A great success was directing Anoka Hennepin Credit Union toward utilizing more proven marketing methods. The marketing plan went from sporadic, small newspaper ads and mass campaigns to zeroing in on consumer behavior and looking for "triggers" to know when to strike with an offer that matches members' needs (samples shown on next page). The plan, built around providing relevant, specific, targeted loan offers, was done with less marketing investment. Following are excerpts from a Credit Union Journal article printed February 7, 2011, titled Zero In On Member 'Triggers' To Make More Loans which discuss this process. CUs are making offers through multiple channels (mail, e-mail, web, phone, in-person) as a means to focus their message, get attention and increase results. Peak performers will often combine events with multiple touch points to ensure their message is getting noticed. ‌Key to this strategy is automating the workflow so two things can happen. One, marketing gets done. Two, marketing gets measured. In this economy, marketing dollars are limited, but topperforming credits unions are tracking the results of their promotions. They focus their dollars on what will bring the biggest impact to the bottom line.
An additional money-saving channel added was an out-bound calling program which I organized with the call center. Six separate audiences were generated in an effort to graduate members to higher profit categories. By tracking members' behavior, personal data and financial activity, Anoka Hennepin sent the right offers at the right time. Someone who recently took out an auto loan would get an offer in the mail for a new credit card. The CU used to wait 36 months-the average amount of time members paid off a car loanbefore sending a new pitch. But by monitoring members' behavior, the institution realized members were paying off loans sooner, so Achtenberg stepped up the timing. "We know they are looking for new cars in this time frame, so we want to tell them, don't forget about us when it's time to buy your next car," Achtenberg said. The triggers are automatically set up, saving time and money.
Achtenberg at Anoka Hennepin was able to detect a decline in the number of new members when the CU cut back on mass mailings to find new customers. But she also saw an increase in loan activity among current members through the new, targeted marketing program. "We proved these communications are bringing in dollars and creating action," she said.
4