Direct Mail Automation and Retargeting for Fintech Campaigns
Direct Mail Automation & Retargeting for Fintech Companies
Fintech is revolutionizing the finance sector and changing our day-to-day lives. The impact of fintech services over the past few years alone has been so huge that today all of us use at least one fintech product or service on a regular basis. However, despite using the most advanced technology for their product and services, FinTech still uses direct mail as a major communication channel, especially for retargeting.
Expert marketers still rely on direct mail retargeting for financial institutions because they are highly dependable and have a much higher ROI (Return on Investment). Furthermore, you can use direct mail automation to streamline your operation, minimize wastage, and enhance the deliverability rate of your marketing campaigns. As a result, you can significantly reduce the time, effort, and money you spend on your direct mail operations.
This article discusses everything you need to know about direct mail automation and how it can be used for fintech retargeting campaigns. We explain how direct mail retargeting for FinTech is a necessity for effective marketing and list the major reasons why you should employ it for your FinTech business. The article further takes you through some of the major applications of direct mail automation in FinTech. Finally, the article talks about the ideal way you can implement an advanced direct mail automation capability for your FinTech business.
Why You Should Use Direct Mail Retargeting For Your FinTech Business
Reaching out to your target audience is now harder than ever, and this is despite the easy mode of communication channels that are now available to us. The truth is that people are tired of having their inboxes filled with marketing emails or text messages. People are so tired of marketing messages that most of the users tend to ignore them indefinitely, and direct mail offers a viable solution to this problem.
In fact, some financial institutions have found that almost 90% of their borrowers were acquired through offline channels. Some other interesting statistics that you need to know before deciding whether or not your FinTech business needs direct mail are discussed below. For starters, direct mail generates 10% more customers as compared to online efforts like email and display ads. But perhaps the most significant stat that works in favor of direct mail is that it has a whopping 90% open rate, if not more.
Additionally, direct mail has a higher potential to drive around more traffic to your website, and this is one of the most attractive aspects of modern-day direct mail marketing. Direct mail drives about 60% of its recipients back to the website. Anyone working in the digital marketing sector would know that this number is a huge advantage for businesses. Furthermore, direct mail has a house-list response rate of 5.1%.
It is also worth considering the security aspects of using direct mail for FinTech marketing and retargeting purposes. The Postal Inspection Service enforces over two hundred federal laws that are created especially for protecting the privacy of American citizens and for presenting fraudulent activities. This sense of security provided by direct mail and its less intrusive nature further enhances the trust your customers or potential customers have in your FinTech business.
Top Reasons to Invest in Direct Mail Retargeting For FinTech Business
By using the data you’ve gathered through your digital channels and then using the same for the direct mail efforts, you are able to access the best features both online and offline channels. Doing so gives you valuable insights that reveal your customer’s interests based on their behavior on your website, and then you can use the same data for pitching an offer to them via direct mail.
Although this is the highlight of direct mail automation, FinTech companies have other reasons and benefits for using direct mail as their communication channel. Below we discuss some of the major reasons why FinTech businesses should invest in direct mail retargeting.
Boost Conversion by Nearly 40%
Using an automated direct mail for your FinTech mail allows you to effectively combine the best aspects of online and offline marketing mediums. Direct mail is first used to create a sense of curiosity in the customers, and the targets are pitched with a relevant FinTech product or service that they are genuinely interested in. Furthermore, an attractive offer is presented to the recipient that ensures that he/she is likely to navigate to your website/landing page.
If we were to talk numbers, using an advanced automated direct mail can boost your conversions by as high as 40%. That is significantly high, especially for a niche as competitive as FinTech. The FinTech industry often uses marketing and retargeting strategies that have a high customer acquisition cost, and direct mail offers an effective alternative to such strategies. In other words, a direct mailpiece is 8 to 40 times more effective than sending a personalized email to your target audience.
Minimum 20% High Response Rate
A retargeting effort made through a direct mail channel has a ten times higher response rate than all digital channels combined. This means that your response rate could be a whopping 200 times higher than the click-through rate that you see in digital targeting. This should give you a broad idea about how effective direct mails are, as compared to digital efforts. It would be best if you kept in mind that a 20% higher response rate is the minimum you can expect, and this can be further enhanced based on the effort you put into it.
Furthermore, it would help if you considered direct mail retargeting for your FinTech business to convert your customers’ digital behavior into meaningful engagement. By doing so, you can also figure out the ideal approach that you need to take in order to connect with the user and generate a response from them. This will ultimately lead you to a higher conversion rate which is, after all, the main aim of every marketing campaign.
Almost 40% Higher Response Than Single-Channel Campaigns
Employing an advanced direct mail automation process for your FinTech mail would most likely include a QR code or PURL that connects their offline efforts to their online channels. This means that most direct mail retargeting for FinTech companies will be a multichannel approach, if not all. The multichannel approach has a clear upper hand over single-channel campaigns because of the sheer reach it can harness through multiple channels.
If we were to talk numbers, using a multichannel approach like automated direct mail which links to relevant online channels, has about a 37% higher chance of generating a response from the recipients. It is also worth noting that direct mail alone, without any connection to the online channels, is capable of outperforming most other marketing channels. Therefore, incorporating the online channels into your direct mail campaign can ensure that your message reaches the target audience at the right time.
Increases Customer Purchase/Sign up by 10x
FinTech businesses of all types depend on a loyal customer base to survive and thrive. A ruptured study conducted on telecommunication advisers revealed that using direct mail for marketing along with digital media has an impact that is ten times as strong as using a digital-only campaign. This is not just because of the high open rate offered by direct mail but also because the digital medium incorporated into the direct mail is much more convenient to access through the mailpiece.
This means that using a combined effort of online and offline mediums for your direct mail campaign can significantly boost the rate of consideration or intent of the recipients to sign up. This, in turn, implies a robust opportunity for you to connect with your target audience, capture their attention, and eventually convert them. The end result would be that the target audience is more willing to invest or borrow money from your financial institution or use your banking services.
A 10% Higher Brand Recollection Than Single-Channel Campaigns
A recent USPS report shows that marketing campaigns that use a combined online and offline channel approach have a 10% higher chance of generating brand recollection in the recipients than a single-channel approach. Brand recognition plays a vital role in the FinTech industry because it means a brand is recognized by the target audience. And recognition is almost synonymous to trust when it comes to brand names.
However, if you are to ensure brand recollection in the target audience, it is best if you use quality content that aligns with your brand values across both digital and direct mail channels. Furthermore, according to a USPS report, the brand memorability is 5.5 times more when they use a multichannel campaign than that of a campaign that solely depends on a single digital channel. Brand recognition means that your business is well established and therefore trustworthy for your target audience business.
The Messages Are 39% More Attention Grabbing Than Single-Channel Campaigns
Another enticing aspect of direct mail automation that employs a multichannel approach is that the message makes a much more significant impact on the recipient. The impact is so big that these messages are 39% more attention-grabbing than one that’s used in a single-channel campaign. Your FinTech messaging does more than just convey a message to the target audience.
The message you use in your campaigns, regardless of which medium you use, has the ability to differentiate you from your competitors. And this message is conveyed more effectively when the recipient receives it from different channels, which eventually gets reinforced in the user’s mind and attracts their attention.
Has a 5% Higher Emotional Intensity Than Single-Channel Digital Campaigns
Direct mail is feasible and has a way of connecting with the reader on an emotional level if you do it right. USPS further states that financial institutions that integrate digital and direct mail see a 5% higher emotional reaction from the target audience than single-channel digital campaigns. However, that is not all you should consider. The fact is that a whopping 95% of purchasing decisions are made subconsciously rather than consciously.
Therefore, a well-made direct mail has the potential to form an emotional connection with the reader and hence is more likely to leave a mark on the audience’s subconscious mind. Furthermore, this also enhances brand recall in your audience, and it is possible that the positive impression that you have made will eventually convert to investment when the time comes. This essentially means that your company will be the first one that comes to the target audience’s mind when the need for it arises.
Conclusion
Direct mail automation is no longer a luxury that FinTech companies can choose to ignore or put off. FinTech companies that are already using manual direct mail campaigns need to switch to an automated solution ASAP because it can free up resources, including working personals. Using a CASS-certified direct mail automation tool like PostGrid can also ensure the deliverability of your direct mail.
Furthermore, direct mail automation, when coupled with digital channels, shows significantly improved results than using a single-channel campaign for FinTech companies. Direct mail automation can be especially effective when it comes to FinTech retargeting because of its feasible nature, ability to create an emotional impression on the recipients, and stay on top of their mind if and when they require the services of FinTech companies.
Ready to Get Started?
Start transforming and automating your offline communications with PostGrid
The post Direct Mail Automation and Retargeting for Fintech Campaigns appeared first on PostGrid.
source https://www.postgrid.com/direct-mail-automation-and-retargeting-for-fintech/
source https://postgridplatform.tumblr.com/post/657349160151007232
Comments
Post a Comment