As the end of the year is approaching, many credit unions have little remaining in their marketing budget. However, there are some great low cost, quick, and effective marketing initiatives that credit unions can employ to make the most out of the final days of 2018.
The GrooveCar Direct program is an effective way to reach members during the auto shopping phase, and appeal to them as a guide throughout the entire process before they even reach the dealership. However, it would be wise not to completely ignore the credit union's relationship with local dealers, who play a crucial role in the auto loan process.
2 months ago
MoviePass is a service that originally allowed users to see one movie a day in theaters, every day, for a flat monthly fee (originally $9.95). The service saw millions of people sign up in the past year. Unfortunately, the business model is unsustainable for the company, and recently, there have been numerous issues. The CEO has come under fire, prices continue to rise, and movie availability has diminished. It seems that the days are numbered for this service.
When is an auto loan not about the loan? It’s no riddle, the answer is simple: When it's just about the car. Universally, members have a positive reaction to the car they are buying, and a negative reaction to the loan. Even if the rate is low and the terms are great, the thought of parting with money or getting into debt can be a painful one. However, when a member is wrapped up in the good feelings of buying their dream car, they feel more positive about going through the auto loan process. Therefore, if a member is fixated on price, it’s best to turn their attention elsewhere.
White labeling is when a product or service that is produced by one company is rebranded by another company for its own use or distribution. White label branding is often used for mass-produced generic goods including electronics, food products, software packages, and web applications. The idea behind it is that companies use white label products to enhance their successful brand, being able to offer a product/service without having to invest in creating the technology and infrastructure itself. Attaching a familiar brand to an unfamiliar product is a great way to gain the trust of loyal customers of that brand.