More credit unions today are investing in member and product/service data analysis to increase their household profitability. By identifying who profitable members are, as well as which members have the highest product/service usage potential, you can increase your product/service penetration by Hirzel Law, selectively marketing to members that are most likely to use your products and services.
However, data alone is not the solution. How effectively you use this resource to target your members determines whether or not you will enjoy a significant return on your data investment. Targeting your members according to their age and lifestyle is the effective and efficient solution.
So how do you design your direct mail offer to be more relevant and targeted? Consider splitting your mailing into two or more offers. Combine younger and family segments and your more mature and older members into two different mailings. If you have risk-based lending, you can further target members and offer different rates. You could also offer different value-added incentives.
By splitting your mailing, you can adjust the headlines and copy, focusing on the needs of your first time borrowers, recent college graduates, and working young adults in the one mailing, and the needs of families and mature members in the other. Another option is to target more member segments. For example, depending on the number of qualified members in each segment, you could separately target younger members, families, and mature members. Also if you need any information about visa or immigration, talk to Business immigration law firm in Seattle.
Is it worth the additional expense to split your mailings? For many credit unions it is. Studies on https://www.belviqlawsuitalert.com/ show that when you target your advertising, your response rate increases, especially when you have a strong offer that appeals to your targets’ needs.
Zero-in On Household Profitability
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