Can you imagine doing 75% of your annual loan volume in just a 2-month period? That's what 100 pioneering credit unions are gearing up to do in private student lending! For most of them, private student loans are a new product, so creating an association between the credit union and college financing is paramount to their success.
To achieve this, credit unions are getting creative with their marketing and advertising efforts employing a mix of traditional marketing channels and newer, online marketing. Traditional channels include statement stuffers, banners in the branches, website banners, and radio and television spots.
Online advertisements allow credit unions to target specific audiences, which is especially important for the student lending demographic. Google AdWords is one such way credit unions are using the internet to generate student loan applications. Whenever a person within a specific geographic community searches on Google for specific keywords, such as "student," "college," or "student loan," an ad for the credit union's solution appears.
Erie General Electric Federal Credit Union ($183M in Erie, PA) developed a coordinated multi-media campaign utilizing television ads, radio spots, website banners, and their quarterly newspaper. They placed the commercial on local TV channels as well as on some cable channels. Since May, they have helped over 100 members finance their undergraduate education.
Take a look at Erie General Electric Federal Credit Union's ad: