Based on customer metrics, this $4.3 billion community bank knew it had a high number of single-service households. As a result the bank knew that there was great potential in getting new deposits within its own customer base.
Although “cross sell” has gotten a bad name in banking, FI Works suggested using a “look alike” campaign approach to responsibly cross sell into the bank’s current customers by only offering them products we knew they had a high probability of needing.
Often banks will do single product offerings multiple times a year for their cross sell efforts and sometimes customers just quit listening. FI Works suggested that the bank send out one direct mail piece that presented three different deposit products and offers. Each mailer would be customized to offer the three most desirable deposit products based on characteristics of the “product needs” of a household.
The “needs based” deposit cross sell direct mail campaign and calling campaign were executed over eight weeks including follow-up calls. A very low-cost direct mailer was customized by varying the offers for each household, and by making multiple offers tripled the chances of hitting what a customer would want. Here’s how the campaign produced a 3,300 percent ROI: