What Telemarketing Can Do
For banks to operate successfully in the new competitive environment resulting from deregulation, they must expand their marketing efforts to attract new customers. Telephone marketing is proving to be an efficient way for banks to sell a core of services and increase their service-to-customer ratio; this is particularly effective with individuals already familiar with the institution. Telemarketing campaigns offer 6 advantages not available to other media: 1. person-to-person communication, 2. immediacy, 3. flexibility, 4. incremental effect, 5. economy, and 6. productivity. Experience has demonstrated that the telephone used in combination with direct mail increases the result by 2.5 to 10 times the response achieved by mail alone. A successful telephone marketing strategy involves planning, systematic programming, market segmentation, and an emphasis on service.
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Roman, Murray
Full text: [The Bankers Magazine] Mar/Apr 1984
Telemarketing at Goldome
Goldome, the 2nd largest mutual savings bank in the US, with over $11 billion in assets and 127 branches in New York and Florida, has had its own, highly successful telemarketing program for 3 years. Originally, branch bank platform transactions consumed inordinate amounts of time; with rising costs, it became difficult to justify the level of rates for bank offerings to remain competitive. Kwik-Line, which encompasses both telecommunications and management controls, was developed in 1980 to transfer most platform transactions to a central telephone system. Clients can obtain information, receive financial and investment counseling, or make financial transactions. The program was promoted through a full media campaign using print, television, direct mail, and point-of-purchase information. In the direct mail campaign, one statement insert resulted in Savings Bank Life Insurance sales to 1,672 customers ($1.3 million) in a 5-month period. The program is being expanded to additional Goldome markets in New York and Florida.
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Cohen, Bernard
Barden, Virginia
Full text: [The Bankers Magazine] Mar/Apr 1984
First, Pass the Post
Successful direct mail depends on finding the right person for the right product. While the letter may be eloquent and the offer excellent, the effort will be wasted without the right mailing list. The mailer should demand to know: 1. when the list was last cleaned, 2. how old the names are, and 3. whether it is made up of former mail order respondents. Once the list is selected, it must be merged and purged to be sure all names are viable prospects. New lists should be tested on small samples. The sample size of the mailing itself will depend on such factors as response rate to the test and the percentage of variance from the test that is considered tolerable. Some things to consider before undertaking the test include: 1. how many of the more valuable names on the list will be used in the sample, 2. the fact that a new approach should never be tried on an untested list, and 3. the fact that a new approach should work better than the control against which it is tested.
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Pearson, Lynne
Full text: [Marketing] Mar 1, 1984
Beware the Cucumber
Creativity can be used effectively in direct mail campaigns if a few basic rules are followed. Almost all factors affecting the success of a mailing, the list, the offer, and the mailing package, also affect creativity. All 3 must be viewed as equally important. Some guidelines for an effective mailing include: 1. There should always be a clear offer or specific proposition. 2. In developing the offer, account must be taken of the action required from the recipient, and potential customers must be told not only about what is being sold, but the benefits that accrue from buying it. 3. Graphics should be used to add color and appeal to the proposition; written copy should be clear and kept to a minimum. 4. Letters must arouse questions in the reader’s mind and then provide satisfactory answers. 5. The response device should repeat as fully as possible the original offer and the benefits of taking advantage of it. 6. The envelope should not be neglected as an additional advertising space.
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Fraser-Robinson, John
Full text: [Marketing] Mar 1, 1984
The Rage to Specialize
A general line distributor can gain new market penetration and increase sales by establishing a specialty line of products. More distributors are now moving in this direction, the reasons for which include: 1. new applications of technology that have forced distributors to have an employed expert in a given product line, 2. the opportunity to handle a product line that stands out and has greater market demand, and 3. the desire to avoid direct competition with large general-line distributors. Specialists in one or 2 lines within a general-line distributorship can profit from being the authorized repair and maintenance service for a well-known line. Moreover, specialists with a strong reputation draw customers in and encourage one-stop shopping for their other products. Disadvantages of being a specialist include: 1. the high cost of employing and training new people, and 2. the additional capital investment for special marketing campaigns and increased inventories. According to John Holly, president of Machinists Tools and Supplies Inc. (Dallas, Texas), being a real specialist requires a total company commitment to knowing the markets well and covering them extensively. Technical staff in-house or problem-solvers in the field are value-added extras that come with dealing with a specialized distributor.
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Ellenbogen, Milt
Full text: [Industrial Distribution] Mar 1984
Grow as a Writer with New Ideas, Not Rehashes
Fund raising copywriters must be able to develop and grow in order to survive in direct mail (DM) fund raising. For example, a fund raising writer must develop self-understanding and compare personal style to that of the donors. A donor survey can facilitate this understanding. Writing fund raising letters is much better done when donors’ statistical data are known. A developing writer continually tests new concepts. Outside reading in marketing literature can help generate new ideas. Ideas can also be stimulated by: 1. knowing what other fund raising organizations are doing, 2. attending seminars or conferences on DM fund raising and/or direct response advertising, and 3. subscribing to DM fund raising periodicals. DM letter writing can be enhanced by an evaluation of work habits, including a review of recently written letters.
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Huntsinger, Jerald E.
Full text: [Fund Raising Management] Mar 1984
Study Reveals Increase in Popularity of Package Inserts
A recent study of 23 companies that promote their products through package inserts examined the time and place to use package inserts most effectively and the level of response to expect. The companies represented in the telephone survey, conducted by List Process Co. (New York, New York), included those marketing a wide array of products. Roughly 66% indicated that they use package inserts more than 12 times a year, and almost all respondents said that they use direct mail regularly, in conjunction with their package-insert programs. More than 25% of the respondents, including a majority of the hosiery/cosmetics businesses surveyed, said that January was the best month for using package inserts, while February and October tied for second best. About 25% of the respondents have utilized package insert programs for more than 8 years, while 50% began using them between one and 3 years ago, indicating the practice’s growing popularity.
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Kranjac, Paulette
Fier, Betty
Full text: [Direct Marketing] Mar 1984
Mail-Order Insurance Passes the $5 Billion Mark
In 1968, direct mail sales of insurance were about $500 million annually, while in 1981, based on incomplete data, the figure will likely be close to $5 billion. The development and use of the computer to identify and segment target markets has been crucial in this development. If a direct mail insurance program is to be successful, months must be spent in advance of the mailing in planning, testing, and research and development. The success or failure of any such mail-order effort depends on management’s commitment, marketing professionals who can make the project work, and appropriate feedback to shift the direction of the project if that is needed. The advantages of direct mail marketing of insurance to consumers include: 1. the availability of insurance products for consumers who, because of geographic location or demographic characteristics, might not be otherwise approached, 2. freedom of choice, and 3. competitive pricing because of the elimination of agents’ commissions.
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Jennings, John
Full text: [Direct Marketing] Mar 1984
All Work and No Play Won’t Make You Any Jack, Jack
Much of the direct mail copy being sent to consumers today reads as if orders were being given to the reader. If direct mailers want the reader to do something definite and positive, they must offer the reader a clear benefit for that action, which can involve either a visible reward or a more subtle sense of victory or accomplishment. The reader’s sense of pleasure from taking in the direct mail message declines in direct proportion to the amount of work the reader thinks will be required. Except for contests, any request for the reader to perform a task requiring prior knowledge, talent, or problem-solving ability will alienate the reader if the reader resents, feels incapable of, or is annoyed by the unsolicited challenge.
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Lewis, Herschell Gordon
Full text: [Direct Marketing] Mar 1984
Home banking: reach out and “Touch-a-Teller”
Sebco Federal Credit Union (Lutherville, Maryland) judged the start-up costs of introducing an ATM system too high at $250,000 minimum and consequently decided to install an audio response system at $40,000 (hardware and software). Members can obtain 19 services, including balance enquiries, funds transfer, and withdrawals by check, via any touch-tone telephone or rotary phone with a conversion device. Following a marketing campaign using the Sebco newsletter, direct mail brochures, flyers and office posters, there were over 5,000 account enquiries and over 590 transactions in the first week. Since the first week, over 8000 calls per week have been received.
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Anonymous
Full text: [Credit Union Magazine] Mar 1984
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