Question

Topic: Advertising/PR

Advertising Campaign Components

Posted by fpope on 11/28/2007 at 1:35 PM ET 125 Points
I'm creating my very first (loan) promotion campaign
(Jan-March) for a credit union & trying desperately to remain in budget while being highly effective. To get the word out, I'm using the following vehicles: radio, newspaper, newsletter, statement stuffers, pos materials in each branch, teller buttons, and possibly email blasts. Here's my concern should I add in direct mail to our existing data base? I know this will increase our response rate & frequency, but it'll also dramatically increase my costs. Is this a necessity to make my campaign successful or should I skip on the direct mailers since we are doing statement stuffers and newsletter marketing? With this much info going to the existing database/members, I've also thought about mailing to non-members. Now, we'd be getting into even more money to buy a database and response rate may be significantly lower. Any advice on how I can yield a high ROI while being a good steward over a limited budget is very much appreciated.
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RESPONSES

  • Posted on 11/28/2007 at 2:10 PM Member
    check out www.rainemeida.com they offer some unique ideas on campaign marketing.
  • Posted by fpope on 11/28/2007 at 2:28 PM Author
    Thanks! I've gone to www.rainemedia.com and wish that I'd started with them initially - for consulting purposes. But since I already have an agency that's doing the design work, I just need to make sure I have them design the right components. I'm still unsure - Is a Direct mailer worth it or not?
    I appreciate your response & hope you have a wonderful day.
  • Posted on 11/28/2007 at 4:52 PM Member
    If it's targeted with the right message, I feel direct mail offers a very valuable response rate and can be very successful as well as one of your lower costs in the campaign. Are you testing or going full blast with all of your ideas?
  • Posted by fpope on 11/28/2007 at 5:05 PM Author
    Our message will be themed and tied into a drawing for a hot item giveaway for those obtaining a loan during the promo period. I'm going full blast with each of the ideas. The only testing I'd considered were the eblasts and the direct mailing - sending to only a targeted fraction of our membership. Thanks - I appreciate your help.
  • Posted on 11/29/2007 at 12:18 AM Member
    Many potential borrowers go online now to compare rates, products and services, usually in that order judging from my retail and wholesale loan experience. Credit Union rates are usually very competitive with online lenders and usually broker shops and can usually deliver a lower rate, better service, but are slower. While on line lenders can't usually deliver the teaser rates they offer to most borrowers, are bigger, and offer less personal service. Does your credit union have a website you can advertize to your current borrowers or prospective borrowers you can optimize? How expensive would internet advertising be compared to other options? How do their rates, products or services compare to your competition online? What would make me get up, get dressed, and drive down to their office for that 2008 version of the toaster giveaway when I can get promised better rates and no hassles by comparing and finding a lender, products rates and services, applying, closing, signing, and being funded all with out getting getting out of my jammies or leaving the house? What makes your credit unions loans, service, rates stand out against the competition? just some things to think about. January-March is when people are taking out loans for holiday bills and taxes. Mailers in Dec- Jan offering to clean up holiday financial messes they've gotten into and taxes coming up would be timely emphasizing the possible tax advantages and financial security of paying off cards with lower rate loans and payments, or home equity loans (you didnt mention what kind so I am assuming) would be a good idea. Hope this helps! Good luck to you!
  • Posted by fpope on 11/29/2007 at 8:06 AM Author
    You're right. This is very, very helpful information. We do have a website that I could use to help with this promotion & I hadn't thought as much about internet advertising. Great suggestions and key items to think about. The loans we're promoting are personal, auto & home equity. I'm hoping that our rates, personal service and a plasma hdtv giveaway will be enough to create desire and drive results. Thanks for wishing me luck - I'm very excited about it!
  • Posted by Jay Hamilton-Roth on 11/29/2007 at 9:33 AM Accepted
    If you're on a deadline (it sounds like you are), then you have no choice but to go full-throttle. Ideally, you'd measure your message/media response and adjust as-you-go.

    Consider co-marketing with a non-profit. For example, a homeless shelter that might need a new TV. The non-profit can both advertise to their constituency as well as help with PR, getting you valuable exposure in local media without the expense of traditional advertising.

    Skip the direct mail at this time of year. There's too many ads to compete with and you won't be getting as good a response as you might at other times during the year.
  • Posted by fpope on 11/29/2007 at 11:20 AM Author
    Partnerships...hmm...I love it! I think I will skip on the direct mail. Especially since we are under a deadline. The promo will kick off first wk of January so I want to have all details finalized pretty quickly. I'll then take that info for staff training. I've got the answer to my question. Thanks for everyone's support.
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