Great marketers agree that capturing the prospect’s attention accounts for at least 80% of the effectiveness of any campaign. It is the first, and therefore most important, element of the powerful marketing success formula A-I-D-A: Attention, Interest, Desire, Action. Targeted eStatements are racking up impressive marketing results precisely because they deliver an attention-grabbing, targeted message to a captive audience. However, all eStatement solutions are not alike…
INTEREST: There are some "marketing" eStatement programs which present a marketing message to CU members – the same message to every eStatement member. With these generic programs, an 18 year-old college student will get offers for a home equity line of credit the same as a 45 year-old father of three who wants to consolidate debt. Long-time CU credit card holders are lumped in with those who don’t have a CU credit card, and they all get the same offer. How does this affect response?
Making non-targeted offers will result in much lower response – ultimaAtely undermining the marketing process. A member who repeatedly sees offers that do not apply to him or her, will begin to ignore the messages altogether. Whereas a member who is repeatedly presented with targeted offers for products and services he or she needs and wants, will pay attention – and, as the results show - will take action.
- A credit union using DigitalMailer’s eStatement solution garnered a 1.6% click-through from targeted marketing IRA eStatement banners. This cost-effective campaign resulted in qualified, interested, ready-to-act members inquiring about IRAs from the credit union.
- Another DigitalMailer-driven eStatement campaign delivered 2,945 targeted credit card banner offers, earning a 1.94% response rate and resulting in a total approved credit limit of half a million dollars…of which $275,000 was immediately used in balance transfers and purchases.
If members are not informed about competitive or (generally) superior credit union products and services, they will go elsewhere to meet their needs. Targeted eStatement banners inform by presenting the right message to the right member at the right time – and do so for pennies.
DESIRE: When the member’s ATTENTION is captured by a targeted eStatement banner of INTEREST to him or her, they can click-through and be "pulled" back to the credit union’s website for more information. The credit union’s irresistible offer will then enhance the member’s DESIRE for the product or service.
ACTION: The final step in the marketing process is to provide the member with a means and reasons for taking action – for consummating the deal. Ideally, that would be an online application with real-time decisioning which capitalizes on the need for immediate gratification (and will result in a higher conversion rate). However, any form of lead capture will do, as long as there is timely follow-up. If urgency can be built into the offer, i.e. "this offer ends May 30," then so much the better.
What is being described here is a "closed-loop marketing system" which optimizes efficiencies, saves money, sells products and services and enhances member-loyalty. It all starts with customized eStatements, which deliver a targeted marketing message that gets ATTENTION.
Without first capturing the member’s attention, the rest of the A-I-D-A formula (or any marketing formula) is moot.
Customized, targeted eStatements are no longer an untested medium for delivering marketing messages that get attention… and get results. They are working now, and the results will only improve as savvy credit unions get better at integrating MCIF data with eStatement delivery – more precisely targeting the right member with the right message at the right time.
DigitalMailer has a TESTED and PROVEN targeted marketing eStatement solution that can help credit unions sell more, faster, while providing a cost-effective, in-demand service. For credit unions interested in investigating further, DigitalMailer is making available our critically acclaimed FREE eStatement Executive Briefing Report: 71 Strategies and Tips for Successful and Profitable eStatement Implementation. A free PDF copy of the briefing may be obtained by going here http://www.digitalmailer.com/briefing.html
DigitalMailer, Inc. provides eStatement solutions and digital communication products that assist credit unions in gaining a strategic business advantage over competitors via the internet and their website. Our eStatement products are designed by CU professionals to reduce operating expenses, enhance cross-selling opportunities and increase revenue for our clients by giving members what they want when they want it. We service credit unions and mortgage service providers. For more information on DigitalMailer, Inc. please go to http://www.digitalmailer.com
To subscribe to our E-mail newsletter that shares resources, industry trends, best practices and valuable lessons learned from credit unions and financial service providers, click on the link below: