DayMet Credit Union
DayMet Credit Union is a not-for-profit financial cooperative that offers members an endless number of financial benefits. It is a member-owned cooperative that is guided by its elected volunteer Board of Directors. The Board is comprised of fellow member-owners that have demonstrated a willingness to provide their time, talent and insights to ensure DayMet Credit Union fulfills its promise of "Serving. Sharing. Caring." It is a $97 million institution with 16,500 members. It operates two offices in the greater Dayton, Ohio community.
When MarketMatch began its partnership with DayMet, it had no internal marketing function, declining loan balances and the need to grow membership. While all of these are typical challenges faced by many credit unions, MarketMatch developed a unique solution that combined developing a complete strategic marketing plan, tactical marketing campaigns and executing a series of targeted direct mailers to members who were ready to take advantage of loan program offers. Website enhancements and email marketing completed the traditional marketing channels.
The MarketMatch Solution:
To help DayMet reach its goals, MarketMatch took a comprehensive approach that involved developing a full, consistent marketing plan; implementing programs signed to attract new members and retain current ones and deploying specialized programs that grew loan applications and accounts.
The "Do You DayDream?" promotion challenged members to define their aspirational financial goals and then look to DayMet as their partner for making them realities. With direct mail, in-branch posters and other communications, the DayMet DayDreams promotion focused on mortgage loans, auto loans and home equity lines of credit.
Beyond the DayDreams promotion, MarketMatch supported day-to-day marketing by serving as the marketing function for the credit union, allowing it to focus on core business while outsourcing this important program component to expert financial marketers.
In the area of loans, applications went up 45 percent as a result of the MarketMatch program. Loans issued went up more than 60 percent, and loans pended increased by an amazing 255 percent. In the important quantity and quality measurements, as noted applications increased 45 percent and approvals also increased to 70% from 63%, indicating quality applications were being generated by reaching members with a high credit rating.
Based on DayMet’s calculations, the program return on investment was 255 percent, which is nearly unheard of. The combination of front-end research that pinpointed the appropriate membership for the program, strategic program development and final evaluation proved to be a winning combination for DayMet.
MarketMatch served as DayMet’s partner and performed as the complete marketing function. MarketMatch has also developed new programs that target member solicitation and focus on growing membership. The credit union is also investing in programs to train employees and make them a key part of the relationship-building process.