In my ongoing quest to learn more and more about the people of your planet, one of my Earthling friends recently introduced me to Facebook Marketplace. While I am certainly familiar with the Facebook social media platform, I never took the time to click the tiny “Marketplace” icon at the bottom of the app. I believed that doing so could lead to the purchase of various items for which I have no use for… but were great deals, right?!
In this case, my friend was the one making the sale, the item being a large piece of equipment called a rotary tiller. Since the surface of my home planet of Amicitia is not extremely firm (some would even say soft and spongy), I had no previous knowledge of such a device nor any use for it. Apparently, there is some demand for said apparatus in the Ohio region, as there were several inquiries on the rotary tiller in a matter of hours.
Upon the buyer picking up his new piece of lawn and garden equipment, my friend demonstrated to him how to operate it. After noting that it was “extremely easy to start,” he tugged the pull string, and (you guessed it) it didn’t start. So, he tried again, to no avail. Questioning to himself why the tiller was no longer starting, he realized he missed a step in the launch sequence – priming the engine with gasoline.
He proceeded to inform his customer of the oversight, found the primer button and gave it three long pushes. He then stood up, gently pulled the starting mechanism and the engine sprang to life. My friend gave a quick demo and then helped load up the tiller on the buyer’s trailer. Another satisfied customer, prompting my friend to then ask, “What else can I sell?”
While the entire Marketplace experience was interesting, what really intrigued me was the need to follow a specific process to start the motor of the rotary tiller. In my cranium, I viewed that process as a kind of best practice, and in doing so, it got me thinking about how a similar mortgage marketing best practice could really help my credit union home lending friends get their business firing on all cylinders.
In a similar fashion of starting the rotary tiller engine, credit union mortgage lenders need to “prime” their members for the home loan process. My friend initially had problems starting the tiller because he hurried through the process and missed some steps. Likewise, without priming and preparation, members engaging in the mortgage process could find themselves scratching their heads and wondering why things aren’t moving for them.
One way to get members primed for a mortgage loan is through educational marketing. There are many programs and tactics a credit union can incorporate into their marketing to deliver the knowledge and know-how needed to help members glide through the home loan process. A perfect and timely example of this can be found at myCUmortgage, where we’re watching the growth and success of a new Direct-to-Member Marketing campaign.
In the past, myCUmortgage provided its partner credit unions with tools and materials to market mortgages to their members. However, with many credit union mortgage lenders wearing several different hats (e.g., working with members on other types of loans, stepping in as tellers, and managing staff), myCUmortgage realized these marketing assets weren’t being used to their full capacity. So, we asked ourselves, is it feasible to distribute these marketing materials ourselves through targeted campaigns and deliver them on behalf of our partners directly to their members? After some thorough research and planning, myCU launched the Direct-to-Member Marketing campaign, free of charge to our partner credit unions!
Designed to “prime” credit union members with home loan educational and informative materials, this campaign drives home the message of, “Hey, members, a mortgage is within your reach, and the best place to get it is through your trusted credit union.”
Branded with partner credit union logos and personalized with loan originator contact information, the campaign incorporates several marketing pieces, including:
- An email drip campaign with six key messages.
- Printed in-branch materials, including buck slips, tabletop displays and posters.
- Branded videos for in-branch displays.
- Digital assets, including social media posts and website display ads.
Initial results of these campaigns continue to be positive, as we’re seeing open rates on the emails as high as 31% and members reaching out to the credit unions for more information and to apply for loans. The campaign is still in its early stages and expanding rapidly – if you’re a partner credit union of myCUmortgage and want to learn more, be sure to reach out to your Partner Success Manager.
The spring homebuying season is in full swing and an ideal time to get your members primed for homeownership. Don’t leave them with a stalled engine – give them some gas by getting them the insights and assistance they need to start tilling through their local real estate market!