Variable Data To Drive Banking Relationships
You already know that utilizing your customers’ data in your digital and print advertising campaigns is crucial for response rates which will translate into more accounts and deeper relationships, but how can you make that happen?
Let TAG introduce you to your new best friend, Variable Data Printing, also known as, VDP! And, every best friend must have a sidekick, so meet the data experts of TAG who have known VDP for years.
VDP is the marketing technique that enables you to produce small, medium and large quantities of high-quality advertising pieces, yet still, have each piece personalized for every customer. It’s called 1:1 (one to one) marketing. It’s easy because TAG can handle all your banks’ VDP needs! All TAG needs to create a successful direct mail campaign is data about your customers and your goals. Whether you want to target new audiences or get your current customers to spend more, TAG can not only make your goals a reality but also expand upon them.
VDP works by applying data about your target to direct mail and using it to create personalized pieces. Some common uses of VDP are direct mail addressing and the personalizing of rate, market, and terms driven communications. Utilization market mortgage rates, current customer rates, and terms, to automate who gets what offer, if any! This helps manage costs and keep a nice flow of communications going for the bank.
This is not spray and pray – putting a bulk number of addresses into a mailing campaign. It’s a highly targeted list receiving a uniquely catered message. And, it technically reduces costs, too. Addressing a piece used to require the original printed piece to be put through another piece of equipment to inkjet the address. With variable data printing, this requirement is 100% eliminated. Addresses are the original personalization data. There’s a huge cost savings in this approach.
VDP is what allows you to tailor your communications with your current and future customers. Being personal gives them a reason to interact with your bank or credit union and creates a personal connection to their banker. It should be no surprise that personalized marketing results in higher response rates. A study done in 2016 by InfoTrends which was noted in Target Marketing, found that people who were given a direct mail piece which had some personalization were 29.9% “much more likely” to open it and read it and 55% “more likely”.
If you’re worried you don’t have enough data to create a successful VDP campaign, well, think again! A little data can go a long way. VDP campaigns don’t need overwhelming amounts of data to be successful. Even data as simple as your current customer and their account types can be enough to build a beneficial VDP campaign for your bank. TAG can be as creative as you need them to be in order to create a campaign which is tailored for your needs and built within your data frame.
VDP won’t just get you in contact with customers, it will create a unique relationship between you and every current or future customer. In a world where banking is becoming more and more competitive, little decisions like choosing to use VDP, are what will set you apart from the crowd and lead to big successes! And, we all know millennials are demanding a personal experience and relationship with brands. This audience loves the VDP touch.
To learn more, download TAG’s VDP guide and see what VDP can do for you!