Marketers in the financial services industry are no strangers to using direct mail. In fact, one study¹ states that financial services are the heaviest users of direct mail, followed closely by consumer packaged goods (CPG) companies. But how effective is direct mail for the financial services industry?
When surveyed², 10.2% of respondents said that direct mail influenced their purchase decision within the financial services/insurance industry. The grocery industry, by comparison, performed almost three times better with their direct mail efforts, with 27.2% of respondents making purchases because of direct mail. A more targeted approach via direct mail could optimize the heavy direct mail investment for marketers in the financial services industry.
With access to the right tools, financial service companies like credit card issuers, alternative loan providers, and mortgage companies could more accurately and more effectively target their potential customers. For example, what if you could send your website visitors a personalized direct mail promotion at just the right time during the customer journey?
Knowing that a customer has explored or interacted with particular parts of your site gives you the assurance that they are browsing with intent. Your direct mail promotion might be the reminding nudge they needed to finish the credit card or loan application that they were filling out. Offline retargeting lets your company stay top-of-mind with customers throughout the research phase.
Offline retargeting has the potential to improve upon digital retargeting results by offering a new means of interacting with a prospective customer.
What is Offline Retargeting?
Offline retargeting combines the tangible permanence of direct mail with the data-driven marketing benefit of digital purchase intent behavior. Based on the customer’s online behavior, data science informs the marketer of the user’s stage of the buying cycle. This information makes it possible to send the right promotion at the right time via the U.S. Postal Service to a prospect’s mailbox. The concept is similar to online retargeting but delivered within a much less saturated environment.
With a technology partner like RevTrax, marketers can prioritize privacy while integrating offline retargeting into their existing websites by adding a RevTrax script. Because RevTrax partners with a third-party provider that matches website visitors with a physical address, brands anonymously send their direct mail promotions to prospects and measure conversions without receiving or retaining any physical address information.
Offline retargeting combines advanced customer segmentation and data analytics techniques to maximize the impact of your existing direct mail efforts. Increase your conversion rate, reach interested prospects, and minimize the amount of untargeted direct mail that you send out.
Jonathan Treiber is the CEO & Co-founder of RevTrax
¹ DMA 2018 Statistical Fact Book; https://thedma.org/marketing-insights/marketing-statistics/direct-mail-statistics/
² Prosper Insights & Analytics; https://nrf.com/resources/consumer-research-and-data/consumer-behavior/marketing-and-promotions