We’re all familiar with the concept of Mr. and Ms. Right from a romantic perspective. A composite of physical, emotional and behavioral characteristics we look for in our perfect romantic partner. Tall, dark, and handsome. Intelligent, kind, and patient.
But what about Mr. or Ms. Right from an account holder perspective? Have you given this any thought as you go about your acquisition campaigns? If not, you really should.
- There are roughly 327 million people in the United States, living in about 126 million households, which are served by 350,000 postal carrier routes.
- Which of the 327 million are kind and patient, tall and handsome? In which of the 126 million households or 350,000 postal routes do they live?
- The same challenge exists for your financial institution — and it’s at the root of every acquisition program.
Historically, we’ve used one of two strategies to reach Mr. and Ms. Right: an ultra-targeted or trigger-based strategy or the “spray and pray” approach of saturation mailings.
Neither one is ideal.
The first approach is risky, putting all your eggs in a single basket. Response rates can be high, but so too is the cost. It’s unclear whether such a finite group will provide the return on investment necessary to make it worthwhile.
The second approach goes too far in the opposite direction. Treating everyone the same within a certain geographical radius, regardless of income, age, gender, or any other demographic information.
Luckily, there’s a third option: highly targeted, customizable mailings at saturation prices.
This flexible approach targets neighborhood clusters with the highest likelihood to respond to your offer by matching the characteristics of Mr. and Ms. Right for your financial institution.
To learn how this works, click the link below to download my article, “How to Attract the Right Account Holders for Your Financial Institution.”
Thank you for watching and see you next time on Rachel Sets the Rules.
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