Key CCG Services
Business was solid for this large regional bank. But it wasn’t stellar. They needed to generate new accounts and deposits — and wanted to find a better way to do it. They decided to test direct mail effectiveness. Specifically, they wanted to see how well it would work as a checking acquisition tactic.
The bank had leveraged other marketing channels for acquisition and had used direct mail for other purposes. But they had never explored using a direct mail campaign for this purpose before. Heading into these uncharted waters, the bank wasn’t ready to abandon other efforts and plunge straight into a full direct mail strategy.
List. CCG analyzed the bank’s data and assisted in selecting a mailing list. We targeted consumers most likely to be interested in starting a new checking relationship. All of the bank’s existing checking customers were removed from the list.
Mailing strategy. We also wanted to know how the direct mail campaign results might be impacted if the drop was timed to correspond with other bank marketing efforts, such as newspaper ads.
Location. Last but not least, we tested the direct mail campaign in multiple geographic markets for each cycle to see how location might affect results.
Direct mail passes the test.
In the end, it was clear that a direct mail campaign was a legitimate and effective method for acquiring checking accounts. The testing and direct mail strategy also allowed the bank to see how putting together the right combination of list, format, timing and location could improve results — by more than 25%.
Final grade for this test: A+!
Are you next?
Want to test a new marketing strategy, find better ways to meet your goals — or discover how to exceed them? CCG’s financial services marketing experts can help. Our full slate of financial marketing solutions includes data sourcing, testing design and analysis, and digital, interactive, content and creative services. Complete the form below or call us at 303.986.3000 to schedule a free consultation.