In 2016, Northern CU in Watertown, NY, partnered with Synergent Direct Marketing Services to launch a cost effective ACH data mining campaign. Running two phases of the campaign, their ACH auto loan recapture program brought in about $2.2 million in additional auto loans.
“Marketing budgets are contingent [upon results] and can be trim,” shared Alexa Bennett, Marketing Manager for Northern CU. “We have to show the worth of the dollars invested every single time.”
Seeking to increase their auto lending portfolio, they offered members incentives such as cash back, rates as low as 2.95%, the option to apply online, and flexible terms up to 72 months. Synergent assisted Northern CU by providing custom ACH data mining and targeted data extract programming to focus their marketing efforts on their target audience. Synergent Direct Marketing Services also assisted with the postcard production and mailing, utilizing graphics designed in-house at Northern FCU.
“It was very rewarding to help Northern CU identify and act upon so many unique marketing opportunities in their member transactional data,” stated Jen Braziel, Synergent Data Mining Specialist.
In the first two years alone, an estimated $215,446 of interest income can be tied directly to the postcard and email list used in this ACH data mining campaign. And as an added bonus, Synergent’s subsequent reporting and analysis shows that, in addition to the auto loans, an additional $1.3 million in additional non-auto lending during the second phase of the campaign also could be tied directly to the postcard and email list.