The $9 Million Purl

All from increasing fees…

In our business we get to meet a lot of people struggling with how to market their companies. So it is no surprise that as we talked with some retail banks and credit unions, they said one of their greatest challenges was growing deposits and loans since most customers either don’t have the funds or are afraid to increase their exposure in these tough economic times.

Through our conversations with various credit unions and banks we came across a credit union (CU) out West that not only had these issues but the needed increase fees for their members. The approach was a little different. Rather than just notify its 25,000 members of the new fees, why not treat this as a marketing opportunity and target multiple offers at the same time? They already knew a great deal about their members from their customer database. Why not use that data to offer a customized auto loan, an introductory low mortgage rate, or a or rebate if they open a new account to help offset the high fees. Plus at the same time provide an opportunity for the customer to review their financial portfolio and look for ways to enhance and improve it.

What we did: So we printed a Variable self-mailer with a Purl. The Purl (Personalized URL) was secured and needed a password for access. This is a financial institution and we wanted to hold these offers private to the individuals, not just anyone. This alone increased response because who wouldn’t want to see what was behind door number 1.

The CU also maintained a fairly good email database, so we targeted them through that channel as well. This made it easy to make a quick click through to the Purl landing page. This also increased the response and offered a modified version of the offer lead-in.

Members were targeted 3 times. Once with the postcard, and twice with emails, each time adjusting the message and removing those who already responded.

The Results: The CU saw almost a 20% response. From that they gained $4 million in new deposits and $5 million is new loans. A total of $9 million in new business. All starting from a Fee increase.

For those who do not believe in these technologies… Was it the Variable self-mailer? Was it the Purl? Was it the Platform? Start with a winning campaign, add these elements and you can have a successful campaign. When people tell me these technologies don’t bring value to their marketing efforts, it usually can be drilled down to poor execution, not so much the technology.

Moral: Never miss a marketing opportunity. If you have good data, and you know how to use Digital Marketing Technology (or find someone who does), you can run a campaign that offers builds brand loyalty and results in a positive ROI.

I guess the right approach is: When all you have are lemons to offer, find some water and a little sugar and sell them lemonade.

If you would like to know more about this program or how Digital Marketing might help you, give us a call 630-307-7100.

Cross Media Communication

Interactive cross media marketing campaigns create stronger, multi-faceted, communication that builds brand awareness, customer loyalty, and most importantly increases response. 

That’s great, but how do you build that into your marketing mix… and budget?  We get this question from time to time and the answer is simple; a carefully thought out PLAN.

Cross-media marketing is not something to jump into blindly.  It needs to be strategically planed and with the right plan in place you can allocate your marketing budget accordingly.

First, you need to understand your audience, where they are and how they like to respond.  By understanding this you can help ensure you do not waste time, money and effort on channels and response devises that have no relevance to your audience. 

Recently, we had a client say to us “Personalized URLs don’t work”.  We were surprised to hear someone say this, as we have had great success with them and have case studies and references from others who have as well.  The client was a loan officer and after digging deeper into the campaign we learned he was targeting low income individuals, living in multi-unit dwellings such as apartment complexes.  This helped explain why he had a low response rate via the Personalized URL.  Many of these people may not own computers, plus they tend not to be as comfortable with web interaction as they are with face to face or telephone communication.  Understanding who you are marketing to gives you the opportunity to strategically place and tailor your message, offer and response channels.

Next it is important to have a follow up plan in place.  The team needs to be raved up and know how to respond. Without a plan of what you are going to do if these people actually respond, you risk appearing unorganized and will loose potential clients before they even walk in the door.  It is important that the whole organization be prepared.  This might mean staggering your marketing, thus allowing your team time to follow up with the first wave before the next one hits.  Also everyone should be aware of the promotion and its restrictions so they are not blindsided by a customer’s questions.  It is extremely frustrating, as a consumer, to walk into an establishment with their latest promotion and the clerk acts like you are showing them something they have never seen before.  Clients should not be educating employees.   Also it is important to have enough staff and/or product on hand in order to contend with the new business.  A direct marketer learned this valuable lesson the hard way.

A restaurant sent out 10,000, beautifully designed postcards with a great offer.  The response was just what they had hoped for, an overwhelming renewed interest in their restaurant.  However where the campaign fell short was that they did not have the internal staff to support the new serge of new business.  This lack of planning lead to long wait times, subpar service, dissatisfied customers and ultimately a tarnished reputation.  

Finally it is critical to have a plan in place to not only track the leads that come in, but to be able to identify where they came from.  If you use a combination of direct mail, radio advertising and mobile marketing you need to understand where each lead comes from in order to better allocate your marketing dollars the next time.   This step is often over looked yet it may be the most important.

Today marketing is moving from a transaction-based effort to a conversation. This conversation gives us the opportunity to engage and interact with our clients and prospects on an individual level.  Jumping into cross-media marketing without a plan or consulting an expert is not a good move and can result in a campaign failure.  However by incorporating the proper combination of cross-media platforms we can capture the attention of consumers and deliver a positive ROI.   

Mobile Up Your 2012

2012 IS ALMOST HERE AND IT IS TIME TO “MOBILE UP” YOUR MARKETING! LEARN HOW TO LEAP OVER THE COMPETITION IN A SINGLE BOUND!

DataMart Direct wants to help you get 2012 off to the right start and to do so we will be hosting a FREE seminar, January 17th, 2012, that examines Marketing in this new digital age.

Networking and refreshments will follow!

Visit www.MobileUp2012.com to register.  Seats are limited, register today!

RSVP by January 10th, 2012 for a chance to win an iPad2!

Please contact us for more detail! 630-307-7100 or at info@datamartdirect.com

Will the USPS survive 2012? … Cuts and changes are raising eyebrows

With the announcement the USPS has just released dealing with its challenges and cost cutting strategies, how will it impact you and your clients? No more Saturday delivery, slower stamped mail delivery, no more in-home date guarantees, cutting almost 1/2 of their processing facilities. I have to admit, the world is much different than it was when my parents starting this business 40 years ago. The way we communicate is significantly different, and the need for the USPS to be “only” way to get a message out doesn’t hold water the way it used to.

I think there is a need for the USPS to survive and I hope these measures (or whatever is finally agreed upon) make it a stronger and more nimble organization that provides the service and deliverability we need as an industry.

But back to my question. Many of our clients have already accepted these possibilities and asking how we can help manage them. Mail a bit earlier, mailing efficiencies we can suggest, even look at alternatives to mail delivery… This last one is an unfortunate reality – but one we have embraced. Our business is delivering a message on behalf of our clients. The USPS should be one of many tools we use. Our longevity will depend on how we deal with this fact and the opportunities we implement to achieve it. At least that is the direction we have chosen to follow.

What’s yours?

Fun Monthly Trivia – Travel!

Take yourself around the world and test your worldly knowledge with our fun travel trivia! When you complete the quiz you will be entered to win a $25 Restaurant.com gift card!

http://dmdmonthlytrivia.com/June2011

Congratulations to Judy Devoe with Spare Wheels for winning May’s Trivia Quiz. Enjoy!

Must complete quiz before July 1st, 2011 to be eligible for gift card.