All from increasing fees…
In our business we get to meet a lot of people struggling with how to market their companies. So it is no surprise that as we talked with some retail banks and credit unions, they said one of their greatest challenges was growing deposits and loans since most customers either don’t have the funds or are afraid to increase their exposure in these tough economic times.
Through our conversations with various credit unions and banks we came across a credit union (CU) out West that not only had these issues but the needed increase fees for their members. The approach was a little different. Rather than just notify its 25,000 members of the new fees, why not treat this as a marketing opportunity and target multiple offers at the same time? They already knew a great deal about their members from their customer database. Why not use that data to offer a customized auto loan, an introductory low mortgage rate, or a or rebate if they open a new account to help offset the high fees. Plus at the same time provide an opportunity for the customer to review their financial portfolio and look for ways to enhance and improve it.
What we did: So we printed a Variable self-mailer with a Purl. The Purl (Personalized URL) was secured and needed a password for access. This is a financial institution and we wanted to hold these offers private to the individuals, not just anyone. This alone increased response because who wouldn’t want to see what was behind door number 1.
The CU also maintained a fairly good email database, so we targeted them through that channel as well. This made it easy to make a quick click through to the Purl landing page. This also increased the response and offered a modified version of the offer lead-in.
Members were targeted 3 times. Once with the postcard, and twice with emails, each time adjusting the message and removing those who already responded.
The Results: The CU saw almost a 20% response. From that they gained $4 million in new deposits and $5 million is new loans. A total of $9 million in new business. All starting from a Fee increase.
For those who do not believe in these technologies… Was it the Variable self-mailer? Was it the Purl? Was it the Platform? Start with a winning campaign, add these elements and you can have a successful campaign. When people tell me these technologies don’t bring value to their marketing efforts, it usually can be drilled down to poor execution, not so much the technology.
Moral: Never miss a marketing opportunity. If you have good data, and you know how to use Digital Marketing Technology (or find someone who does), you can run a campaign that offers builds brand loyalty and results in a positive ROI.
I guess the right approach is: When all you have are lemons to offer, find some water and a little sugar and sell them lemonade.
If you would like to know more about this program or how Digital Marketing might help you, give us a call 630-307-7100.
Posted by Scott Bussert 
