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Heloc Access Card Marketing Campaign. Where Do I Begin?
Posted By: Gina* on 7/14/2004 9:56 AM (CST) 125 Points
I have the OK to launch a Home Equity Line of Credit Access Card and now need to put together a high performance campaign for as little as I can. I am in a small marketplace with all of my branches being in hamlets and in between 2 larger cities. Mostly I buy weekly papers to reach each branch. Few of our customers are even online. I can access current HELOC customers as well as mine other demos (eligible mortgage customers) from our database, but how often should I send to them? Where should my focus be? With the marketplace changing so much, how do I effectively reach customers with the highest potential to buy?

Posted by: kwinters* Accepted Answer
7/14/2004 10:30 AM (CST)
1) have you had any success with the papers? If so, then that is an avenue to reach people......however, you don't know if they are interested in a heloc or not....

2) Do your current heloc customers already have the access cards? If not, the they should top the list because then they can do draws through the card...... and you can use that base to survey about the most important percieved benefits of the card.....

3) Eligible mortgage customers might be good becaue they might change their mind and go with heloc instead of a mortgage?...

4) If two is true then send at least 4 times.........

5) your focus should be on the benefit of a heloc and the benefit of the access card to the consumer........why is a heloc good for me and why is the card good for me?

6) If you figure it out, let me know............(last question)

kwinters
 
Posted by: Gina* Author Response
7/14/2004 11:30 AM (CST)
HI K, I have had decent success (meaning awareness/talk value) with the newspapers.
Current customers don't have the access card, this is something new we would launch.
If we sent to mortgage customers with equity in their homes, why mail 4x? Why not 6 or 12? Is there currently an effective formula being used? And currently which are the most effective formats: within envelopes or not?
My focus is that this is a new way to pay major expenses more conveniently than ever before. The card will have 4 designs to choose from, all orginal photography of local sites.
 
Posted by: kwinters* Member Response
7/14/2004 11:35 AM (CST)
By four times, I mean at least four, I have read in the KHE that in print it takes as up to 7 to influence, so if you could go that high.........I would do it!

Four is a minimum........and I base that on personal selling because stats show that most people don't act until at least the 4th call...............

I don't know about the envelopes.........but here is an idea......

What if you mailed a key to each of your existing heloc'ers and framed it as an easy access key to their homes equity?.......

That way the package for a key could be of different shape than a plain envelope and the key might catch some attention?

If you can go 12 times that might be even better? Don't really know, but you can track your responses and find out the response rates after 1st, 2nd, 3rd, etc. mailing...

I think that info would be something the whole khe would be interested in, I know that I would........

Hope this helps............contact me if I can help any further...................

kwitners
 
Posted by: kwinters* Member Response
7/14/2004 11:37 AM (CST)
So your benefit is:


Saves time: convenience of an access card
Saves money: heloc rates way less than credit card, even personal consumer loan.....

Remember that: Saves time, Saves Money........

kwinters
 
Posted by: Gina* Author Response
7/14/2004 1:30 PM (CST)
kwinters, I like your ideas. I'd have to figure out the Key idea, since Key Bank is in our market area. though I get the concept and like it a lot (as well as the saves time, saves money) Are you in the ad business? Thanks! Gina
 
Posted by: kwinters* Member Response
7/14/2004 3:57 PM (CST)
Not exactly........I work for The First National Bank in Granbury, TX.................

So I have done some work on building loan ads and loan marketing campaigns....

glad I could help!

ps. What about "The real KEY in (your town), is a Heloc at (your bank)"

kwinters
 
Posted by: Gina* Author Response
7/14/2004 4:01 PM (CST)
are you sure you're not a copywriter at heart? thank you again. G
 
Posted by: kwinters* Member Response
7/14/2004 4:22 PM (CST)
Anytime............
 
Posted by: Val (Moderator)* Moderator Response
8/8/2004 11:36 AM (CST)
Hello all. I am closing this question, since its more than 2 weeks old. We do this to make sure members' contributions are rewarded in a timely manner and to improve the visibility of newer questions. Thanks, so much, for participating!

Val (Moderator)
 


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