By John Blom and Margie Church
It's been all over the news that subprime lending for auto
loans is on the rise. If you haven't created any marketing campaigns to members
with credit scores below 680, you might be getting the itch.
Here's the kicker. Many of these people have been sitting on
the fence about replacing their vehicles and now, they may be hesitant to come
forward because their financial situation hasn't been great. You can diffuse that fear by acknowledging that
the member's credit may have taken some dings, and telling them your lending
department makes decisions on a case-by-case basis. If they have concerns or
other needs, this is the right time to get in touch with you.
The obvious approach in this auto loan campaign is a
pre-qualified or pre-approved offer. Don't make the member guess. They want
solutions, not gimmicks. Use variable data to provide a rate and payment
example based on their individual score. Marry the direct mail with a PURL. If
things look good or they want to talk, the PURL lets them respond immediately.
Follow up with an email or another direct mail piece. Spread the news on your
website and to branch visitors with supporting ads and materials.
The automotive market is having a banner year. A
carefully-crafted promotion to your members could be a great boost to your
local economy.
Pinpoint
Direct Marketing creates data-driven, electronic and print marketing campaigns
for the financial industry. Its customized campaigns achieve excellent results
without premium costs. Learn more about Pinpoint Direct Marketing at www.PDMKT.com or call Kerry Blom, owner,
866-784-7555.
