Digital Marketing Helps Credit Union Boost HE Loans by 93% [Case Study]
Long Standing Client, AERO FCU, Sees a 93% Jump in Home Equity Loans
One of the biggest challenges in any industry is trying to connect marketing, ads and online engagement with real results... with sales! We are constantly helping Credit Union clients do just this, in effect 'closing the loop' and demonstrating how good quality, strategic marketing campaigns can impact bottom line revenue.
AERO's AVP of Marketing, Angie Avers, just reviewed some loan growth statistics with us, and the results were definitely worth noting! This case study continues to prove why Credit Union digital marketing cannot be beat!
During the first quarter of 2016 we assisted this CU's staff with an email nurture campaign consisting of 5 emails sent to their members about a new Home Equity promotion. These emails didn't just hawk the promotion, we designed the campaign and messaging to be much more authentic and trackable.
Here's how the campaign went:
Email #1: This first communication never mentioned any advertising or products, but instead linked to 4 blogs on the CU's website that might be useful to members considering doing work on their homes. It promoted the member service nature of the Credit Union and just shared useful and educational content. That's all!
Email #2: After waiting 6 days we sent the entire list the next communication, a member testimonial email including a photo of the member giving his review. See screen shot below.
This second email linked to the promotion, but centered mainly on the member service aspect of the Credit Union and its mission. The testimonial is strong and was chosen to help support the ongoing Home Equity promotion.
Email #3: Nine days after the second email we sent the first real promotional email, with the subject line: "We Have Something Designed Just for You!" This was the first email which included product information, but also referenced a recent award the CU received for competitive rates and member service. All images were linked to various locations that provided promotion details, and all clicks were tracked automatically through the campaign email tool.
Email #4: Nine days after the third email we sent our final 'blast' email to members on the list who had not acted on any of the Calls to Action (CTAs). Again stressing the member service mission, while also sharing the promotional details.
During the campaign if a contact clicked through to learn more they were tagged. They were also given the option to ask to be contacted regarding the promotion, which also tagged them. We used both of these kinds of interactions to compile lists for member service/sales follow up.
Email #5: Our last and final email was sent about seven days later to ONLY those contacts who had clicked through to learn more about the promotion or had indicated in past emails or via past surveys had indicated they were considering doing work on their homes. This segmented the list was much smaller and thus the engagement with it was more effective, it had a 39% open rate!
Final Results Are IN!:
By the end of May, compared to the same period in 2015, the Credit Union's Home Equity loans jumped by 93%. Additionally, for every additional dollar spent on marketing the CU received $72 in new loans!
Now, not all of these results were tied directly to this email nurture campaign, as the promotion also included some online display ads, direct mail, press releases and in-branch materials, but clearly the campaign was a success by any measure.
We do know the entire campaign drove 427 visits to a landing page designed specifically for this Home Equity campaign, where visitors spent on average 3+ minutes considering the promotion, all of which clearly impacted loan revenue numbers.
Through the email nurture campaign alone, we sent 100 CU members to this webpage, 255 members indicted they were planning to do work on their homes in 2016, and 14 members asked to be contacted directly regarding the Home Equity promotion. We also drove 26 visitors from Facebook to the same Home Equity page landing page.
Though this kind of web traffic might sound nominal, when efforts are highly targeted they are often more effective, even with smaller overall traffic numbers. And the revenue growth of $1.3 million is a testament to this being the case!
At the end of the campaign what we can say for certain is that members were made aware of a good quality advertising campaign, but in a more authentic way, with content that also focused on beneficial information and their experiences as members of the CU.
Interested in having us help you do something similar? Email me today and we can discuss it!
About Meredith Olmstead
Meredith Olmstead is the Founding Partner of Social Stairway, LLC, which provides Digital Marketing services to Credit Unions and Affiliates. As an experienced Director of Online Marketing, she has implemented marketing strategies for various industries and as a Marketing Consultant she has worked with Credit Unions, taking staff step-by-step through the process of launching all of their Digital Marketing efforts. Meredith recommends a very clear and measureable strategy to all of her CU clients, and then works with them to re-evaluate the success of these efforts on a continuing basis, all with an eye on moving toward a clear return on your online marketing investment.