Maximize Your Direct-mail Credit Marketing Campaign - Experian

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Maximize your direct-mailcredit marketing campaign

OverviewTABLE OF CONTENTSDirect-mail trendsand consumer attitudesUsing data and insightsto tailor your campaignMaximizing response ratesthrough targeted contentand creative layoutClosing the loop forfrictionless fulfillmentAlthough much of the focus these days is ondigital marketing, direct mail continues to beone of the most effective tools for customeracquisition and loan growth. According to themost recent Data & Marketing Association (DMA)response rate report, direct mail response ratesfor 2016 were at the highest levels since 2003.1And while mailing volume has trended down sinceOctober 2016, response rates have trended up,reaching 0.68% in March 2017, up from 0.56%in October 2016.2 Further, targeted direct-mailcampaigns can be far more cost-effective thanmass marketing initiatives for small and midsizebanks and credit unions.3About the ResearchExperian’s Omnichannel Consumer Research Study was anationwide online survey with 2,333 consumers over the age of18 with a credit card, auto or home loan. The survey was fieldedbetween July 12-23, 2017.“Direct mail isn’t dead, but it will failif you don’t evolve your prospectingstrategies to better target and segment.If you use the right data and analytics,you can optimize your message, hypersegment and increase response rates.”Reshma Peck, Vice President of MarketingExperian Consumer Information ServicesCredit marketing checklistDirect-mail acquisition lifecycleWith all this in mind, Experian engaged someof the brightest marketing minds, conductedconsumer research and evaluated direct-mailprospecting methods to identify the best practicesfor maximizing your credit marketing campaigns.54%71%of financial institutions cite growth and increased walletshare as their top priority over the next 12-24 months4of banks and credit unions incorporate direct mailinto their prospect marketing campaigns51Data & Marketing Association (DMA), Direct Market Response Rate Report 20164DBR Research April 2017 Digital Banking Report2Mintel Report, Marketing Financial Services – US – June 20175DMA, Direct Market Response Rate Report, “Direct marketing still works in an electronic world,” April 25, 20172

Trends &consumer attitudes

Trends and consumer attitudesUsing data and insightsMaximizing response rateClosing the loopDirect-mail trends and consumer attitudesConsumers are exposed to hundreds ofmarketing messages every week. In fact, onethird report that they receive three or more creditoffers on a weekly basis.6 So making your offerstand out among the competition is the key to asuccessful campaign.90% of consumersOne way financial institutions are standingout among other offers is through incentives.According to Experian’s recent consumerresearch7, when it comes to selecting a creditcard, rewards in the form of cash back or airlinemiles is the top rated incentive followed closelyby no/low annual fees. When selecting an autoor mortgage loan, it’s no surprise that low ratesare the most important feature for consumers.An easy application process is the second mostimportant feature when it comes to selecting anauto loan.Agree direct mail is a credible source of credit offers9Engaging MillennialsRetrieve mail at least every other day8Despite their hyper-wired digital connectedness,millennials as a group report that they haveresponded to a direct-mail campaign within thelast 2.4 months. That’s less than the averageresponse time for all respondents. Similarly,millennials open the direct mail they receive at thehigh rate of 66%, the same as recipients overall.Even more significant, Prinova research found that63% of millennials who responded to a mail piecewithin a three-month period made a purchase.1251% of consumers23% of consumers(Of a group of credit card consumers surveyed) reportedthey received a mail offer for their latest credit card1068 of consumersBut millennials are more than an age group.Experian found six Mosaic lifestyle segmentsthat are primarily composed of millennials. Eachsegment differs; Striving Single Scene and FastTrack Couples are just a couple of the lifestylesrepresenting U.S. millennials. Engaging millennialsin a tailored, personalized way will ensure yourdirect-mail efforts are fruitful.%Agree reputation is the most important factor whenchoosing a financial services provider. Millennials aremore likely to strongly agree with this sentiment thanany other generational group11Experian omnichannel consumer research, July 2017Experian omnichannel consumer research, July 2017Experian omnichannel consumer research, July 20179Experian omnichannel consumer research, July 201710Mintel, Credit Card Response Rates, 201711Mintel Report, Marketing Financial Services – US – June 201712Digital Banking Report, The Millennial Mind, September 20166784

Using data& insights

Trends and consumer attitudesUsing data and insightsMaximizing response rateClosing the loopUsing data & insights to tailor your campaign1. Identify your target marketIn the first quarter of 2017, responses tocredit card mailings were highest amongcertain segments of the population: People with at least one child intheir household People aged 18 to 34 People employed full timeThese higher response rates are drivennot only by need, but also by ability toqualify and pay off balances. Parents arelikely to have a lot of expenses related toraising their children, and people in the18-to-34 age group are less likely thanolder consumers to already have as manycards as they need or want.13Matching the right offer with the right consumeris the key to a successful credit marketingcampaign. Before developing your offer andmessaging strategy, it’s important to start withthe customer profile you’re trying to attract.Propensity models and estimated interest ratesare great tools for identifying consumers whoare more likely to respond to an offer. Addingthem as an additional filter to a credit-qualifiedpopulation can help increase response rates.Income estimation models also can help youfocus on consumers who can repay.Some key questions to consider before craftingyour offer: Is the objective of the campaign to deepenspend relationship among existingcustomers, or to attract new customers? What specific customer profile are you tryingto attract? What criteria can you use to further refineyour target audience? What data is availableto identify them?13Mintel, Marketing Financial Services – US – June 2017Experian SolutionsExperian’s Credit3DTM suite offers several ways tohelp increase campaign ROI, including: Risk scores — Assessments of a consumer’slikeliness to default on a loan. Propensity models — Indicators of thelikelihood that a consumer is currentlyshopping for a new loan and how they willuse that credit. Trended attributes — Depictions of aconsumer’s credit performance over time. Ability-to-pay scores — Insights to predict aconsumer’s income and profitability. Spend and yield attributes — Measuresof total annual card spend and estimatedinterest rate calculations.6

Trends and consumer attitudesUsing data and insights2. Verify your mailing listA successful direct mail campaign is one thatactually reaches the target audience. Withouttrusted, quality address data, you cannot be surethat your offers will reach the intended recipients.Additionally, there are significant costs to yourorganization like wasted postage, returned mail,and staff rework, which can be easily avoided.3. Personalize the offerConsumers are more likely to open offers thatare personalized.Trade generic salutations like “Dear Customer”for personal openers like “Thank you for your10 years as an account holder, Mr. Smith.”Appealing to life stage, organizational affiliationsor interests also engages potential customers.22Maximizing response rate“At Experian Marketing Services,we aim to bring consumers andbrands together in a happy marriage.Experian has analytically assigned aMosaic lifestyle code to nearly everyU.S. consumer household. There are71 codes that enlighten brands onthe types of lifestyles, interests andbehaviors to leverage to ensure yourmail piece doesn’t miss the mark andend up in the trash. Use Mosaic fortailored messaging that resonates withyour target audience.”Closing the loopExperian Solutions Experian’s address verification softwarevalidates the accuracy and completeness ofa physical address, flags inaccuracies, andcorrects errors before they can negativelyimpact your organization. Eliminating wastedspend, improving customer experience, andtrusting the quality of the data. Experian’s Mosaic profile report is a simple,inexpensive way to gather data-based insightinto the lifestyle and demographics of yourcampaign audience. This insight allows youto appeal to their interests and life stage. Italso provides a turnkey solution for findingmore of your best customers throughout themarketplace. Once you’ve found success in your direct-mailcampaign using Mosaic, look to Experian’sTrueTouchSM to understand which otherchannels will be most effective for yourcampaign. TrueTouch informs your marketingchannel mix by identifying which marketingchannel will be most effective in reaching andresonating with your target audience.Jay Stocki, Senior Vice President of ProductExperian Marketing ServicesPercent of respondents, according to Experian research,are more likely to open an offer if it’s personalized.Looking at millennials (18 to 34), this increases to 29% —significantly higher than consumers 35 or older.7

Trends and consumer attitudesUsing data and insights4. Time the offerMaximizing response rateClosing the loopPeak direct-mail volumesWhen planning your credit marketing campaigns,be sure to align your campaign timing with peakmarket demand. For example, personal loandemand is highest in the first quarter after theholidays, while student loan demand peaks inthe spring.Q1Q2Q3Q4Credit CardStudent Loan5. Know your competitionPersonal LoanEnsuring that your offer is superior orcompetitive with other offers in your marketwill maximize your take rate. Conduct marketresearch to understand the current offers in yourmarket. If you don’t have an in-house researchstaff, consider leveraging a third-party servicethat collects this information.MortgageAuto Loan4813Experian omnichannel consumer research, July 2017Percent of consumers are much more or somewhatmore likely to open an offer if it mentions a specificdiscount or savings amount or if it’s received whilethey are in the market for that type of offer.148

Maximizingyour response rate

Trends and consumer attitudesUsing data and insightsMaximizing response rateClosing the loopMaximizing your response rate throughtargeted content and creative layoutMessaging and layout are the cornerstones of asuccessful direct mail campaign. Here are sometips for optimizing campaign layout and content: Consider an alternative size, such as anoversized envelope, to stand out in the stackof mail. Leverage the envelope real estate to generateinterest in the offer. Use high-quality paper.“Mintel research shows that consumersare need-driven when it comesto credit offers. This indicates anopportunity to display a clear andconcise value proposition in a highlyvisible location such as the outerenvelope, with a secondary focus onany savings opportunities.”Lily Harder, Vice President of ResearchMintel and industry thought leader10

Trends and consumer attitudesUsing data and insights Make the offer the most eye-catching text inyour marketing piece. Use color to make your offer stand out. Less is more — Eliminate unnecessary text. Instill a sense of urgency — Include aprominent expiration date near the call toaction or offer. Vary your font size to draw attention to keymessages. Develop targeted messaging that resonateswith your target customer profile. Include an offer code or other campaignidentifier that allows you to test and trackcampaign performance. Use icons for the call to action.Maximizing response rateClosing the loop11

Closing the loop

Trends and consumer attitudesUsing data and insightsClosing the loopMaximizing response rateClosing the loop for frictionless fulfillmentOnce you’ve captured your customer’s attention,it’s important to streamline the applicationprocess to reduce or eliminate applicationabandonment. Some tips: Offer multiple response channels. Optimize digital application landing pages forvarious mobile devices. Reinforce the application process is secureboth in the offer and on the landing page. Prefill information wherever possible toshorten the application process. Validate customer contact information in realtime as it’s being captured, as well as in bulk. Route calls to a dedicated toll-free numberto ensure all employees are trained forapplication and onboarding procedures andinclude an email response option. Within 24 hours of application approval, sendan onboarding communication to reinforce thebenefits of holding credit with your institution.Product SuggestionsExperian Marketing Services offers OmniImpactTM,a turnkey closed-loop reporting product that isvery cost-effective. OmniImpact is a slick, easymeasurement report that provides insights oncampaign effectiveness from an ROI perspective.Look for our future eBooks for more Credit Marketing Best Practices!13

Trends and consumer attitudesUsing data and insightsMaximizing response rateClosing the loopDirect-mail acquisition lifecycleGetting StartedNeed help developing a holisticacquisition strategy?Global ConsultingPractice (GCP)TargetingWant to refine your list andincrease ROI by incorporatingyour credit criteria?MessagingDo you know the messageto catch their attention?Mosaic Lifestyle ProfileClosing the LoopWant a closed-loop turn keyreporting solution?OmniImpactPrescreenToo much returned mail?Address VerificationNeed additional insight intoattributes such as prospecttotal annual plastic spend?Segmentation AttributesLooking for prospects who arecurrently in the market foryour product?Trying to validate addressinformation real-time?Address VerificationNeed to reduce fraud?FraudshieldLooking to identify inconsistentapplication information to reducefraud losses?PreciseIDIn the Market Model(ITMM)14

CreditmarketingchecklistPreparationClearly identify the campaign target marketVerify your mailing list to avoid returned mailand wasted postageTime your offer with peak market demandMake sure your offer is competitive withother offers in the marketFor prescreen campaigns, engage with thecompliance team at least eight weeks priorto mailing to avoid any mailing delaysContent and layoutPersonalize the offer with the recipient’sname, membership year or affiliationsMake your offer details the most prominentaspect of the marketing pieceUse icons for your call-to-actionEliminate any unnecessary textFrictionless fulfillmentTest your landing page to make sure it’soptimized for mobile devicesCreate a dedicated toll-free number withtrained customer service representativeswho are familiar with the offer and create adedicated landing page for online fulfillmentIntegrate real-time address validation toreduce customer keystrokes and ensurequality, accurate data is collectedTrain call center and branch employees incase questions ariseReview call center and web data afterthe offer launch to evaluate applicationcompletion rates, abandonment statistics,length of application/call, etc.Create a post-application onboardingcommunicationMeasuring campaign effectivenessOffer multiple response channels, but drivetoward digital completionConsider a test and control approach tosupport A/B testingConsider using an alternative envelope sizeto make the offer stand outVerify that you have tracking in place toidentify who is responding by campaignVary font size and color to draw attention tokey offer messagingDocument results, best practices and keyconsiderations for future campaignsLeverage insights about the consumer totailor the offer messageLeverage the OmniImpact report or a fullattribution solution15

Experian475 Anton Blvd.Costa Mesa, CA 92626T: 1 888 414 2017 Experian Information Solutions, Inc. All rights reservedExperian and the Experian marks used herein are trademarks or registered trademarks of Experian InformationSolutions, Inc. Other product and company names mentioned herein are the property of their respective owners.

1 Data & Marketing Association (DMA), Direct Market Response Rate Report 2016 2 Mintel Report, Marketing Financial Services - US - June 2017 3, "Direct marketing still works in an electronic world," April 25, 2017 4 DBR Research April 2017 Digital Banking Report 5 DMA, Direct Market Response Rate Report 2016 TABLE OF CONTENTS .

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