There are so many tools marketers have in the toolbox today. But what is the recipe for a profitable campaign? Don’t sell yourself short hoping to create a campaign that is just profitable; aim higher and plan a profitable and award-winning campaign!
Case Study: Casco Federal Credit Union
Gorham, ME | Assets: $67,723,502 | Members: 7,973
In partnership with Synergent, Casco Federal Credit Union launched a wildly successful auto lending campaign that brought in $114 for every marketing dollar spent and paid for itself in just one month! The “Wanna Go for a Ride?” campaign received a highly-coveted CUNA Diamond Award, which recognizes outstanding marketing and business development achievements in the credit union industry. In determining award winners, Diamond Award judges consider creative concept and design along with campaign success.
“Synergent Marketing works with credit unions to create exceptional, data-driven marketing that feels uniquely personal for member experiences,” stated Doug MacDonald, Vice President of Synergent Marketing Services. “Our marketing teams develop winning strategies, themes, designs, and branding to propel credit unions into the spotlight and help them achieve strong results and ROI while best serving their members’ needs.”
At the end of the campaign, Casco FCU had brought in over $3M through 191 new auto loans opened during the campaign period. With success this great, why wouldn’t you want to use the secret sauce to create your own campaign?
5 Ways to Create an Award-Winning Campaign
1. Start With Data.
The formula for success starts with data. Whether mining your core data, ACH data, or using a custom data set, reaching the right members, at the right time, with the right offer is achieved by using data mining to determine your target audience. This saves credit unions time, marketing dollars, and helps increase ROI.
2. Define Your Target Audience.
In their award-winning auto loan campaign, Casco FCU targeted members with:
- Checking accounts, but no auto loan;
- Loans at their credit union other than auto loans; and/or
- Members who had paid off their auto loans in the prior 12 months, but had not opened a new one
Defining the target audience enabled the credit union to recapture maturing loans and to generate new loans. Having a segmented list helps narrow the distribution to members for whom the offer is most relevant.
3. Create Catchy, Cohesive Assets.
Bright colors. Standout offers. Creative photos or artwork. These are huge contributors to campaign success, as they ensure the recipient looks at your offer. Keeping your campaign cohesive by creating related pieces across mediums, such as email, postcards, table tents, lobby monitors, or your website, ensures your messaging is reinforced and recognized.
4. Measure, Analyze, & Adjust Accordingly. The campaign isn’t over once your campaign materials have been sent to your members! Tracking your results establishes the success of your campaign, or it can provide opportunities for improvement. Campaigns do not have to be a “one and done” deal. They can be adjusted and repeated for maximum return on investment. Trackable metrics include website hits, email open and click-through rates, and the number of loans opened during the campaign period compared against your distribution list.
5. Partner With a Proven Expert. Maybe your credit union’s marketing department is a team of one. Or you are juggling multiple initiatives and can’t seem to close the loop in getting your campaign organized and out the door. Whatever your reason, you do not have to go it alone! Synergent Marketing is a resource available exclusively to credit unions. Their award-winning team has produced numerous campaigns that stood out as profitable and exemplary.
“The CUNA Diamond Awards have become a tradition for us. We’ve assisted in winning 25 awards since 2005!” enthused MacDonald. “We are happy to continue to serve our credit unions, owners and users in our affiliations, with recognized award-winning caliber work, every day.”
Then, sign up for your FREE Marketing Snapshot Analysis, valued at $2,500! Let us know what type of report you would like and find out how our unique offerings and solutions can help your credit union leverage its core member data. We’ll start the conversation, do some no-obligation data-mining for you, and show you the power of your credit union’s data!
Skip the expensive data warehouses and MCIF systems. Synergent is the leader in Episys optimization and credit union marketing. We make it easier than ever to mine and analyze your member data to drive your credit union forward, maximizing your ROI