As more and more people move to online and mobile financial services, fewer people are physically walking through the doors of banks, lending companies, and other financial organizations. This lack of traffic makes it more challenging to market fintech products effectively — especially when aiming to send personalized messages.
It's no secret that direct mail is highly effective —in fact, 67% of marketers say it delivers the best ROI of any channel they use—so why not take your fintech mail strategy to the next level with trigger-based direct mail?
This method will allow you to use consumer behavior to create more personalized, relevant messages that deliver higher response rates and ROI.
In the past, triggers were limited to online activity, but not anymore. Advances in technology have allowed marketers to deliver personalized, relevant messages to consumers at home through the power of digital-level automation.
Trigger-based direct mail is physical mail sent in response to a specific consumer event or action. There are endless trigger variations, so the ones you choose highly depend on your industry and goals. The key is to align triggers with your goals and the needs of your target audience.
In the world of financial services, these events are typically behavioral triggers. For example, a person may have recently looked up their FICO score or paid off their credit card. Their actions are the triggers, which may result in offers. Would the consumer benefit from an upgrade? Perhaps they would be interested in debt consolidation?
This approach leads to higher response rates and ROI. Best of all, direct mail and email mail marketing work better together. Take a look at the stats:
If there are signs of potential account closures, you could market high-level services or point out benefits to convey the product's value. The goal here is to improve customer retention. Trigger-based fintech mail campaigns can also address triggered appreciation letters.
Check out this example from PenFed Credit Union that was used to acquire new customers:
To create triggers for your fintech direct mail campaign, take the following steps.
When you initially select your triggers or choose new ones based on emerging data, focus on what aspects of your business can be improved through trigger-based direct mail campaigns. What action do you need your audience to take to achieve that improvement? What data do you have available to leverage and support your goals? Is there data missing that you should start collecting?
By asking these questions, you can define events and criteria that would trigger a piece of relevant fintech mail.
If you want to automate offline communications and eliminate costly manual workflows, Lob can help.
With Lob, you can:
Recommended reading: See how Saylent improved customer engagement for banks and credit unions.
Schedule a demo to see just how to trigger direct mail using Lob's automated direct mail and address verification.