Targeting your prospects instead of marketing to everybody works best, as the Financial Services Marketing Handbook suggests in the following quote:
Very few companies can afford to be everything to everyone any more. Even companies with mass-market products (like basic checking accounts) segment their markets so that they can focus their limited marketing dollars on the most profitable segments.
The book also offers direct-mail statistics to support the value of targeting. “…When the list, the offer, and the message are narrowly targeted, response can go up to 10% or more” versus less than 2%. That’s an increase of more than 500%.
If you’re interested in learning more, this information comes from Chapter 1 Segmentation.