The banking industry is competitive, so there is a constant struggle to market your bank to attract new customers. Various marketing techniques can be used to win new customers, but one of the easiest ways to retain your current customers and deepen their engagement with your bank (which means more business) is to use direct mail marketing letters. These letters are sent directly to customers on the bank mailing list to bring attention to a product, program or initiative the bank is involved in with the goal of garnering more business.
Free Money Giveaway
Imagine the power of a letter to bank customers that announces the bank is giving away money. This will grab the attention of existing clients and create new customers when the news spreads. Send a letter to your mailing list that says ATM users will be chosen at random to receive "free cash." When someone makes a withdrawal from the ATM at the bank, they may request $40 but the bank slips in $100 of the bank's money, too. In essence, it's not costing the bank money because when non-bank customers start using the ATM for their chance to win, the bank will recoup any award money in the ATM fees charged non-bank users.
No More Fees
With many banks charging fees for everything from talking to a customer service representative on the phone to using an ATM that isn't owned by the bank, another powerful marketing letter is an announcement that the bank isn't charging these fees. The offer could be in the form of a no-fee checking account, for example. This type of marketing letter campaign can easily win the bank new business.
Whether the bank supports a nonprofit or charity or is involved in a specific event (building houses for Habitat for Humanity, for example), people like to do business with companies that give back to the community. Customers feel like they are doing something good by doing business with a company that helps others. Other initiatives may include donating to schools, homeless shelters and animal dog rescue organizations. Informational marketing letters can let your customers know how the bank is helping the community.
Say Thank You
People are bombarded with mail that tries to sell them something. Banks can take a different approach and simply thank customers for their business. Send a thank you letter when the customer first opens an account and again when certain milestones are met. For example, when a customer has been banking with you for five years, send a thank you card that recognizes her loyalty.
For customers who have been with the bank for a while, send a referral request letter. Ask your current customers if they know someone who could also benefit from the products and services the bank offers. You can even offer a special incentive for any referral the customer gives you that brings in a new customer.