Every summer, the same thing is heard around the C-Suite: no one is around in the summer, so how can we make our numbers? Interesting, that when I was an acting CMO for a $450 million credit union, I was able to dispel the summer doldrums with a simple signature loan promotion.
The concept was to increase the number of signature loans by 50% during the summer months with a special rebate for larger dollar personal loans. While this isn’t an earth-shattering idea, it was questioned as “doable,” given it was summer and the stats from the last year were weak. Because shining the light on a special with marketing had previously been proven and increased other loans or specials being marketed, the CFO and CEO approved this effort. So, what happened?
We offered an incentive of getting some cash back and a great theme. That resonated with the summer mood of the members and the results were:
- 226 accounts in 2 months (July and August)
- Recently, without a promotion 70/month – goal 50% increase
- With 226, result 113/month = 61% increase
- $1,124,325 in loans with 12.93% APR weighted average rate
- Marketing Return on Investment = $14.54 returned (1 yr. of interest) for every marketing dollar spent
It’s simple, if you want your marketing to resonate with your customers/members. Look in the mirror! You can realize more about motivations during summer months by what’s on your mind. Then, shine a light on your solution to help others make the most of their summer!
When you want marketing that helps you achieve your goals, we can talk the strategy, the numbers and make you look good! Email us today at 7solutions@lemmontree.com or call 888.536.6243 to start a conversation!