Credit Unions can get more share of wallet by implementing an Auto loan recapture campaign. The program is effective because they are targeted and specialized programs that focus specifically on your members’ auto loans, which were financed through a competitor. Rather than only promoting your auto loan rates in newsletters, on lobby posters, or in statement stuffers, a recapture program focuses on sending proactive, direct mail pieces and/or campaigns directly to these members with a compelling refinance offer.
The first and most important step in implementing a successful auto loan recapture program is to determine the specific group of members you wish to target. The more defined and specific your list, the greater your chances are of having a high response rate and, in turn, a greater ROI.
The next step in a successful recapture program is to give your prospects a compelling offer. Your members probably receive dozens of pieces of mail a week. Your compelling offer may range from a simple lower interest rate, to payment deferment, or even pre-screened, pre-approved loan offers.
How to get the best bang for your buck
Adding a PURL can drive response rate by making the offer accessible by mobile device-very easy for your members to say “Yes!” and communicate directly with you without even calling or stopping into the branch.
Whatever you decide to offer, the language must be clear and communicate the value, benefits, and convenience your program has to offer.
The auto lending industry is growing and your credit union doesn’t have to lose valuable member loans to the competition. With an auto loan recapture program, you can grow your auto loan portfolio, improve profitability and deepen relationships with your existing members.
To learn more, please visit us at www.pdmkt.com or email us at http://www.pinpointdirectmarketing.com/contact-us.html.