Oswego County FCU Auto Loan Campaign Case Study
Oswego County Federal Credit Union in upstate New York wanted to boost auto loan balances in the fourth quarter. Working together with Synergent Marketing Services, they created a campaign offering up to $300 cash back for refinanced or new auto loans and marketed this limited time offer to members using personalized postcards and emails. Members were encouraged to “experience financial freedom” with a spirited, fun design.
Targeting nearly 2,400 current members based on carefully selected criteria, the credit union opened 165 new auto loans totaling $3,258,351 in new loan balances, a 12% increase in total auto loan balances over the same period the prior year and a 3.2% conversion rate.
“We are extremely pleased with the results on this campaign” shared Bill Carhart, CEO of Oswego County FCU. “Without the expertise and efforts of Synergent Marketing Services, we would have forgone these gains.”
Oswego County FCU utilized the power of targeted data mining in combination with design, clear and concise messaging, and a strong offer to make their auto loan campaign a success.
Category: Case Study