Hi, this is Sid Haas, Vice President of Business Development here at LKCS and I’d like to welcome you to the “Creative Times” video edition. Today we’re going to be talking about direct mail targeting and specifically some of the high-quality mailing lists data that’s available to marketers today.
During the Covid-19 pandemic, we’ve seen 90% of us adults at home. Working from home, teaching their children from home, dealing with pets and other distractions from home. And the simple act of walking out to the mailbox and getting direct mail has been a respite from all of those tedious distractions that we’re not used to. The fact of the matter is, that adults are reading direct mail at unprecedented rates, and yet marketers are not taking advantage of the opportunity.
Mailing list data, today, is more accurate than it has ever been at the same time, especially for financial marketers. So, let’s talk about some of the amazing targeting options that are available for just a few minutes. You’re all aware, obviously, of geographical targeting. We can purchase mailing lists data based on zip codes, radius around your branches, but you may not be aware that we can actually map around branches and actually map, you know, geographical areas by polygon. Retargeting specific neighborhoods, by street boundaries, targeting specific subdivisions. We’ve done this for retirement communities, you know, new neighborhoods, you know, new, new developments. All sorts of things like that. When it comes to financial data, there’s a tremendous amount of information available, publicly.
We can look at credit score models, what we call economic stability indicators. So we can get an approximate, you know, ranges, of you know, approximate credit worthiness. We can look at liquid asset models or what we call income producing asset models. So you get an idea of what, you know, liquidity people have in cash and checking accounts, and things like that, that obviously may not be on deposit at your institution. We can look at household income, which obviously, you know, or things you might be aware of. We can look at for likely investors. We can look for credit card users and even heavy credit card users. The number of credit cards, you know, potentially. And that’s all public information.
And we can look at homeowner data provided by all of the County assessor offices nationwide. We can look and determine who’s home owners versus renters. When you’re looking at information like mortgage amount and mortgage date, what the purchase amount of a home is and available equity.
It may not be exactly 100% accurate. Obviously, something that you’re not going to use, you know, in place of, you know, a true valuation. But it’s going to be at a much lower cost without restrictions, allowing you to purchase this targeted information and reach out with direct mail.
To get even more targeted and more accurate, we can look at prescreen information, purchasing data directly from the credit bureaus and extending firm offers of credit with that information. But then we get the benefit of using actual credit scores and actual loan information and credit history information so we can eliminate those derogatories and meet your specific underwriting guidelines.
So, when it comes to a mortgage and home equity campaigns, we can get very accurate mortgage balances, payment information, terms, accurate LTVs, using the same models and same information that you’re using, you know, at your banks and credit unions. When it comes to auto offers, we can look at auto loan recapture type campaigns and obviously, you know, approving pre improving, pre-qualifying, you know, people for new auto loan offers. When it comes to credit cards and debt consolidation, we can look at balance transfer offers. Obviously look at home equity type campaigns, but also use that combination of credit score and credit history and personal loan information to find those prospects that need our help at this time.
For business to business marketers, direct mail right now might be challenging because of the fact that so many people are at home and they’re not at those office addresses that we have in our lists. And we don’t have a way really of finding, you know, people’s home addresses based on their work addresses.
So now we have to look at other tools in our tool box. Text messaging is tremendous. Extremely high rates of success with text messaging. We can look at marketing automation. One email isn’t going to cut it. We’re all getting too many emails. But with marketing automation, we can make email that much more relevant and look at activity and look at what people are really, really interested in and trigger a series of highly personalized emails.
Directly, you know, targeting the right recipients. So, let’s talk about all that. And with both consumer based emails and business to business emails, we can follow it up with digital campaigns and retargeting and all of those things that you’re doing, you know, on the digital side or may not be doing, but what we can do on the digital side to obviously increase ROI and increase the results that you’re getting.
But I really encourage you right now to look at direct mail as a tremendous opportunity and not as a, not as a challenge. I think now is the time to extend direct mail campaigns and utilize direct mail because marketers aren’t doing it and people are looking for a way out of that digital inbox. Thank you very much for your time. I look forward to seeing you again.
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