Bank marketing gets a boost from recent Forrester Research report
In a recent MarketingWeek article, they highlight findings from a Forrester Research report that shows citizens from the U.S., U.K., France, Germany and Italy are alright with receiving targeted advertisements in their banking statements they receive in the mail.
What was shocking to me was the finding that showed the percentage of consumers who still get and also read their mailed statements. I can’t tell you how many times I’ve checked the “eco-friendly” button for my statements. In fact, 70% of my demographic (25-34 yr olds) read their bank statements on paper. Who are these people?
However, one finding I hadn’t thought much about but when I do it does make sense is people are more willing to read targeted advertisements in paper form then online – 32% prefer statement ads while 19% said email and 8% said web. Direct mail was the worse with only 6% saying they don’t mind reading this approach.
The Internet is looked at as a free society and when ads disrupt this freedom it throws the viewer for a loop. Whereas the more traditional mailed materials are expected and not as intrusive.
Bank marketers need to make sure that these two forms of communication are different in nature. Online, the marketing must be more subtle and not as flashy. The more natural it looks the more likely you are to attract readers. Unlike print where it’s important to catch the eye with a bold design otherwise it will end up in the waste basket in lighting speed.
We like to tell our clients that the biggest advantage they have over competitors is the many touch points they have with their customers. This report helps to strengthen this fact and should present bankers with some new ideas for communicating with their clients.
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