One Credit Union Uses Digital Marketing to Help Grow Auto Loans by 40% [Case Study]
Earlier this year we shared how one long time client, AERO Federal Credit Union, used digital marketing to help grow their Home Equity Loans by 93%. Today we have another great case study from AERO on auto loans, and the results are also very strong!
Summer months are great for auto loans, so this year we worked with the team at AERO to create a digital marketing email nurture campaign to cross-sell their auto loan products to existing members. This was not a complicated automation campaign, but by focusing on a helpful and more authenticapproach we were able to engage members and stay top-of-mind as they shopped for new and used cars.
First we sent members an email that simply linked to blogs on AERO's website about cars, auto loans and how to select the vehicle that is right for your family. In the email, as you can see, we mention wanting to keep up with member requests and provide resources that members can use to make informed decisions.
With this email AERO is trying to position themselves as a trusted advisor.
In the second email we included an actual member testimonial from last year about how an AERO auto loan had helped a member's car-buying dreams come true. This testimonial is a true story, in the member's own words, with a photo included that the member provided.
This kind of user generated content helps to humanize the Credit Union's message while also continuing to position the CU as someone to be trusted in the car-buying process.
Finally we shared two more emails about the current auto loan offer, as well as a few other car buying tips and extras that AERO includes with their loans. We also included an extra email to members who had previously interacted in a positive manner with AERO's auto loan email content, which further targeted the campaign to members that were likely to be interested in an auto loan.
The results weren't as strong as the previous Home Equity jump of 93%, but year-over-year the total auto loans did increase significantly.
From May to July 2015, AERO closed $4.12 million worth of Auto Loans, but in 2016, during the same three months AERO closed $5.78 million worth of Auto Loans. This was an increase of $1.65 million or 40%!
Now not all of these new loans are directly attributable to this digital marketing email campaign, but clearly there was a significant positive impact.
We had 11 members ask to be contacted about an auto loan and 169 members who clicked through to learn more about the promotion.
AERO also used digital ads and social media to share the auto loan campaign, as well as a well-positioned loan rate calculator and a partnership with enterprise car sales, which helps members find cars. All of these factors contributed to a great result for AERO's Spring/Summer auto loan campaign.
Contact Us today for more information or to discuss how we can design a similar campaign for your Credit Union.
Related Post: How to Increase Credit Union Revenue Using Social Media
About Meredith Olmstead
Meredith Olmstead is the CEO and Founder of FI GROW Solutions, which provides Digital Marketing & Sales services. Since 2013 Meredith has led the FI GROW team, working exclusively with Credit Unions and Community Banks, taking staff step-by-step through the process of launching all of their Digital Marketing efforts, as well as implementing full Inbound Marketing campaigns and providing Sales Enablement training and support. Meredith recommends a very clear and measurable strategy to all of her 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 sales and marketing investment.