Lake Michigan Credit Union Wins Big With Switcher Campaigns
THE CHALLENGE
Lake Michigan Credit Union (LMCU) is one of the largest of its kind in the country. Among all national credit unions with $11B+ in assets, they rank #1 in asset growth and Return of Member. LMCU has been a valued partner for years, leveraging Claritas to help them tackle the challenge of growing membership. They’ve even been an advocate for us by sharing their success stories with our clients and prospects. In fact, this is the second case study we’ve partnered with Lake Michigan on. Read the first one, here.
HOW WE DID IT
Lake Michigan came to us because of Claritas P$YCLE® Premier segmentation, which we used to create custom target groups for them. These high potential audiences then directed who Claritas would deliver their multichannel campaigns to.
Recently, they tested a “switcher campaign” with targeted messaging sent to future potential members with financial institutions currently undergoing various mergers or acquisitions (M&A). Lake Michigan knows consumers view this disruption as the push they need to shop around for new financial institutions. Rather than wait for potential members to switch, they proactively made disruption work in their favor.
Over 33,000 direct mail pieces were sent to potential member households that fell within Lake Michigan’s custom target groups of ideal audiences. Leveraging the Claritas Identity Graph, we matched emails back to postal addresses, so individuals could be reached via targeted digital campaigns as well.
Claritas worked with Lake Michigan to measure the effectiveness of their campaigns and determined their conversion rate was 8.3%. That is nearly 2x higher than the industry average for a financial institution at 4.4%, according to the ANA.
THE CLARITAS EFFECT
$8 CPA on email campaigns
79% Email match back to their target groups
8%+ Conversion rate
INTELLIGENCE YOU CAN USE
Since 2019, Claritas has delivered over 3.5 million emails for Lake Michigan Credit Union ranging from mortgages to HELOC, auto loans, checking accounts, new branch openings, and more.
Those campaigns have seen an average click-thru rate of 30.39% – well above the 25.3% industry average on acquisition email campaigns for financial services.
“We’ve identified a large opportunity for LMCU to attract more members with our high-value products within our footprint. Our continued partnership with Claritas enabled us to strategically identify key segments and the right audience to deliver our messaging to which resulted in some significant ROI and impressive metrics and ROI. We’re very happy with our partnership with Claritas.” – LMCU Marketing Team