Operating in today’s Information Age, credit unions are uniquely positioned to leverage the data they already possess. Data mining is the process of analyzing member data from different angles, then summarizing it into useful information to support your business objectives. Companies around the globe are harnessing the power of their data – some even purchase this valuable information. Your credit union already has this valuable member data stored in your core!
Transactional Data Mining (TDM) using ACH data is the most effective way to build member relationships and drive better response rates compared to a mass mailing approach. Synergent Direct Marketing Services partnered with Heritage Valley Federal Credit Union (HVFCU) in York County, PA to target the right audience at the right time. By analyzing their member data, they were able to launch a record-breaking auto loan recapture campaign that surpassed their initial goal for new loans by 66%.
By the numbers, 125 new auto loans totaling $1,775,244 were closed during the campaign period, with 50 of the loans totaling $702,302 in new lending tied directly to the mailing list. HVFCU was able to dramatically increase their overall auto lending portfolio, connect with members through the unique URL and traceable 800 number, and every marketing dollar invested had a return of $58 in the first year interest income alone!
Get started on your credit union’s next campaign today. Review Synergent’s Direct Marketing Services Design Showcase for new, creative ideas. Download the full HVFCU case study and contact our team of experts for a no cost, no obligation consultation that will include a data-driven report to assist your team in strategizing your next marketing campaign at firstname.lastname@example.org.