A couple weeks ago, we talked about trigger marketing – targeting prospects with the perfect message in direct response to their actions, such as completing a credit report related to a loan or credit card. Triggers are the essence of a “rifle” marketing approach. But there are also other very effective targeting methods to fit a broad spectrum of financial marketing needs.
Prescreened Lists
Suppose your bank or credit union wanted to target auto refinancing prospects with a specific interest rate based on their current credit score. With a prescreened list, your offer is so precise, it’s sure to entice! Your message includes the exact terms of the loan you can offer, focusing your advertising dollars only on proven creditworthy consumers.
Invitation to Apply (ITA)
Prescreened lists offer distinct targeting advantages, but occasionally compliance can bog things down. If the word “compliance” or firm offers of credit make you uneasy, there’s a simpler alternative with Invitation to Apply. While you’re not prescreening each recipient or offering exact loan terms, you’re still targeting households that fit your desired credit score range. With ITA, you can confidently invite consumers to apply for almost any type of loan.
Demographic Segmentation
By sending messages cued into customer or member lifestyles, you’re showing that you think of them as individuals. A good understanding of your target audiences allows you to match them up with your products in any way using simple demographics. Age, income, geographic location, gender… these are just a few of many categories that help you focus your message on those most likely to respond.
Keep Shotgun Marketing in Your Sights, Too
Rifle marketing is a valuable supplement, rather than a replacement, for shotgun marketing. There will always be financial marketing needs that warrant broad-level awareness, such as branch openings or special events, new product introductions and service overviews. These prompt the familiar go-tos of newsletters, newspaper ads, brochures, email blasts and web graphics.
Give these targeting methods a shot for more effective bank and credit union marketing. We offer our clients experienced insights and guidance on all of these approaches – plus the best, most accurate mailing lists. We also help banks and credit unions get vetted with the three main credit bureaus for fast, hassle-free targeting.