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By DigitalMailer, Inc.
While most CU's are struggling with ways to generate new loans, one Mid-Atlantic
CU has found the secret. Targeted eStatements are proving to be one of the most
productive and cost-effective loan-generation tools in the marketing toolbox.
Here’s how one CU is having tremendous success getting more loans out the door….
How Did They Do It?
Over the last half of 2001, NWFCU (Herndon, VA) began a strategic initiative
to increase loan volume by targeting their members through eStatement and web
site campaigns. Using available database information and the simple, yet powerful
DigitalMailer eStatement engine, NWFCU used the 44,000 monthly marketing opportunities
to generate new loans. The CU’s MCIF system identified members that most likely
had car loans and credit cards elsewhere. Once identified, their eStatement
program delivered "tailored offers" to those members.
Here are the documented results from Joan Stroud, the CU’s Marketing Manager:
The Secret is Out
While all eStatement products should provide a CU with cost saving opportunities,
only targeted marketing eStatements can put the right offer in front of the
right member at the right time.
Joan Stroud explains it this way,
"Each month DigitalMailer’s eStatement program saves NWFCU $8,900 in statement
costs and puts 44,130 marketing offers in front of my eStatement members. Last
year the CU saved over $80,000; however, the cost-savings pale in comparison
to the substantial opportunity for increasing revenue by cross-selling our products
Test Drive our Targeted eStatement Approach Today
While standard electronic statement presentment provides limited opportunities
for cross-selling loans and other credit union financial products, targeted
marketing eStatements give credit unions possibly the ultimate loan-generation
tool. Whichever approach a CU takes for eStatements, choosing the right eStatement
provider is an important strategic decision. To help CU's gather all the information
to make an informed decision, DigitalMailer has compiled a comprehensive resource
that reveals proven and tested cost-saving and targeted marketing eStatement
strategies. CU Executives can receive a FREE
copy of our eStatement Executive Briefing Report: 71 Strategies and Tips
for Successful and Profitable eStatement Implementation, by registering at:
Inc. is an eStatement provider that assists our clients in gaining a strategic
business advantage over competitors via electronic statements, newsletters and
e-mail marketing campaigns. Our eStatement products are designed by CU professionals
to reduce operating expenses, enhance cross-selling opportunities and increase
revenue for our clients by getting the right offer in front of the right member.
For more information on DigitalMailer, Inc. please go to http://www.digitalmailer.com
To subscribe to our e-newsletter that shares resources, industry trends, best
practices and valuable lessons learned from CU's and financial service providers,
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Toll Free (866) 994-4900
© 2002 DMI
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
January 21, 2002
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