Having a clear understanding of your direct mail marketing campaign’s nuts & bolts, purpose, and audience, is essential for its proper execution. Making sure that you are only mailing to people who fit the qualifications of the campaign will help you lower cost-per-acquisition and increase ROI, so take the extra step to make sure your offer matches the customer’s needs.
Identifying the right customer takes time. Making sure that your databases are organized, and contain accurate, up to date information is one of the most important steps. The first step is laying the foundation of your campaign; this means finding out the necessary qualifications for the campaign offer and narrowing your database into relevant prospects. Doing this requires you to know key information such as credit scores, age, creditworthiness, whether people actively seeking credit, becoming a new parent, new homeowner, newlywed, new mover, etc. All of these data triggers can be applied to make the campaign personalized and more successful. Once you have the foundation for your direct mail campaign, you can begin adding the bricks and mortar. The bricks and mortar of your direct mail marketing campaigns should be creating and choosing the correct mail pieces and managing strategic mailing times. Sending out direct mail should be like building a house; you don’t start adding bricks and mortar without the foundation in place, and if you do, it probably won’t turn out too well.
Lenders need to make sure they have an adequate foundation in place for their direct mail campaigns. Don’t find yourself in the situation where your mail piece is superb, and you’re mailing at the most opportune time, but you are sending it to the wrong clientele; your marketing will then suffer. All of these components have to be working as a team in order for your marketing to succeed.
Lenders who are unable to target their ideal audience are causing their campaigns to suffer. Personalized and highly targeted marketing has proven to work over and over again. Most lenders already utilize basic demographic information which is a start, but being able to have a complete understanding of your customer is the most valuable type of data. Whether you are a consumer lender, mortgage lender, or business lender, you need to know who your audience is. Sending campaigns to people who do not relate to the offer, or who DO NOT QUALIFY is wasteful. This may seem basic, but it is common for lenders to overlook it; we see it happen all the time! Imagine receiving an offer for car insurance when you don’t own car, or a mortgage refinance letter with the wrong information about your loan. Would you respond to the offer being proposed? The answer is probably no. The key to successful direct mail marketing is to match the right mail piece, to the right audience, at the right time.
Here at Lending Science DM we know what works and have tested it successfully multiple times. We will help you apply strategies that are proven to work and generate results above average. If you think that there’s room for improvement in your direct marketing operations, our all-in-one turnkey direct marketing solutions might be the right solution for you! Call us today at 800-769-3050 or start a chat at the bottom of this page to find out how we can help you identify the right customers for your direct mail campaigns.
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