Results Come From Tried and True Direct Marketing and Email
As lending slows, your credit union of community banks’ portfolio can continue growing by going with the classics: Direct Mailing and Email.
Sarah. Cooke, Monday, February 24
New digital marketing gets all the hype. CEOs like it for the trackability and cost savings, but that doesn’t always mean your financial institution is receiving the most bang for its marketing buck.
Consumers – yes, even those coveted millennials and Gen Z – enjoy tactile marketing. Perhaps it’s the memory of birthday cards from grandma with a $20 bill inside, but they eat it up just the same. In fact, research shows that younger adults are more responsive to good old snail mail offers.
Create a great offer that aligns with your value proposition. Are you the fastest or cheapest or best servicers among your competitors? (REMEMBER: It’s rare to be even two of these things, so be honest with yourselves and identify your TRUE value to the member.
Use hard dollars rather than rates to demonstrate savings. It’s much easier and faster for the brain to comprehend than calculating and comparing percentage rates. Do the work for them! Make it as simple as possible for them to understand what your bank or credit union can do for them. For example:
Our members generally save $100 a month when they refinance their auto loans with us!
Check the result of your campaigns. How many loans or deposits? For how much? What’s the interest earned on these loans? Are the credit scores where you’d like them to be? Are borrowers’ credit scores staying there?
Ser Tech can help you do all these things:
Create a dynamite marketing campaign
Target with thousands of precise characteristics, including credit score and location
Measure your ROI to determine what’s working best
Monitor credit risk across your entire loan portfolio
And the results? They speak for themselves…and so do our clients.
*Results cover just the one-third (or 134) of Ser Tech’s clients that ran ROI reports Jan 2017-Jan 2020
“All of our loan growth, outside of indirect, came from (Ser Tech’s) Auto Loan Recapture.” APCO Employees CU
“The quality of leads Education First receives is really excellent.” Education First CU (Ohio)
“We get a 350% ROI, and that’s a nice number to send to your CEO.” Nova CU
“It costs us $4,500 to run the program for a year, and our anticipated gross income from these auto loans this year is about $12,814. That’s an impressive ROI!” Department of Public Safety FCU