Increasing Loan Balances: Leverage Omni-channel Messaging
Choosing Channels Wisely for Loan Growth. Navigate the clutter—direct mail, email, digital ads, and more. Craft a multi-channel strategy for a 360° campaign that boosts responses and loan balances efficiently.
Choosing the Right Channels for Maximum Impact
Direct mail is the least cluttered direct channel, with the average household receiving three to six marketing pieces per day, although it comes at a higher unit cost. Email can be sent at a much lower cost, but since the average office worker receives 121 pieces daily, getting your message seen takes longer.
Digital ads are a good option, yet many browsers have built-in ad blockers, and your ad competes with the information on the page the person is reading. While it may seem like common sense to use multiple channels, too often, marketers pick one or two channels for their communications because they are “the best” or most cost-effective.
The fact is, the most cost-effective campaigns are the ones that bring in the most responses—and the best way to do this is through multiple channels.
Below is an example of a multi-channel campaign that works well for an equity program after a targeted list of customers and prospects has been created:
- Upload the target list to serve ads on social media like Facebook and Instagram
- A week later, send direct mail pieces
- Send email to customers with the same message as the mail piece
- Utilize Informed Delivery to alert recipient via email that mail is arriving that day. Include a clickable ad with a link to the website
- Continue social media ads for 30 days following the mail piece
- Supplement with digital banner ads
- Use retargeting to serve related ads to people visiting the website
- Two weeks later, send email to customers with the same message as the mail piece
People get concerned about correctly attributing a response or purchase to the correct channel, but the goal is to open as many accounts as possible. Many studies show combining mail and email can increase results by 35% or more. In addition, adding social media and retargeting to direct mail can increase account openings by 30%. Bringing all the pieces together will create an efficient and effective campaign.