Banks, credit unions and other financial institutions are discovering that there are benefits to be had with direct mail. Offering customers certain provisions that best apply to their monetary practices is a solid way for banks to promote new services.
However, advertising generalized assistance that isn't specific to certain customers isn't a strong practice to employ. Companies need to pay particularly close attention to the manner in which individuals and businesses manage their finances. With this consideration in mind, such enterprises will be in a solid position to expand their practices.
An even balance
Overloading a person's mailbox with tangible forms or sending a slew of repetitive emails to consumers isn't going to benefit banks or their customers. There are very few people in the world who genuinely enjoy receiving mail from organizations, so it's important that the the materials go above and beyond expectations.
In regard to this issue, financial institutions should note that a healthy balance between digital and print is exercised. The Financial Brand outlined four statistics showing that banks still find value in sending direct mail:
- Q1 2014 mail offers for checking accounts increased 18 percent from Q4 2013.
- In Q4 2013, deals pertaining to savings accounts took up 61 percent of all delivered emails.
- Spending on direct mail rose past $100 million in Q1 2014, increasing 15 percent from the previous quarter.
- Fewer emails were sent in the first quarter of this year than in 2013.
Leveraging different strategies
Delivery methods aside, it's also important for organizations to consider the actual materials they plan on sending to customers. Gaining new business from people who are unaware of particular services is essential for banks to thrive in the modern economy. A number of materials financial institutions can send out to consumers and enterprises are:
- Pamphlets containing comprehensive information regarding lending practices
- A list of interest rates regarding specific depositories
- Leaflets describing certificate of deposit accounts and how they can help individuals accumulate money over time
- Materials showcasing mortgage loan success stories
- A catalog of e-banking services offered.
The impression you give
Content isn't just about telling customers what businesses can do. The character of a brand should be projected through the written materials that are distributed via direct mail. Professionals often speak of an enterprise's "personality" when referring to how the entity operates as a whole. So, it's important for organizations to regard how their employees contribute to operations.
However, it must be acknowledged that direct mail materials shouldn't consist of lavish, grandiose language. Just because leaders should take advantage of the opportunity to project their character, that doesn't mean it should be forced upon readers. Business 2 Community contributor Oliver Gaywood noted that the message is simple: You're available to provide the following services and create the best experience possible.
By regarding the key points outlined above, banks are in a solid position to leverage direct mail to their advantage. Asserting what provisions are offered, how they're going to be delivered and the manner in which relationships are built is a good strategy to employ.