South Carolina Federal Credit Union leverages asset-based segmentation to enhance target marketing

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Situation: South Carolina Federal Credit Union wanted to enhance their target marketing efforts to members in order to grow asset and loan balances
 

Challenge:           

Better identify and market to a niche group of members that were not being adequately served. 

The team wanted to better meet the needs of its members and transition from a product-based to
a needs-based approach for its sales and marketing efforts.

They had previously relied on various segmentation schemas including age range, credit-worthiness, and income estimates, yet had not achieved desired results.

Solution:        

Combine internal analytics with asset-based segmentation to deliver the right message to the right member at the right time.

The Business Performance Management team leveraged the Financial Cohorts® asset-based segmentation system to:

  • Better identify profitable members that were likely to have between $100K and $500K in investable assets

  • Determine likely product needs which could be used to develop tailored marketing campaigns

  • Conduct trend analysis and uncover new opportunities for growth

Outcome:                 
Targeted members deliver over 100% lift in deposit, investment, and loan balances

Group 1 achieved over 100% LIFT for key metrics

Implementation details:

The marketing team conducted a test campaign to two groups:

Group 1:
Members likely to have estimated household assets of $100K-$500K as determined by Financial Cohorts.  This group received marketing messages based on likely product needs as described by the firm’s selected Financial Cohorts clusters.

Group 2:
Control group of members with the same asset balances but received no concentrated efforts.


Learn more about Equifax Data-driven Marketing solutions. Visit our microsite.

Note: Results may vary based on actual data and situation.
 

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