Does Direct Mail Still Work?

Direct mail is like an email campaign, except that people have to open an actual paper note. In my email inbox I have only the subject line and sender to convince me to open the note, but direct mail has the added benefit of using size and texture to get me to tear into the letter. I took Capital One's bait to see what they had sent to me.

Based on my light research, it appears that direct mail campaigns still get 2% follow-through. Over the last ten years I've seen the direct mail tactics used by credit card companies continue to evolve. I can't decide if they're having a harder time reaching people with all the junk mail, or if they're improving they're tactics for better conversion. I suspect both.

The conversion math must confirm that these mailing tactics are still working- my latest credit card "package" included 7 separate pieces in the envelope. The package even included a piece of bubble wrap for my popping pleasure (though bubble wrap even has a digital equivalent-try manic mode)!

Have you come across any wacky mail?