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.
