Case Study: Dirigo FCU boosts auto loan lending by 34% with Synergent targeted marketing

Dirigo FCU boosts auto loan lending 34% with Synergent

Dirigo FCU, a credit union based in Maine, sought to significantly increase its auto and recreational vehicle lending. They aimed to move away from mass marketing and instead use a targeted approach to encourage members to open new loans or refinance existing ones from other institutions. To achieve this, they partnered with the vendor Synergent and leveraged its Transactional Data Mining (TDM) service to identify the most promising members for the campaign.

Synergent implemented a comprehensive campaign for Dirigo FCU, which included creating eye-catching postcards and emails with a "loan heist" theme. By using TDM to target 3,736 specific members, the campaign achieved a 3% conversion rate, resulting in $5.4 million in new loans. This represented a 34% year-over-year increase in lending. The campaign delivered a strong return, generating an estimated $30 in first-year interest income for every $1 spent on marketing, showcasing the effectiveness of the strategy developed by Synergent.

Dirigo FCU