THE CHALLENGE
This Midwestern-based community credit union sought to increase loan originations and balances.
THE GOAL
The CU needed marketing strategies to support two key growth goals for 2021:
Generate $120 million in mortgage loan volume;
Generate $78 million in consumer loan volume.
APPROACH
Galapagos developed and implemented a multichannel strategy with an emphasis on digital advertising to reach the target audience. The tactics utilized were focused Search Engine Marketing (SEM), digital display advertising, and emails to members who fit a propensity profile for the specific loan product. Thirty-two percent of loans generated during the promotional period can be directly attributed to the campaigns’ digital efforts.
The results of the campaigns represent a 52.3% year-over-year increase in loan originations for the credit union, compared to a 23.5% average increase year-over-year across all credit unions nationally. Year-over-year loan balances increased by 10.7% for the credit union, compared to 4.9% average increase achieved by all credit unions nationally.
