Believe it or not, print is not dead, or at least it shouldn’t be if you truly want to get the greatest return on your marketing dollars. I know many of you will say that I should get my head out of the sand, that this is a digital world. You need to get with the times.
By no means am I suggesting that you should shift all of your digital programs to print and immediately stop using digital. What I am saying is that the right combination of print and digital can produce far better results than digital alone.
We recently had a client that was looking to close more repeat and referral business. We recommended that instead of just using digital methods such as email and social media that they should also incorporate print into the mix.
They rolled out a pilot loyalty campaign to a select group of past borrowers that combined targeted emails and personalized print pieces which included postcards, holiday cards, birthday greetings and mortgage reviews.
This fully customizable marketing automation combined direct mail (print) and digital communication to ensure that past clients were continually reached.
The strategy was successful. In less than six months that pilot program produced 60 closed loans that were a direct result of the pilot program. The average home price in 2016 is roughly $300,000 +, and that number multiplied by the 60 closed loans translates into over $18,000,000 in new business directly from a program that combined print and digital for maximum results.
As you can see these two methods do not have to be mutually exclusive to produce significant results. In today’s business environment many companies appear to be entirely focused on their online marketing campaigns. Many solely rely on sending out email blasts, updating the layout of their website and posting on social media to attract the attention of potential borrowers.
While there is a good reason to put significant time and resources into digital marketing programs, you should not forget about the effectiveness of incorporating print into the mix.
Advancements in printing technology have significantly lowered printing costs. Variable printing is extremely effective at getting your message across to your specific borrower while keeping your printing costs down. In essence, this involves personalizing print media to let potential borrowers feel more connected to your brand.
Different components of your print materials can be customized, enabling you to make each piece completely unique. For instance, you can send out direct mail to your borrower with their name on it.
At the end of the day the right combination of print and digital can produce far better results for lenders than digital alone.