How To Define The Best Target Market For Your Direct Mail Campaign

Defining the Best Target Market for Your Direct Mail Campaign

Whether you have identified a potentially lucrative part of the market you want to target, or you simply want to grow your customer base, doing the groundwork before you launch your direct mail campaign can be the difference between a positive and a negative ROI. One of the first things you should do is start with what you know.

 

Analyzing Your Current Customers  

 

Even if you are targeting a new target market, you should not disregard what you know about your current customers. These people have already purchased your product. To get more customers, you should compile details regarding past customers such as what area many of them are living in. If you can identify some key ZIP codes that stand apart, you can look up information through the Census Bureau to get other pieces of data such as average household income and age.  

 

Purchasing A Targeted List

 

To supplement any in-house research you do, you can then take it a step further and acquire a list compiled by a third-party company. These lists can usually be broken down by certain demographics so you only get the most relevant people to target. These lists can be targeted down to fathers with children under the age of 5 with a bachelor’s degree. You can get even deeper, such as if they own a home, and have a credit card.

 

Crafting Copy and Design That Is Successful

 

At first, you will probably be doing some guessing in regards to any new target markets. However, you can educate your guess with what you know about your current customers, and infer what will be attractive to this new market. Once you have a clear picture of this target market, you can do a smaller campaign to test the waters at a reasonable price. As you collect this new data, you can start to change the campaign so that you can improve your ROI.

 

However, not only do you need to be targeting the right people, but you need to take some time to determine what kind of copy and design will be the most successful. You want to not only make it eye catching so it stands out, but also have a concise message with a clear call-to-action. You will at most have 3 to 5 seconds to get your message across. So whatever you decide to go with, you need to make it count. To get an idea of what you can do with your budget, contact One Stop Mail to get a quote for your specific project.   

Mortgage Mailer

Creating A Captivating Mortgage Mailer Targeting Refinancers

Creating A Captivating Mortgage Mailer Targeting Refinancers

 

Mortgage companies have an opportunity to capitalize on the current market stasis by pushing out a captivating mortgage mailer that focuses on refinancing. If you are in the mortgage industry, you probably have stayed up to date on the latest trends. But if this is not the case, here is what is being reported as of today, August 9th, and what changes industry professionals are projecting over the course of this next week.  

 

Quick Overview of Mortgage Market Rates

 

According to an analysis conducting by Bankrate.com, Mortgage rates are holding steady. Here is what is currently being reported:

  • The 15-year fixed-rate mortgage fell to 3.27 percent from 3.28 percent.
  • The 5/1 adjustable-rate mortgage rose to 3.49 percent from 3.48 percent.
  • The 30-year fixed-rate jumbo mortgage fell to 4.03 percent from 4.05 percent.

 

Also noted in the report is a drop in American buying sentiment. In fact, it has reached an all time low. Although homeownership rose with people under the age of 35 by 1.2% from last year, this segment of the population is still facing “inventory shortages and rising home prices.”

 

Moreover, according to a news release by Fannie Mae, buying sentiment is not the only thing down—so is the desire to sell.

 

In Bankrate’s weekly Rate Trend Index, where mortgage experts predict which way the rates are going to slide over the next week, 50% predicted they will fall, 30% predicted they will remain the same, and another 20% said they will increase.

Direct Mail Copy To Capture New Mortgage Customers

 

Although it seems the market looks grim for buying and selling, the rates are remaining low and steady with the possibility of going down ever further. This can be an opportunity for people to refinance their homes, which is where a well-timed direct mail campaign comes into play. Here are some things you should consider to create a successful mailer.

 

First, decide if you are going to go with a brochure, a postcard, or some other medium. This will allow you to plan how much copy and images you will need. On the one hand, brochures are great because people will typically flip through them, and you can have more room for images, such as a chart listing current rates and trends. However, postcards have the benefit of sticking around longer for people will most likely keep it for later, while with a  brochure, they may discard it.

 

No matter what you choose, the copy should be concise and do a few things:

  • Address how your company stands apart from your competitors
  • Have a clear path to your website to start the application process
  • Promote a sense of urgency with an expiration date
  • Be written in a way where the recipient can skim it and still get your message
  • Make sure it is personalized—e.g. Using pURLS or taking advantage of data provided by a mortgage mailing list
  • Include all necessary contact information

 

Always keep in mind that the direct mail piece is the key to the door. If it is the wrong key, the door won’t open. That is why you need to make sure the information and images you are providing are highly relevant and to the point. The goal is to get potential customers in the pipeline, no matter if it is via phone with one of your mortgage professionals or filling out an application form on your website. Since direct mail is highly trackable, you can monitor your results and find ways to improve the campaign.

 

If the current rates weren’t enough to entice you, then consider what Michelle Peel shared in her article “Why Online Mortgage Marketers are Investing in Direct Mail.” According to Peel, research that was recently completed by Competiscan found that Quicken Loans dominated Q1 2017 by being the leading mortgage/refinancing direct mailer. Now is the time to get off the bench and get in the game.