 500,000 letters with a business, mortgage, or personal loan offer. When you are analyzing the results from this campaign, you discover that 1% (which is an excellent number in Direct Mail) responded to your offer. These are 5,000 potential loans to be funded. Now, not all 5,000 people will take action right away; that’s the reason why you need to keep engaging with them and remarket. Having these valuable results from Direct Mail then allows you to take action on another channel. Launch an Ad through Facebook to a percentage of those 5,000 people, or do email marketing. Do you see the potential? One channel allows for remarketing on others.
So, let’s talk about leveraging. Multi-channel marketing’s success is dependent upon the analytics from the performances of your campaigns. Without proper analytics, lenders are unable to improve upon the different channels that they are marketing on. They might be able to do well on one of these channels, but from experience we’ve seen them having a hard time doing well on all of them.
Leveraging allows lenders to focus on lending, lets the experts focus on marketing, and increases their results on funded loans. Marketing agencies like Lending Science DM, with the capacity and proven track record for successful multi-channel deployment, will make sure all channels work well with each other along with the proper use of remarketing and data/results usage. Now, a lending institution may do email marketing internally, social media through an agency, direct marketing through another one, and PPC through another one, but there’s also an issue here. Having all of these under the same roof will maximize data/results usage, decrease operational costs, and increase results. It is easier and most efficient for one agency to grab the results from Direct Mail and use it on PPC, rather than having them send it to one another, which is a moment where useful analytical data will get broken.
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