Multichannel marketing success
Make sure your multichannel marketing strategy makes use of traditional channels while also capitalizing on digital channels to increase access to customers. Traditional channels like direct mail and branch are especially important for acquisition. Since 64 percent of new accounts are sourced at bank branches4, you should consider optimizing the branch experience by training and incentivizing your staff to cross-sell your credit products and provide ample take-home pamphlets and other materials.
You can also get ahead of your competition by making sure your acquisition offer is in your customers’ mailbox. Since 47 percent of regional financial institution customers learn about and subsequently open competitor cards via direct mail¹, use this channel to educate and inform your customers about your credit product offerings.
In addition to the traditional channels, you should also incorporate emerging digital and social media channels into your marketing strategy so that you can speak to your customers when and where they prefer. One-third of consumers use social media sites when evaluating retail banking products2. And there was a 384 percent increase in Twitter engagement for financial services in 2014, indicating that financial services engagement on social media is on the rise.²