Multi-Loan Campaign Reaps Success!

Amidst a COVID year, credit unions that stayed true to their marketing plans saw excellent results. Consider this 2020 multi-loan refinance campaign with the theme, Money To Lend/We’re Your Best Choice. It resonated with members and assisted during a challenging time.

Background:
Tapping into your members’ need for low-cost loans, compassionate service, and a reduction in monthly payments were the driving components of this fall multi-loan campaign.

 

Member concerns addressed:

High payments, high rates

  • For Valley 1st, the featured loan products included Mortgages, Home Equity Loans, Autos, Credit Cards, and more. We also focused on easy refinances for lower loan rates, lower monthly payments, and improved cash flow.

Stress

  • The piece alluded to the stress and challenges felt by many of us during the pandemic. We positioned Valley 1st as the compassionate provider with affordable, integrated solutions that offer savings and peace of mind.

Convenience

  • Easy online application and seamless service encouraged the member to apply.

 

An Engaging Theme & Design Yield Excellent RESULTS!

Case-in-point: Valley 1st Community Federal Credit Union

 

“We’ve been working with the Colorworks team for the past 16 months. We’ve appreciated their service and industry expertise, as well as understanding our members’ distinct needs. Addressing their challenges, our multi-loan campaign produced excellent results, funding $1,113,189 in new loans in November, 2020.” 

 — Michael Rochelle, Vice President of Member Experience, Valley 1st Community FCU

 

$89 million Valley 1st Community Federal Credit Union, Monessen, PA, has been a client of Colorworks since 2020. Fostering a strong partnership, we continue to assist with the credit union’s comprehensive marketing campaigns while focusing on long-term success and growth in all areas.

In addition to personalized campaigns, we assist with the credit union’s quarterly newsletters, coordinated social and email campaigns, lobby signage, web content, and more. All work together to drive success.

 

Superb Results:

Multi-Loan Direct Mail Postcard w/ Email and Social Media Support

  • Investment: Design, print and mail 3,306 postcards and 2 email messages:
    • TOTAL INVESTMENT: $3,903
    • ROI: 6687.11%
  • Total responses: 57
  • Response rate: 1.72%
  • Loans approved (booked): 57
  • Approval rate: 100%
  • Total loan volume: $1,148,506
  • Average loan amount: $20,149
  • Average rate: 8.49%
  • Average term: 5 years
  • Total interest income (projected): $264,963

More About Direct Mail

If you’re still unsure about how direct mail is trending, consider this information. According to Compu-Mail.com, direct mail’s household response rate is 5.1%. This is the highest response rate the DMA (Direct Marketing Association) has reported since coming out with the response rate report in 2003. Also, by better targeting customers 1:1, you can increase your response rate by up to 50%. (Read the full report here.)

Ready to get started?

We’ll work with you to create a piece that embraces your brand and unique member needs. Your Colorworks representative can meet with you (virtually or in-person) to discuss your project’s goals, and an internal customer service representative will be with you at every stage.

We’re ready to help you see new lending dollars come your way.

CLICK TO LEARN MORE about how Colorworks can help you market right now. Drop us an email at HollyM@colorworksinc.com or call 800.243.0171 x 253. We’re ready to help!

At Colorworks, we’re more than a marketing solutions firm—we’re your business and leadership growth consultants.