Is Print Marketing Dead in the Financial Industry?
We understand your concern and all, but print will virtually never die.
The reason print always seems to be on the precipice of disaster isn’t that the medium is no longer valuable, it’s because a lot of print’s biggest contenders didn’t evolve with the industry.
Changes in Financial Service Marketing
Digital marketing has drastically changed the marketing landscape since the early 2000s for every industry — including the financial services industry — because it has transformed the way people expect to interact with marketing. Of course, digital marketing strategies like off page seo have become extremely effective in recent years but there is still room for both in financial industries.
Both marketers and consumers now expect :
- Cost-effective methods
- Trackable ROI
- Highly-targeted messaging
- Mass personalization of messages
- Speedy gratification
However, when a print marketing strategy accounts for these changes, it can still be highly effective, especially in the financial industry.
What Print Can Do For the Financial Industry
Print has the proven ability to:
- Build more trust (financial services, take note because the financial industry is a broadly distrusted one, especially for millennials, when there are lots of factors to consider such as new allowances and cecl implementation) than digital marketing
- Leave a stronger emotional impact than digital marketing
- Reach millennials, who actually prefer and respond to direct mail (12.4% of the time)
- Spend more time in the forefront of the consumer’s mind by 188%
- Be viewed eagerly and quickly by the 80% of Americans who sort their mail right away
One game changing solution that a lot of companies are turning to is marketing automation. Marketing automation is all about using the best marketing automation software to automate marketing activities such as email and social media campaigns.
That’s not to say print doesn’t still have its uses. Print can help you stand out from the noise of emails and website ads, but only if it’s used differently than it was a decade ago.
So what can we do to evolve with the industry and our consumers? To help sort through all the changes, we put together a list of factors and tactics to adjust your print strategy to drive leads and increase your ROI.
How to Effectively Use Print Marketing Today
With the change in landscape, the print industry must also change. Here are a few changes we’re beginning to see.
Use Digital and Laser Printing
What was once a costly endeavor to print in color is now a common practice. Advances in digital and laser printing have increased the speed and affordability of batches of brochures and leaflets, while also improving the quality of your prints.
Make it Personal
Other financial services rely on mass communications, so a little personalization can help you stand out in a big way in this field.
Consumers already view print as more personal than digital marketing, but when you do something as simple as including the name of the person you are trying to reach, you can cultivate a meaningful emotional response they’ll want to hold onto and respond to.
One of the biggest perks of print materials is that consumers actually hold it, allowing you to tap into their sense of touch. Printers now have the capability to print on different textures, allowing you to put canvas, leather, metallic, or other textures in your consumers’ hands.
Never Sacrifice Quality
Of course, your budget is important and you should want to save money on all marketing materials, but if you want to see a high ROI, you should never ever sacrifice quality for a cheaper price tag. Like, ever.
You don’t want your campaign to seem like junk mail, and without a quality strategy and print job, it likely will.
Keep an Eye on that ROI
The best way to optimize your ROI is to analyze, plan, and improve the campaign based on its success. There are more tools than ever to bring a full-scale strategy to your campaign, so you can accurately monitor your ROI.
Where to Capitalize on Print
Consider using these tactics to help you stand out among others in the industry and capitalize on your investment.
Direct mail allows you to target your audience and show that you value them. It also gets the highest tactical response rate at 5.1% over email and paid search’s 0.6% response rates.
In the financial industry, the ROI on direct mail investments can be up to $13.37 return on each dollar spent, if the campaign is done correctly (see: creatively, personally, and with high quality).
Financial institutions should also consider printing brochures. It is an easy way to share a lot of information about your services in a format that patrons can interact with and hold onto. The shelf-life of a physical brochure is greater than that of an electronic PDF, meaning a printed copy will remain with the patron for a longer period of time.
We realize that they might not be as flashy and interactive as electronic displays, but it is important to let people walk away from an event with something in hand, something that will help them remember all they learned later. Fliers help you leave a lasting impression.
How to Ensure Your Print Marketing is Adjusted, Effective, and Cost-Efficient
Good news: this is the easy part!
But, seriously, contact us. We have been innovators in printing since 1931, and we continue to help our partners stay at the forefront of print marketing because we are proud of our craft.
And if you’re looking to cut out your marketing agency and bring print orders in-house, we can help fill in the gaps. We start with strategy and see you through shipping, touching on everything from print quality to color-matching to postage in between.
We know print marketing and understand that you need to see an ROI. Stay relevant in your industry through a medium that your target marketing is paying attention to and your competitors are ignoring.