There are so many options for marketing approaches and strategies that you can choose for your brand. But you wonder if certain marketing strategies would actually benefit your business and that it’s not an abstract idea that only works in theory.
With a thorough audit of the brand and research on the industry, it is more than just possible to generate positive, tangible results. Take Lampco Federal Credit Union as an example.
When you are a financial service provider that lacks the recognition from your own community, how do you grow your business? For a non-profit financial institution Lampco Federal Credit Union, the answer was Brand Insights.
Lampco Federal Credit Union is a full-service, non-profit financial institution that has offered banking services in Madison County for over fifty years. In their early years, they provided services to the employees of their parent company, Guide Lamp.
After some years, Guide Lamp left the Madison County area, but Lampco stayed to continue serving former Guide Lamp employees and the larger Madison County community. However, since losing their parent company, Lampco had struggled to grow their business. They lacked the recognition they needed from the community.
With this challenge, Lampco Federal Credit Union came to Element212 for marketing advice to expand their business and thrive.
To help Lampco succeed, we knew that we had to build strong brand and service awareness to the residents of Madison County. Because Madison County has such a diverse population, our team developed a marketing strategy mix that would ensure the brand would reach the majority of the community. Our goal was to break through the old brand beliefs of Lampco Federal Credit Union and educate the Madison County community that Lampco is able to serve their banking needs.
Step 1. Brand Insights Research Report
We began with assessing the current state of the brand by uncovering feedback from employees and members. Once the research was complete, we developed a report highlighting their opportunities for success, what was holding them back, and our recommendations for growth.
Step 2. Message Repositioning
One of the findings through the research process was that Lampco’s messaging could use a refresh. We repositioned the messaging focus from a niche audience to the broader community in order to reach more individuals.
Step 3. Monthly Digital Advertising Campaigns
Upon pinpointing the correct messaging, we began digital advertising campaigns for their Home Equity Line of Credit and debit card products using the revised message repositioning.
Step 4. Social Media Strategies
Another finding from our research was that Lampco needed to reach and engage with a younger demographic. They are now reaching this younger demographic through social media and digital advertising.
Step 5. Monthly Email Marketing Campaigns
In addition to social media support, we designed two resourceful e-newsletters that are sent out monthly to help the brand add value and engage with their customers.
Step 6. Direct Mail & Corresponding Landing Pages
While we recognized Lampco’s need for reaching a new demographic via social media and other online mediums, we felt that direct mail campaigns were still a crucial part of their marketing. Thus, we developed quarterly, goal-focused campaigns that include direct mail pieces & a landing page that matches the campaign branding. Now, the direct mail pieces & the digital ads direct leads to the landing page where all leads are captured in one place.
Step 7. Enhanced Community Involvement
The final piece of our brand building strategy included planning events that would help Lampco become more integrated into the Madison County community by getting them connected with a broader base of individuals.
Implemented with systematic and in-depth research of the brand, audience, and industry, the marketing strategies followed by the Brand Insights led to Lampco Federal Credit experiencing tremendous growth in their online banking account, as well as the continuous increase in the total lending amount of direct loans. Since then, Lampco has been acquiring over 30 new members monthly, along with their customer acquisition cost dropping over 50%. In addition, the member monthly e-news gets great engagement with a click-through rate that exceeds far above the industry average.
This is how Lampco Federal Credit Union went from having an unclear direction for growth to being a thriving financial institute serving the greater Madison County areas. Ready to experience some success as well? Learn more about the Brand Insights here.