Credit union improves marketing response rates by more than 10%
Background
A California-based credit union with approximately $1 billion in assets and 60,000 members wanted to increase the penetration of credit card offers to its members.
Solution
- CU Rise conducted a detailed analysis of members’ financial history in order to design effective pre-approval campaigns that could be launched quarterly.
- CU Rise then developed a model that predicted the propensity of existing members to adopt credit card offers.
- Relevant introductory balance transfer offers were created alongside the pre-approval mailer.
- Through precise and effective segmentation, the credit union targeted the right number of members and optimized marketing offer response rates.
Approach
Results
- 1st United saw a more than 10% increase in response rates on the first pre-approval campaign, and a 5-6% increase in ongoing campaigns.
- Cardholders and credit card balances increased by 2%.