Almost every credit union is seeking new loans. Loans are a great way to attract new members and when someone takes out a loan, in most cases they are immediately profitable. If you are looking to target non-members from your community for Home Equity Loans, Auto Loans, Credit Cards, Personal Loans and Mortgages, consider this approach.
Targeting Is Essential
You can easily and affordably target by almost any criteria available. Here are some of the most important criteria that can be used.
- Distance from branches (Mile Radius)
- Zip Code
- Carrier Routes
- Credit – Using SIC Codes rather than expensive credit pulls
- Home Ownership Renters
- Length of ownership
- Home Equity available
- Mortgage balances
- Auto ownership
- Age of auto
- And Many More!
Build Frequency Using a 4-Pronged Approach
A 4-Pronged approach yields impressive results. People need to see your offer and name in more places, more often, to consider using you for a loan. Building your brand along with delivering an offer is essential to success. You need to be there when someone has a borrowing need. Remember, your competition already is!
Prong 1 – Targeted Direct Mail
Think mail is dead? Not so. In fact recent studies show that the oversaturation of digital marketing has caused a resurgence in the effectiveness of direct mail programs. A targeted, well-designed offer will get the attention of people in the market for a loan. It will also help position you as a lender for future consideration. Consider adding an extra incentive to increase response. A cash incentive or co-branding with a powerful brand like Target, Home Depot, Lowes and others creates immediate credibility and response. We’d be glad to help you set up these relationships.
Prong 2 – Non-Member Email
Non-member email is an affordable way to create leads. What’s more, it can be tracked via opens, clicks and conversions providing amazing insights. Email can not only present an offer, but the use of valuable content will create engagement and is a great way to begin a customer journey. People are not always ready to buy now. In fact, most will check you out and form opinions of your brand through the content you offer. The scary part is many will have checked you out online and will have already made a decision whether or not to do business before they contact you.
The right targeting allows you to match non-member email addresses with their postal addresses. Typically we see a match rate of between 30% and 40%. So when you send a direct mail piece to John Doe at 123 Any Street, Anytown, PA 12345, 30% to 40% of the time you can also get John Doe’s email address. Best of all, email is very affordable.
Prong 3 – IP Ads
The “IP” part of IP address stands for “Internet Protocol.” The “address” part refers to a unique number that gets linked to all online activity you do…somewhat like a return address on a letter you’d send out. Along with Direct Mail and non-member email, we can also deliver digital ads to internet connected devices inside of John Doe’s home. Usually a 40% to 50% match can be achieved with digital ads. And the beauty of Digital Ads is that we can deliver them frequently for a low cost per ad. Once again, these can be tracked digitally and provide tremendous insights regarding offers, ad design, engagement and conversions.
Prong 4 – Landing Pages
A custom landing page designed as part of a campaign can improve your response. It allows you to track actual product clicks and conversions from emails, digital ads and direct mail. Some credit unions even use unique phone numbers to track calls. Landing pages can provide the visitor with information on your products and services and they can also dig deeper to learn more about your credit union.
Landing pages also provide a logical and highly-visible next step like Apply Now, Call Us and Visit A Branch near you. Other engaging content such as Calculators, Car Buyers Guides, Home Buyers Guides, Video Content, Blog Articles and more will keep them in your website longer. Many credit unions are using or considering CRM and Automated Marketing tools to nurture leads and opportunities and close more loans. Unfortunately, it’s easy to “live in the land of missed opportunity” without effective follow-up.
Frequency Equals Marketing Success and Conversions
The bottom line is that Frequency Drives Success! Most credit unions are not nearly frequent enough when it comes to communicating with their members, business partners, SEGs and the geographic communities they serve. Instead of choosing the credit union for their next loan, they go with another financial institution because when they had a borrowing need they saw something that got their attention.
Learn More Or Get A Proposal Today:
Using this simple 4-Pronged approach and strategy is one way to market loans and have a positive impact upon your ability to build a solid pipeline and close more loans.
If we can assist you or answer any questions please contact us today.
Holly Mackewicz, Ext. 253
Bill McKenna, Ext 254
You can also complete the Contact Us Form.