Hit send: Why email is a good way to make a firm offer of credit

As part of omni-channel prescreen campaigns for loans, Deluxe sees more of our clients using the email channel as a means for extending a firm offer of credit. This doesn’t mean they are skipping the more typical direct mail offer altogether. Rather, they are using email as the first wave of the campaign, with direct mail as the reinforcement.

And why not? Email is fast, easy, and cost-effective. Plus, it delivers an impressive ROI. The Direct Marketing Association says the average return on investment for the email channel is $42 for every $1 spent.

The ROI for email can be even higher when you are targeting your existing customers. That’s because consumers are more likely to open and respond to emails from companies with whom they have an existing relationship. And even if they don’t fully click to open the email, because they know you, they may take the time to read it in the preview pane and even click directly to your loan application page.

Ideal for trigger programs

Extending the firm offer of credit via email is especially important if your prescreen loan campaign is based on credit triggers. Rapidly growing in popularity, trigger programs monitor data from credit bureaus (preferably all three) to identify consumers who are actively shopping for a loan. If you were alerted that one of your customers had their credit pulled by another lender, wouldn’t you want to respond quickly with your own competitive offer? Email is the perfect mechanism.

While you can’t know what the other lender is offering, or whether you’re beating their terms, the email lets the customer know that you are aware of their need for a loan and that you are serious about continuing to be their lender of choice. Nearly half (48%) of consumers expect brands to know them and help them discover products and services that fit their needs. Your email, ideally sent within 24 hours of the trigger, demonstrates that you are paying attention.

Email kicks off a consistent campaign

Another benefit of the immediate personalized email is that it may put the customer in the mindset to be more responsive to the other elements of your campaign, including your forthcoming direct mail offer and any digital impressions you have planned.

To help increase this likelihood of response, be sure that your campaign is consistent with design and messaging across all your channels. The consistent presentation of a brand across outreach channels can increase revenue by 33%.

As part of our work, Deluxe plans, develops, and implements omni-channel campaigns for all kinds of loan and credit programs. In the following example, notice how the campaign headline and design elements are consistent across all the campaign elements:

In this campaign—based on tri-bureau credit triggers—the firm offer of credit was sent by email next day, just as the display and social media ads started to appear. The direct mail version of the firm offer of credit arrived about a week later.

Loan marketing is a race

Given the current competitive landscape and economic conditions, loan marketers can find themselves competing on increments of days – even hours. The lender that gets there first with the best offer has the best chance of winning the borrower. Don’t delay; send an email.

For more information about how to close more loans using a prescreen credit trigger campaign, download our new white paper, The Need for Speed: Optimize Trigger Programs, Get to Market First and Fund More Loans.