Cracking the Code #2: What's Working in Financial Services Marketing
Posted on Wed, Sep 22, 2010 @ 12:37 PM
Welcome to our second post under the Cracking the Code heading. This series of posts is designed to profile the best performing data strategies in the financial services industry. Each post will focus on real-world examples of successes being achieved in the marketplace today.
Today's guest blogger is Pat Janssen, one of our Senior Client Managers. Pat works with a company that helps credit unions improve their direct marketing ROI.
Understanding that acquisition marketing can be five times more expensive than retention marketing, Pat worked side-by-side with his client to craft a plan that capitalized on the efficiencies inherent with retention efforts.
While credit unions are usually not front and center in the auto financing arena, especially at the point of sale, they do offer very competitive rates. Understanding that his client could help credit unions improve both retention rates and customer lifetime value by cross-selling their customers additional products and services, Pat put together a plan that identified ideal candidates for auto refinance loans.
Pat uploaded the credit unions' member databases into our Intelidata Express online data access and management system, where he leveraged prescreen marketing data from all three credit bureaus to append credit scores, auto loan balances and loan expiration dates to identify qualified refinance prospects.
Pat's client then crafted an outbound calling campaign to this targeted group...offering members competitive rates on a refinance of their auto loan. While this campaign was specifically designed to capture auto loan business, Pat's client also leveraged this opportunity to engage members in a discussion about their additional financial services needs.
The program was an overwhelming success, generating incremental business from 12% of the members contacted in the first wave of the campaign!
Learn how you can leverage your customer database to uncover hidden cross-selling opportunities by contacting one of our experienced direct marketing professionals at 888-707-7600!