Democracy Federal Credit Union (Alexandria, VA) has a new “Get In, Hold On. Drive Off” campaign that provides a great example of how to fire on all marketing cylinders.
The credit union has been offering the auto loan campaign for the past two months. Rates are as low as 2.10 percent APR, and include no money down options with terms of up to 84 months.
According to Allyson Teevan, Director of Marketing, the credit union just recently started the promotion. “Going forward, we plan to do direct mail, video, social media and take out Pandora advertising. We may also partner with local car dealerships.”
Although still new, she the campaign has already generated a good response by posting the promotion on its website and sending mass e-mails to members.
For example, targeted efforts are being sent to members who are paying off their auto loan within the next six months, and to members who have never had an auto loan with the credit union.
Outbound phone are also being used to reach auto loan prospects. “Most of the outbound calls are through our branch and call center,” says Antoine McStay, Operations Manager.
“Typically the calls are made during the workday between 9 a.m. and 3:45 p.m. Our call center will block out about an hour and a half for the calls and we use a script.”
The scripts come in handy for callers, says McStay.
For example, if a prospects sounds worried about a bigger payment, the caller can quickly explain that a new loan can be structured to keep payments about the same as the borrower is paying now.
Employees usually make the initial call the same day the member receives an email notification about the offer. Then, if they don’t reach the member, they call three days later. And then if they still haven’t reached the member, they call again three days after that.
Although there is no formal incentive program for calls, McStay says department managers can treat the employee with the highest cross sales to lunch, or perhaps offer them a half-day off. However, it is up to each manager.
The auto loan refinance promotion is also used as a member acquisition tool.
For example, the credit union also includes special loan calculators and competitive rate info on its site to attract and drive traffic.
Members can apply for a loan online or in person, and McStay says that total apps are split about equally. The credit union has already generated six new auto loans through the campaign, with the average loan running about $18,000.
Source: Antoine McStay, Operations Manager, Allyson Teevan, Director of Marketing; Democracy Federal Credit Union, Alexandria, VA; phone (800)742-5582; e-mail email@example.com.