Franklin Mint FCU Implements Experians Marketing Analysis
BROOMALL, Penn. – Franklin Mint FCU has completed an analysis of its mail marketing using Experian’s Auto In the Market Model.
By using this model, Experian said the credit union reduced its overall mail volume by targeting credit-qualified individuals who were in the market for an auto loan and were most likely to respond to its offer.
“By targeting more effectively with Experian’s tools, data and insight, we were able to keep the cost of our campaigns down, allowing us to shift those excess dollars to other programs,” said Drew Stanley, vice president, market development and strategic planning, for the $600 million credit union.
Franklin Mint said it successfully launched two campaigns using Experian's Auto In the Market Model. The first campaign incorporated a standard auto pre-screening, which validated that the model targeted members were both qualified and likely to open a new loan. A subsequent campaign – FMFCU's Wheel Deal – was executed based on the validation analysis and utilized the Auto In the Market Model in the selection process. This campaign ran for two months and promoted auto loans to more than 15,500 prescreened members. The results of the campaigns indicate that the company mailed 10% fewer pieces but increased both its account open rate and its one-year net profit.