DEBT CONSOLIDATION: RECAPTURING DEBT FROM OTHER FINANCIAL INSTITUTIONS
This $104 million financial institution wanted to reach out to existing members with a Debt Consolidation offer. The determination was made to launch a Debt Consolidation marketing campaign aimed at recapturing its members’ outstanding debt with other institutions.
The financial institution launched a Debt Consolidation Campaign to existing members. The campaign leveraged existing customer data as well as P$YCLE segmentation data to target those members with an existing home equity loan with the institution. The campaign included multiple customized points of contacts including: direct mail & email follow-up.
Since its launch just over 1 month ago, the program has generated a profit of $12,295, an ROI of 181%, over $1 million in new balances, and a response rate of 2.4%. All this was achieved by mailing just 1,700 letters.
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