Strengthen your targeted marketing campaigns with data mining. Jennifer Braziel, Data Mining Specialist for Synergent Direct Marketing Services, explains in the PROTips video how adding data mining to any campaign strategy increases the relevancy of the message you are sending while significantly increasing your credit union’s return on investment.
Data mining uses information you already possess, such as core processing data or ACH transactional information, to target and personalize direct marketing campaigns to your members. Using data mining as part of your campaign formula is an opportunity for your valuable information to be leveraged and transformed into profit. By offering your members only the products and services of relevance to them, your personalized message positively impacts their relationship with your credit union.
HRCU in Rochester, NH successfully launched a Presidents’ Day campaign that offered targeted members pre-approval for auto loans with an added incentive of .25% off the auto loan rate if members also signed up for direct deposit. Auto loan rates were as low as 1.99% APR and every loan was entered in a drawing to win one year of car washes. HRCU reaped the benefits of this carefully targeted campaign with $2.6 million in new loans during the month long campaign period.
“On past Presidents’ Days, we would do traditional advertising, but with increased competition in the surging auto market, much more was needed,” said Brian Hughes, President/CEO of HRCU. “We decided to pull out all the stops and put our efforts and resources into a multi-delivery channel advertising and marketing campaign. Turning to Synergent, a key component would be direct mail. All elements of the campaign, including the creative pieces designed by them, hit the mark. The very lofty financial goals we set far exceeded my expectations!”
This campaign was a monumental success. The return on investment was a $1,402,531.58 increase in total auto lending over the same period in the prior year, or $447.97 in new lending dollars for every marketing campaign dollar spent!
Contact a Synergent Direct Marketing Service Representatives at email@example.com to learn more about data leveraging opportunities.