What Does an Effective Integrated Marketing Campaign Look Like?
How much pressure do you face when your cost per acquisition increases? You try to incorporate other marketing channels alongside your mailers, but they don't do enough to balance things out. Luckily, there's good news. You have all the pieces in place to meet and exceed your sales goals while decreasing your cost per lead. Integrated marketing brings direct mail, email and online together for results that are exponentially better than each channel on their own. Here's an example of an effective campaign using this strategy.
An effective integrated marketing campaign starts with the right data to help you reach the consumers most likely to need your loan programs. Equifax FICO data gives you a strong foundation for finding potential borrowers who are actively researching their options and qualify for your loans. 50 data filters, such as True In-Market Propensity Scores and Estimated Debt Ratios, optimize your campaign performance by only reaching out to your ideal customers.
Integrated marketing's starting point may be identical to your typical marketing efforts. Mailers are a mainstay in your marketing toolkit, and they continue acting as the launching-off point for this modern finance marketing approach. You don't need a drastic change in the creatives, but you do want to add one new element to the design: a personalized URL. We'll go into detail on where this address leads later on.
It's business as usual when you send out your mailers. With your typical campaign, you wait and see how many leads turn into customers after the mailing. However, you take a different path with integrated marketing.
In integrated marketing, the names and addresses of your prospects are paired up with their FICO-based emails. Don't use this email for a stand-alone email newsletter or offer. Instead, wait until your mailer is out for delivery and then reach out to the lead. Let the homeowners know they should expect something in the mail from you, provide a convenient link to the personalized URL and see if they have any questions.
Doing this will warm up the prospect before your mailer gets there, create a suitable communication channel if they need answers and reduce any friction in getting them to the website. Five days after the mailer arrives, reach out again with a reminder. The prospects may have overlooked your mailer or may even fall into the phone-adverse crowd. The reminder puts the information in front of them again.
It's time to talk about the personalized URL. This address goes to a customized landing page that delivers a highly relevant experience to your lead. You greet them by name, catching their attention immediately, and they see offers tailored to their credit profile and current needs. You don't waste their time with unappealing offers or ones they can't get approved for.
The prospects may hold off on filling out an application when they first visit the landing page. In a typical finance marketing campaign, you lose the conversion opportunity because they aren't going to remember you when they're ready to apply. They may not need your products when they first get the mailer or lack enough trust in your organization to take the leap.
An integrated marketing approach allows you to build borrower confidence and keep your offers in front of consumers. Your landing page drops a remarketing cookie on each visitor. Now you can use a Google remarketing campaign to keep your products front and center during their normal web activity. They become familiar with your brand and products, so once they reach the stage where they need a loan product, you're the first company that comes to mind.
How many opportunities do you miss out on if you stop after sending a mailer?
Takeaways to Consider:
You now have access to more marketing channels than ever before, which means you don't have to move away from a direct mail-centered approach, but you do need to complement it through coordinated digital channels.
By making the most out of your available resources, you could decrease your cost per acquisition by 30 percent or more.