Success Stories

Home Equity Loan Challenge

The Goal
The Credit Union of New Jersey wanted to promote home equity loan growth. The credit union's goal was to increase their first quarter loan volume from the previous year baseline of 22 loans and $795,000 in balances to 44 loans and $2,000,000 in balances.

The Credit Union of New Jersey is located in Ewing, New Jersey. It has over 32,600 members and assets exceeding $211.8 million dollars.

The Strategy
The Marketing Partners' creative team designed an advertising campaign that targeted 2,500 homeowners without a credit union home equity loan. The offer featured competitive home equity loan rates, a co-branded, home-related gift card incentive, and convenient applications with instant loan decisions online, by phone, and in person.

The Campaign
The 12-week campaign integrated a direct mail postcard, newspaper ad, point of sale and community/select group posters, a newsletter article and website reinforcement.

The Results
The home equity campaign generated results far beyond the credit union's expectations.

• 106 new loans with balances totaling $4.5 million dollars
  
• 381% loan growth over the previous year and 141% over the marketing goal
  
• 466% balance growth over the previous year and 125% over the marketing goal
  
• 4.24% response rate (not including denied loans and inquiries)
  

Bridging The Marketing Gap
That's what we do at Marketing Partners. We're a full-service marketing and advertising agency. We create targeted loan campaigns and promotions that get results. Click for more details.