Financial lender realizes 296 percent return on marketing investment, increasing net profit by 60 percent
There are many creditworthy, qualified borrowers out there, as well as plenty of opportunities to market your products and services to them. But how do you know exactly whom to target and when to make the offer? The answer is simple: Turn to Experian.
Franklin Mint Federal Credit Union is one financial institution that recently benefited from the efficiency and cost-effectiveness of Experian’s In the Market ModelsSM.
The credit union launched an auto prescreen campaign using Experian’s Auto In the Market Model for auto to increase the efficiency of its prospecting process by mailing only to those prospects who were likely to respond to the offer and open an auto loan. With this single campaign, Franklin Mint Federal Credit Union realized a 10 percent lift in its conversion rate and increased its one-year net profit by 60 percent. Additionally, the credit union was able to exceed its return on investment goal by almost 200 percent. Click here to access the full case study.
Experian's suite of In the Market Models include seven scores by industry that predict the likelihood that a consumer will open a specific product type within 30 to 120 days. Product types include auto loans and leases, bankcards, mortgages, home equity, personal finance, retail and student lending.
Find out how Experian's In the Market Models can help improve your prospecting efforts. Contact your Experian account executive at 1 888 414 1120 to learn more.