My Marketing Trends
Nicolette Lemmon, President & Founder

The quick answer is – you have to keep priming the pump! You have to battle against all the other competition to get that loan and retain the ones you have. Why? Because loan demand has flattened and declined this year. We’re hoping that the numbers for April and May start to show consumers are getting more positive about the direction of our economy, but here is what marketers told us about their loan business.

Recently, the poll on this blog asked respondents to say how their loan demand was for the first part of 2010. Here were the results:

In the first 3-4 months of 2010, how is loan demand in your institution?

What are you actively marketing in promotions:

So, what is working to prime the pump to grab the little loan demand that is coming your way? Here are some of the answers from the respondents and they revolve around large scale promotions with special incentives, low loan rates, and rebates.

• Internet announcements, personal participation in union functions, rates on the low end of the market and leveraging member loyalty (capitalizing on the adverse actions of big banks)
• Low rates, reward incentives, easy pre-approval process
• Rebates, waived fees and gift cards
• Low auto rates, postcard mailings
• Fixed-rate VISA credit card statement inserts and branch takeaways
• Two large scale promotions for Auto and Recreational vehicles at rock-bottom rates have seen some success so far this year.
• Low loan rates 3.89, special loan rates for new autos with certain dealers for example 1.89% for Hyundai and Mitsubishi. Special promotions in gas station near credit union related to auto loans.
• Prescreen auto refinance
• Low loan rates for members, staff incentives
• Low loan rates and beating current loan rates by at least 1% promotion

What’s working at your financial institution?