Case Study: Delta Community CU
Liberty Loan Campaign
Background:
Atlanta-based Delta Community Credit Union wanted to grow revenues within their real estate portfolio by generating new mortgage loans. To be competitive, the market conditions required a mortgage product offering with lender-paid closing fees, lender-paid PMI and no origination fees.
Campaign Goals:
- Grow revenues within the real estate portfolio through new mortgage loans
- Develop a unique loan product that provided members with money-saving choices
- Create a distinguishing creative message and delivery that would capture attention
- Market the loan product using multiple types of mediums to reach targeted members
Direct Mail and P.O.S. Flyer
Campaign Challenges:
The main market factor challenging the effectiveness of the loan promotion was the continues fallout from the sub-prime lending meltdown. This greatly impacted consumer confidence and created significant challenges for lenders trying to attract new mortgage loans.
Campaign Execution:
The strategy was to create components that played off of historical figures and declarations, for example, Patrick Henry featured along with the quote: "give me Liberty Loans or give me death!" The centerpiece of the campaign was a direct mailer inspired by the look and feel of the United States Constitution, complete with parchment-style paper and a sticker designed to resemble a wax seal (with a "D" insignia for Delta Community, of course).
Campaign Theme:
In answer to the call of crafting a compelling platform to promote this loan offering, Third Degree in collaboration with Delta Community created the "Liberty Loan" campaign. This theme revolved around the concept of liberty and choice. The objective was to communicate the benefits of this unique offer with an integrated marketing campaign.
In-branch standees
Results:
The Liberty Loan product became the core real estate product for Delta Community. The real estate portfolio grew $132.7 million dollars in 2007, which is a 19.5% increase over the 2006 totals. Marketing the benefits of the Liberty Loan product against the backdrop of the credit union's institutional stability, outstanding service standards and the ongoing commitment to write quality mortgage loans enhanced the attractiveness of this product offering.
