You are currently browsing the archives for the Database Marketing category.
Shortly after opening a Money Market Account with SunTrust Bank, I received a cross-sell letter, promoting their CD options. The concept is excellent: talk to a customer who has just opened a fluid MMA and try to lock them in to a longer-term CD product. The concept is good; but the execution could have been [...]
The Bank of the West submitted their new customer Onboarding (Welcome) letter for review and comment. It does a good job and with some small changes, could do even better.
0
Financial services are finding a basic marketing truth: business people are one of the toughest target markets to penetrate.
While many banks are now setting significant sales goals to increase their commercial business, they are also finding that there is a major obstacle … the “boss’s screener.†Sitting outside the office of every prime business target is a person who recognizes one of their responsibilities is to: Screen the phone calls, screen the visitors and screen the mail.
How To Break Through
Developing a successful customer cross-sell program involves many steps;but the return on investment of the marketing dollars makes it all worthwhile. One of the final steps is creating a mailing calendar, which will put all the plans in place for the upcoming year.
Bank Intelligence ScoresTM
The starting point is to analyze the bank’s customer database in order to identify the best prospects. WordComand Customer Intelligence’s unique study of bank customers showed that multi-service households have the greatest likelihood of purchasing additional products in the near future. Single- service households have the second highest likelihood, and totally free checking households are the least likely to purchase additional products.
Did you just send out thousands of letters promoting a product and get a lower response rate than you had hoped for? Well, it could have been a result of the list… the offer… the mailing package… or, perhaps it was your letter copy. Everyone thinks they can write a letter; but it is a [...]