What marketing format lets you reach prospects with an obvious message that can easily make an impression, allows you to connect with your best prospects, and gains the prospects’ attention in their own homes?
The answer is obvious because it’s in this post’s headline. The postcard.
If you’re a marketing professional, your business is communications. So it’s no surprise the best beginning for a successful marketing campaign is through communications.
Certainly, you need to discuss your project with your peers. Hold quick meetings with everyone involved so you all understand what’s expected of each individual.
Most important of all, you need to talk with the creative team members who will prepare your marketing campaign.
I’ve worked on thousands of projects for financial institutions so I can say, in my experience, if there is a project delay it often falls under the Number One Cause. If you can eliminate or reduce this one factor, you could have your project ready sooner — sometimes weeks sooner.
This factor affects all types of advertising — direct mail, print ads, collateral materials, web pages. Once I tell you what it is, you’ll likely think, “Yeah, I knew that.”
Like Santa, you need to check your list twice. Your list of marketing promotions, I mean.
It’s no revelation that we’re moving into a busy time of year when holiday events and activities fill and affect our personal lives. Those same holiday proceedings can affect your marketing schedule, too.
Here are a few factors to consider and suggestions to help.
Two farmers are standing in a cranberry bog…
Sounds like the start of a joke, but it’s an example of how a consistent message wins over consumers and boosts brand recognition.
I see marketers abandon new advertising without knowing whether or not it’s effective. If it is, why would you throw away a successful campaign for something unknown?
Well, actually, I know the reason. You or your company’s executives are tired of seeing it. What you don’t realize — you’ve seen the campaign materials far longer than any of your prospects.
When your marketing campaign ends, what do you do? Pack the files and samples into a box and send them to storage? You should perform a postmortem review to give yourself valuable information and insights for future campaigns.
I know there are financial services marketers who don’t even check the results of their marketing campaigns. They don’t determine if the promotions were wildly successful, total failures, or somewhere in between.
When the financial crisis hit the country a few years ago, marketing budgets at banks and credit unions were slashed. Basically, financial institutions curled up in a ball and hid. Advertising was minimal.
Nothing like their more adaptable, it seems, marketing predecessors.
Two days ago, I gave you the number one mistake from this list of 21 Deadly Mistakes advertisers make. Today, let’s look at numbers 21 through 12.
I pulled the photocopy of this magazine article from one of my oldest Idea File folders. It was originally published in The National Underwriter, an insurance industry magazine, in its December 12, 1986 issue. Andrew Byrne, an advertising consultant to insurance companies, was its author.
Each of Byrne’s 21 Deadly Mistakes of advertising included a paragraph or two of explanation. I’ll substitute my own comments so they apply to financial institutions.
Is direct mail still relevant for banks and credit unions?
What proof do I have that it remains relevant?
Chase continues mailing its self-mailer promoting checking and savings accounts to millions of consumers across the country.
If direct mail wasn’t working for Chase, it would cease producing and sending these mailers.
Marketing is about positive messages. You tell prospects you have the best banking products for their personal financial needs. Your rates are competitive or better than what they find elsewhere. You offer conveniences that save them time and money.
You have no reason to apologize for what you offer.
You want every promotion you put in front of the public to attract more customers and open more accounts at your financial institution. But some promotions, by their general makeup, are more likely to be successful than others.
Here’s my rundown of the likelihood these five types of promotions will succeed.
As the last of the top 20 banks in America to drop free checking, PNC’s gift to community banks and credit unions shouldn’t be ignored or go unused.
You might call it the gift that keeps on giving.
In last Thursday’s blog I provided the salient details about PNC’s recent announcement that it was throwing free checking customers under the bus – just not immediately.
Big banks continue to use direct mail marketing, which is a positive commentary about the productive viability of mail.
The Financial Marketing Insights blog team recently reviewed an envelope package promotion from American Express Bank. Our critique is filled with interesting ideas and tips that can improve your own marketing promotions.
You’ll find our critique on The Financial Brand website. It’s called, Direct Mail Clinic: Bank Marketing Envelopes That Sell.
Do you wish your customers a happy birthday? It’s a chance to make a cross-sell offer and to strengthen the banking relationship with your bank customers or credit union members.
Obviously, your message shouldn’t be, “It’s your birthday, so open a new account.” No one appreciates such a blatant tactic.
So what should you do?
It’s been a standard rule of marketing for generations. I’ve made references to The Rule many times in my blog posts and when talking with clients. But is it time to revise The Rule, at least for financial services marketing?
I’m talking about the 40-40-20 Rule. You should know it well. It says every direct mail marketing promotion consists of… Read more…
As many of you faithful blog readers must know by now, I’m a bit skeptical about the virtues of cross-selling.
It has its purpose, it has its successful practitioners, and it has its success stories.
But it also has a long history of invoking the law of unintended consequences.
A direct marketing envelope package needs to grab attention between the mailbox and the kitchen table if it’s to get opened. Let’s examine a recent example of an envelope package that catches attention in a big way.
I really do mean big. The golden-brown colored envelope from The Mayo Clinic Health Letter is an oversize 14 x 9.75-inches. There’s little else in the daily mail that can compete with that look and size. My first thought when I saw the return address and the size was, “Are they sending me a set of x-rays?”
Today’s blog topic is about direct mail – the tangible paper marketing messages that continue arriving in your home mail box six days a week.
In spite of the rapid growth of email marketing and problems with the U.S. Postal Service, direct mail remains an extremely attractive and productive consumer marketing channel.
According to the Direct Marketing Association’s 2012 Response Rate Report, 4.4% is the average direct mail response rate versus a 0.12% rate for email marketing.
Have you ever given serious consideration about the need for cross-selling?
What does it really accomplish…if anything?
I suspect most bank and credit union customer-contact employees engage in cross-selling only after being urged or forced to do so by their managers.
Most people dislike selling or cross-selling. They hate the ongoing rejection that comes with selling. It’s tough to do well.
Have you ever thought about the answer to this question: Is there a perfect time to spend marketing dollars to grow your checking account base?
Or conversely, is there a perfect time when you shouldn’t spend marketing dollars trying to get more new checking account customers?
Apparently, most bankers have decided that now is the perfect time to avoid checking account campaigns. I’ve come to this conclusion because it’s been quite some time since I’ve encountered any meaningful marketing efforts focusing on attracting new checking customers. No newspaper ads, no billboards, no direct mail, no radio spots, no TV spots…nothing!