Banks increase direct marketing to customers

Share this content:

Although the bulk of banks' direct marketing spend is still devoted to acquiring new customers, banks are paying more attention to existing customers via direct mail and e-mail, according to a new report from Mintel Comperemedia.

During 2008, banks increased direct mail offers cross-selling additional products and services to current clients by 57% over 2007. During the same period, acquisition direct mail rose 7%.

E-mail cross-selling also increased. Cross-sell e-mails tracked through Mintel Comperemedia's e-mail panel rose from a 2% share of banking e-mail in 2007 to a 5% share in 2008.

In addition, there was a 37% increase in banking direct mail pieces sent to manage current client relationships, including informational and loyalty mailings, renewal notices and upgrade offers.

“Cross-selling to existing customers is a wise direct marketing strategy, especially now as the economy makes attracting new clients difficult,” said Stephen Clifford, VP, financial services at Mintel Comperemedia, in a statement. “An effective product cross-sell strengthens the existing relationship and helps the bank secure additional deposits.”

close

Next Article in Direct Mail

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above