By John Blom and Margie Church
What if you started using credit report inquiries to reach members and prospects who are on the hunt for new loans and refis outside your financial institution? Tapping into credit inquiries for auto loans and mortgages (first and second) could have a pretty good payoff. Consumers are still spending conservatively, so anything your credit union can do to help them save cash is potentially worth the effort.
What about the expense of doing this?
There's the potential sticking point.
There are two costs to consider: lead acquisition and fulfillment. Ask your service provider for some historical information about the kinds of data you're seeking. The lead volume may be quite low, but if you're confident about the quality, that could diminish or negate the acquisition cost concern.
Managing a program such as this in-house, requires a real commitment. Leads must be checked and pursued every day. Many credit unions don't have a large staff, and for that reason, using a direct marketing firm for fulfillment probably makes more sense. They have the systems set up to handle projects like these automatically.
What's the right response?
This is a 100-percent prospecting activity, so keep your costs low, and make wise choices. Using cross-channel marketing helps to maximize your success. Start with tried-and-true direct mail. Timing is everything, so send a postcard, via first class mail, to any prospect.
Do you have the member's email address? Use it for a fast and very cost-efficient way to reach them. Is the member using mobile banking? Send an alert or text message! A combination of these tactics lets your credit union strike while the iron is hot.
As the economy's knees stop knocking, other opportunities are knocking. Mining credit inquiries could open a new door.
Pinpoint Direct Marketing exclusively serves the U.S. credit union market. We provide excellent, turnkey or a' la carte creative services at a great value. Click to learn more about us.