Summer won’t be over until September 22nd, but it’s time to get that
year-end Holiday Loan Promotion going! Don’t wait until November or
December, you’ll be too late. The best promotions either put money
into a Member’s hand or save the Member money. Now is the time to
develop concepts, write copy, do the design work and get a mailing
list started. Here are five recommendations for Credit Union Holiday
promotions.
#5) Auto Refinancing
Because an auto loan refi can often save Members a significant amount
of money on their monthly payment, it’s the perfect time of year for
this offer. The average consumer expects to spend more than $850 on
the holidays this year. An auto loan refinance can often save them
enough to make that up in a matter of months, and those savings will
continue after holiday shopping has been paid off. Include a “No
Payments for 90-Days” feature and you can highlight NO PAYMENTS TILL
NEXT YEAR!
We’ve designed multiple auto refi promotions over the years. The
success of these campaigns derive from the Members’ ability to
potentially save hundreds per year. You can check out one of the auto
campaigns we did for Altura Credit Union here.
#4) Credit Card With Rewards!
Members are going to spend during the holidays, they are going to use
credit cards and they are statistically more likely to use a card
that pays them back in some fashion.
We created a fun piece for Burbank City Federal Credit Union
recently. The timeline for the piece wasn’t around the holidays, but
tweaking this style of campaign with a credit card rewards promotion
is perfect for the holidays. You can view the full piece here.
#3) Credit Card With NO BALANCE TRANSFER FEE
Pre-Approve them for a credit card with a (limited) ZERO INTEREST
TERM, and a NO BALANCE TRANSFER FEE. This gives the Member two
reasons to accept and we’ve seen these generate significant results
during the holidays.
We’ve designed a handful of these. Our client, Credit Union of
Southern California, has ran their fair share over the years. Here is
our latest No Balance Transfer Fee Credit Card promotion for them.
#2) Pre-Approved Signature Loan
It’s the one time of year we are all predisposed to spending. Make it
smart to spend by borrowing. As long as the interest rate you offer
is significantly better than a credit card rate, it makes sense.
Signature or personal loan amounts are higher than most Members plan
to spend on the holidays so there’s money left over for paying off
higher interest debt, or just putting in their credit union savings
account. We do these every year at the holidays and every year they
work.
Our work with Altura Credit Union typically features some form of a
Pre-Approval piece. Here is their last holiday Pre-Approval Signature Loan mailer we created.
#1) The Live Check
One of the biggest roadblocks an unsecured loan faces is the time it
takes between accepting the offer and pocketing the cash. The shorter
the distance between cash promised and cash delivered, the more
likely it is the offer will be accepted. When cash is available
almost instantly, it’s harder to turn down. Most direct mail
promotions are successful if they garner a 2-to-3 percent response.
Live check mailers typically get a 5-percent return or more.
One campaign we created that incorporated a live check that saw major
success was for Credit Union of Southern California. You can view the
direct mail piece here.
We know how to create a successful loan promotion. From the simplest
offer-to-apply, to live check mailers, we can handle everything. We
develop the concept, write the copy, do all the design in-house,
manage the printing, and oversee the mailing. We’re familiar with
language that motivates and even the MICR coding needed for that live
check mailer.
If you’re ready for a great holiday loan promotion we’re ready to
help.
Want more great insights from HyattWard Advertising? Click here and sign up for our weekly email newsletter!