Most credit unions and community banks list increasing consumer loans as a top goal for 2019. They are the lifeblood of better earnings. Since I’ve spent lots of time working with clients on this goal, here are 5 Quick Tips I’ve learned that will boost your loan volume. Some may sound obvious, but my experience tells me many of them are not being implemented.
- Build Frequency – If you do not keep your offers and “insights” in front of your member/customers, you will miss opportunities. (Notice I said insights? People do not want to be sold to all the time). Frequency is the #1 driver of marketing success. If you are not in the conversation with your members and customers, your competition is going to steal market share. Use multiple elements to keep in the conversation and communicate your offers.
- Use More Email – I’m surprised by how many people don’t execute enough email. It’s a super-powerful tool. However, a great email program requires a mix of content. This includes educational information, targeted insights, and also not being afraid to ask for the sale when the timing is right. How many work? I like 1 per week. You will see open rates and clicks increase if you provide great content. And with email, you can also easily track the clicks and conversions. If you really want to see some magic, implement an Automated Marketing Program like SharpSpring and watch what happens.
- More Campaigns/Less Promotions – For many FIs, the impact of an ongoing campaign creates a better response that just a one-off promo. Build a memorable “Campaigns Umbrella” that is used throughout the year or for part of the year. This way the visual look and messaging will become more memorable. This approach will also help to build your unique brand image. Multiple elements and products and services can live under the umbrella. Best of all, it’s much easier and faster to execute promotions using a consistent “umbrella theme”. The umbrella theme can be seamlessly used in multiple marketing elements.
- Create a Landing Page for Campaigns – It’s a fact – a unique landing page for a campaign will create better conversions. When you send someone to your website, don’t make them hunt for information. The more clicks, the better chance of losing them along the way. Depending upon your campaign, maybe the URL is something like this: ABCCU.org/LoanBlitz. When a person clicks from your “marketing”, they immediately feel like they are in the right place. Matching information, look and feel, and clear next steps will be right in their face.
- Use Multiple “Calls-to-Action”– Not everyone is ready to apply for your loan. They may simply want more information on buying a car or home, which credit card is best for them, how to pay for home improvements, or tips on remodeling their kitchen. Provide valuable content as a way to build a marketing path and keep them engaged. And yes, make sure that they can quickly apply if they are ready.
FREE Side Tip – Don’t post your loan sale and rate on Social Media! No one cares about your campaign that you’ve turned into a post. However, using Facebook and other social paid ads is a great idea. Just make sure your content is engaging and resist the urge to constantly sell. It’s under-priced marketing and it really works. However, that’s another conversation.
BONUS TIP – No Extra Charge. Make sure your loan team is great. Marketing’s job is to create leads and opportunities. However, all it takes is one person with a less than perfect attitude, weak skill sets, or lack of training and all can be lost. If your technology is not up to snuff, that can also be a game changer. Marketing people often get blamed for “lack of growth”. However making a delicious pie (and growing loans) requires a mix of the right ingredients and someone who knows how to cook-up more loans.
Colorworks/MMSS has worked with more than 2,000 financial clients of every asset size nationwide for more than 30 years. We help clients create powerful brands, grow assets and loans, attract new members & customers and increase use of products and services. We’d love to help you too. Email bmckenna@mmss.com if you would like to share some ideas.
