So you’ve got a targeted marketing list, and it is working great for direct mail acquisition, and the cost per acquisition is good. But you want to add digital channels to your marketing mix. But you want to reach the EXACT same people you’re mailing.
Ever try to throw darts with your eyes closed? This is what you are doing if you use demographics to target your digital marketing when you already have a list of bullseyes. Digital marketing adds “sizzle” to your direct marketing, and believe it or not, you can be digital and still reach your exact target audience. There are a few great ways lenders (and others) can add digital to complement direct mail efforts, while lowering acquisition costs and increasing loan volume. Sound too good to be true? It’s not really; just not everyone is doing this yet. Here’s how:
Email: You can easily add email to your direct mail list, and message prospects before and during your mail campaign. You won’t get a 100% match, but you can make your campaign instantly multichannel with appended emails. We’re seeing incremental lifts of 60+% with astronomically lower CPAs for those that convert off of an email. What’s more, is you can geotarget with email around your mail saturation areas for a “halo effect” of other new customers at EVEN lower acquisition costs.
Social Media: Most people think of social media as putting things on your Facebook wall or tweeting – and I would bet these things haven’t resulted in new loan volume for you (at least not that you can track). What many people don’t know is that you can serve social ads to correspond with your targeted mail list and achieve a silly-low acquisition cost for additional lift. Native ads are served while the prospect browses Facebook, and as they receive the mailpiece, your offer and brand are reinforced. We are seeing lifts of 7-10% with bargain-basement acquisition costs.
Mobile: Not only is SMS messaging (text) a great way to communicate with current and former borrowers, you can also serve in-app ads to your targeted list using their unique device ID. Sounds complicated, but it’s a great way to reach your prospects on the go, and it really isn’t that hard once you have your initial prospecting list all ready.
Online banner ads- One of the easiest ways to reach your target audience is with online banner ads. This is an inexpensive and easy way to prep of follow up to your online campaign. Not only can you cross-reference your mailing list and serve ads to each person’s IP address, you can also gain the halo effect for more “bonus customers.” Additionally, if you incorporate retargeting for those who didn’t convert, you can continue to see dividends from your original prospecting efforts.
With today’s technology, there is no reason to “spray and pray” with your marketing efforts. Target all of your online and offline efforts and you’ll have more loan volume to show for it.
Craig Blake is one of SourceLink's consumer finance and retail energy strategy experts. You can reach Craig at email@example.com