Electronic Marketing > Electronic Marketing - $501 to $999 Million
Listerhill Credit Union
In the Summer of 2015, Listerhill began examining more closely the runoff of our auto loans. We determined that the average auto loan was on our books for 22 months and that we averaged about $750 in interest from a typical auto loan.
We began a direct mail/email campaign that would send a postcard to all members with an auto loan in its twentieth month followed by an email with similar messaging a few days later. As we began to measure the return on the campaign after a few months (in early 2016), the numbers were disappointingly low, at least for us – our response rate was only between 2-3%.
Our objective for this project was to recapture auto loans among the 600 members or so monthly whose loans were in their twentieth month.