Campaigns that can be run through the holidays
The year is winding down and the holidays are finally here! Along with being the season of good cheer, it’s also the tail end of yearly marketing budgets for most everyone in the financial industry. However, just because those marketing dollars are long spent, it doesn’t have to mean the end of reaching out to your members with relevant, timely offers and information until after the new year. With the still-uncertain economy, now might be the time your members need it most.
Whether it’s a personal loan to cover holiday expenses or pay down credit card debt, or a new credit card with an attractive annual percentage rate (APR) for an introductory period, a financial boost at this time of year might be most welcomed and appreciated.
Data-driven customer insights, marketing automation and email marketing tools make it possible to get great results with very little (to no) expense, making it a win-win for credit unions and their members.
Here’s how three credit unions used data to launch successful campaigns near year-end that drove utilization, engagement and revenue — without additional advertising spend.
Holiday personal loans
In mid-October, a $2.3B-asset credit union from Hawaii used its digital banking platform’s content management system for curating content across all of their digital banking channels to launch a campaign for holiday personal loans.
They determined the audience would be consumer account holders with a recent high-to-moderate frequency of debit and credit card transactions. They excluded anyone with an existing personal loan or a delinquent account.
The Results: With that careful targeting, the campaign impressions totaled 47,557. New loans sold: 95! The face value for those loans came in at $1,690,775.
Holiday personal unsecured loans
In mid-November, a $600M credit union from New Jersey used their public website, digital banking and mobile banking platforms to run an ad campaign featuring a bright image of a happy young couple outside in winter gear, with holiday lights in the background, looking at a cell phone. Below the ad read “Earn Rewards on All Your Holiday Season Purchases with our Visa Signature Credit Card” and the call-to-action was “Apply for Your New Card Now.”
The audience for the campaign was an artificial intelligence (AI) predictive audience of personal loan candidates, as well as those who recently requested loan information from the credit union’s website.
The Results: By targeting the specific audience for the campaign, the credit union garnered 13,705 impressions, and a solid 59 new loans were sold. The face value of those loans totaled $235,400.
Consumer credit cards
In November, a $4.9B credit union from Indiana used its public website to feature an offer for a consumer credit card with 0% annual percentage rate (PR) for six months. The campaign was aimed at those who searched their credit union’s website for rewards services information, financial education, debit card information, shopped for a personal loan, or looked at savings calculators or credit card products and were tagged for retargeting in the process. The campaign excluded members who already had consumer lines of credit or credit cards with the credit union.
The Results: The campaign generated 202,549 impressions, resulting in 393 new credit card openings. The face value earned was $2,237,900.
By using data to target the right people with the right offers at the right time, directly on their owned channels, credit unions can generate bottom line results.
For more information on incredible holiday campaigns, check out the Alkami blog. If your credit union is interested in using a digital platform for targeted marketing campaigns, reach out to Alkami here.
