MidUSA Credit Union
MidUSA Credit Union, a $230 million credit union located in Middletown, Ohio, serves the greater Dayton, Ohio, and surrounding markets with a community charter. To support all marketing initiatives more boldly, the credit union recently reimagined its website and digital presence. MidUSA is well established in the five specific communities it serves with physical locations and enjoys a positive image in the minds of consumers. With over 50 banks and credit unions, the city of Middletown, in the Dayton marketplace (Dayton MSA), is home to national bank and various community financial institutions, meaning competition is both strong and well-funded.
To add flexibility to the balance sheet, MidUSA identified that variable rate home equity lines of credit mixed with fixed rate home equity loans would be an excellent source of assets, plus help meet the financial needs of the membership.
- Strong competition from other lenders.
- The need for a creative approach to break through competitive clutter and attract new borrowers.
- MidUSA wanted to implement a holistic digital marketing program to fuel lead generation for their home equity product suite.
MarketMatch created an It’s on the House program, leveraging an engaging play on words as the campaign headline anchor. As part of the 360-degree marketing approach, digital marketing paved the way to develop engagement from both members and the community. The process included researching existing home equity offers, crafting a carefully curated message, training the staff in the engagement process, and tying the digital search into actionable, trackable leads for the financial service advisor staff.
Traditional advertising (newspaper, email, website banners, mobile banners, handouts, etc.) was paired with a digital approach. Paid advertising campaigns began utilizing Google Search Engine Marketing and Banner Network advertising and Facebook social media advertising. We also utilized outbound calling lists for staff to engage members with no current home equity loans, members with mortgages, and a purchased list of potential members meeting exacting criteria.
To further amplify the campaign’s impact, we coupled the credit union’s competitive rate offer with a “gift with purchase” — a home improvement gift card, tiered to the loan amount. Borrow and receive at the same time! The messaging was built around leveraging the home for projects, trips, special occasion purchases or refinancing debt to loosen up extra spending money monthly.
Within the first 60 days of implementing MidUSA Credit Union’s It’s on the House marketing program, we saw the following results:
- Loan application increase
- 15% over prior year period
- New home equity loan balances created
- 3% over goal
- Loans closed
- 170% over goal
By implementing this 360-degree home equity marketing program, MidUSA began to experience an increase in mortgage lending, too, as our messaging was extended to reach first mortgage purchase and refinance targets that could select a suitable product to meet their needs (home equity or mortgage).
Are You Ready?
There are many ways to approach a traditional home equity lending need. At MarketMatch, we truly believe in the 360-degree approach of Digital + Traditional + Training + Focus= Clear Measurable Results. If your bank or credit union is ready to experience creative, real data-driven, bottom-line enhancing results, now is the time to act!