As a frequent viewer of Earth’s broadcast and streaming entertainment, it’s needless to say that I’ve viewed my fair share of commercials and advertisements. In doing so, it has become evident that one industry consistently produces some of the most innovative and comical commercials on air: the insurance industry.
I’m guessing the reason for this is that talking about insurance itself is not very interesting or intriguing – honestly, it has the potential of becoming very boring, leading to viewers changing the channel. Most insurance companies, therefore, have taken the exact opposite approach, much to the approval of loyal television fans. For example, we have a talking gecko with a British accent; Flo and her unpredictable cast of characters; the “Hall of Claims” with J.K. Simmons; LiMu Emu and Doug; and one of my favorites, Mayhem. I bet a case of Moon Pies that all of you know most (if not all) of these insurance personalities.
Not only do these commercial characters keep viewers’ attention, but they also leave lasting and unforgettable impressions. They stick in your memory like aluminum foil and Alien Tape to my makeshift rabbit ears. You know an advertisement is good when the memory of it sticks with you. As of late, one theme from a major insurance provider that has been sticking with me is bundling. Featuring another popular face of insurance, Jake, we see various scenarios where the solution to the issue at hand always seems to be bundling. The more insurance products you “bundle” together, the more you save. Apparently, bundling will also help you pick up a 7-10 split in bowling, which I’m now anxious to attempt.
All of this reminded me of similar messaging that is conveyed as part of our Direct-to-Member Marketing Program for our partner credit unions. It’s one of the underlying goals of the program – building awareness of the credit union, its products and services, and its mortgage offerings. Overall awareness is important if a credit union is to succeed in mortgage lending, as home loans can open doors for many other credit union products for members.
Did you know credit unions that originate a member’s mortgage average seven additional pieces of that member’s business, versus just four pieces when they don’t hold a member’s mortgage? Bundle and save, indeed! That’s what we call Big Business! Raising that awareness of your credit union and its products through mortgages is smart – just ask Peninsula Credit Union in Seattle. They noted that not only has the Direct-to-Member Marketing Program attracted potential mortgage borrowers but has also opened the door for other types of real estate loans and products.
Fortunately, most credit unions already have one piece of business when a borrower applies for a mortgage loan, as some type of member account is typically required. Unfortunately, that’s where many credit unions stop their promotions of non-mortgage products. If you want to become a successful credit union mortgage lender, you cannot be content at this point. Your member came to you as their trusted mortgage partner – now’s the time to become their trusted FINANCIAL partner.
Your members – particularly mortgage borrowers new to your credit union – are probably unaware of the wealth of financial products and services you offer. There are core accounts like checking, savings, CDs and money market accounts; in addition to mortgages, there are auto and personal loans, home equity loans and credit cards; there are options like mobile banking, ATM access and shared branching; and there are often small business and investment services as well as financial education. That’s quite a list – what did I leave out?
With all those products and services, the concept of “bundling” certainly is feasible. Does your credit union offer any type of bundled services, both mortgage and non-mortgage related? Please share below.
There are so many opportunities for you to become your members’ trusted credit union financial partner. So, in the spirit of memorable advertisements, now’s the time to leave a lasting impression and become unforgettable to your members. Happy bundling!