6 Print Ideas for Your Bank or Credit Union

by | Sep 19, 2019 | Banking, Commercial, News

Marketing print service providers should help your bank or credit union:

  • Acquire more retail and commercial banking customers
  • Drive product specific utilization for loan, deposit and ancillary services
  • Automate programs such as on-boarding and customer specific rate programs
  • Reduce administrative costs with Web2Print services
  • Integrate with digital marketing programs for increased response rate

Grow: Print is an integral part of a bank’s marketing. Whether it’s simple business cards, brochures, or marketing materials, all print contributes to increasing sales. Print yields the highest response rates of any marketing channel with direct mail being the lead performer. Print service providers should be sharing the latest technology. For instance, did you know you can send direct mail to web visitors based on their site activity? Highly target your best prospects and invest in them to support retail and commercial growth. Successful banks have latched onto automation to drive communications which are highly personalized and targeted.

Household Performance: Print is on the rise, and the reason is simple. Email campaigns have been showing diminishing returns for the past year. Banks are abusing their email lists, and the consumers are demanding more and more tools to block unsolicited or less important emails. The developers of email clients such as Gmail and Outlook are creating separate inboxes for social, promotions, clutter and other non-priority emails. The result is continuing declines in email opens and click-thrus. Print is always delivered and always seen, touched, and experienced.

Hyper-personalized direct mail will drive further inquiry and product adoption among all your customers. Moving customers from a deposit account or single loan service to a full suite of products will ensure a more loyal customer with longer retention. Drive that product adoption through 1:1 (one to one) messaging as good as a retail banker conversation.

Need to support your loan officers and retail managers in their efforts to win new business? Of course, there are programs for that. New branch openings can benefit from geo-mapping which includes a visual map and directions from a recipient’s house to a new retail branch. Show them how close and easy it is to find you.

Direct mail continues to be the best method to reach potential customers. The ability to acquire highly targeted lists still remains possible in the direct mail world, while email lists increasingly become difficult to both acquire and build. Connecting with thousands of new targets can be instantaneous with direct mail, but it can take months to build even incremental email lists. Every business needs to have new and accurate targets.

Automate with AI: The experience of new and existing customers is crucial to your future relationship. Put your best foot forward with new banking customers through a robust on-boarding process. And, the benefits can be mutual. Help share the benefits of their new relationship and the products they’ve selected. Teach them tips and tricks of online banking. Share a logical product based on their profile, activity, and other known information. Don’t broadcast a general message. Automate highly personalized messages based on data. Does the new customer have one account, two accounts? What type of accounts? Based on that information how would a conversation go? Get the conversation started via direct mail.

Create personalized offers that are product, rate, and terms based. Is this customer likely to be looking for a refinance, a new car, a credit card change? Use market data combined with your data to drive automated programs.

Meet the compliance and administrative needs with automation, too. Ensure your privacy disclosures and other required communications are well presented and received on an automated basis.

Reduced Administration: The print needs of banks range from the simple business card to brochures and marketing materials. But, the management of decentralized branches, storage and location of materials, and even the ordering process can create unnecessary administrative time and challenges. Web2Print portals help banks reduce the burden of design fees, eliminate delays due to proofing and changes, and even protect brand presentation. These tools are great for expediting print orders, managing the various distribution channels, and of course, automating the personalization process.

Budget Management: Technology in the print world has changed the game. Short run digital reduces print obsolescence while meeting urgent delivery demands. Inventory management is easier with robust utilization measurement. And, the ability to target prospects and existing clients with great accuracy of predicted results decrease costs at the same time as increasing revenue.

Digital Marketing: Print providers are a major part of marketing. When print marketing service providers and your marketing team work together the results can be amazing. The teams can collaborate on the cost per outreach and predicted response rates to determine the best multi-touch campaigns to implement.

Has your bank considered IP targeting, exclusive offer PURL campaigns or escalated contact through direct mail? Connecting your digital marketing efforts with direct mail actions can drastically increase your response rates. TAG’s experts can help you analyze and produce usable data whether from spreadsheets or systems such as Jack Henry or Fiserv. And, if you utilize any applications for CRM, or other data collection tools, be assured we can integrate with that data for automated campaigns. Take advantage of the power of two teams collaborating and maximize marketing plan effectiveness by integrating your campaigns.

Learn more about how marketing print service providers can help your bank or credit union achieve its goals by reaching out to TAG today.

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