Embarrassing Car Syndrome Automotive Lending Campaign

Overview:

www.ItsTimeToLiveGreater.com

Greater Nevada Credit Union has placed a keen focus on automotive lending over the past 24 months. The result is that the credit union is enjoying a market-leading role in lending to Northern Nevadans for new and used vehicles. The Embarrassing Car Syndrome campaign (ECS), which followed Wrong Size Car marketing push, had to fill some big shoes (see Case Study below). But ECS’s engaging approach, combined with Greater Nevada’s internal emphasis, brought about impressive returns.

Goals:

• Continue building upon Greater Nevada’s brand presence as the financial institution that is eager to help both members and non-members live greater.
• Per the research, focus messaging on those who are literally fed up with their current vehicle.
• Drive people to GNCU’s online lending portal ItsTimeToLiveGreater.com
• Keep advertising fresh and memorable.
• Broaden the pool of potential borrowers and increase the number of inquiries and loan applications.

Strategies and Tactics:

Target Audience:
The campaign focused specifically on those in the target audience who are currently driving a vehicle that reflects poorly upon her/ his self-image. Dr. Keyes, the ubiquitous Big Pharma doctor, introduces ECS as a means of highlighting Greater Nevada’s desire to help in the purchase of a new vehicle and ostensibly bettering the borrower’s life with a new or used vehicle.

Media:
The campaign incorporated a range of paid media as well as prolific in-branch collateral signage. Click here to see how the campaign was deployed.

Results:

• YTD – Nov. 2011 – $4.1 million in loans,compared to $1.58 million in Nov. 2010
• As of Dec. 15, 2011 – $2 million had already been lent. Twelve months earlier (December 2010) GNCU booked $2 million for the entire month.

Summary:

There are a few factors at work at work which have contributed to the growth. Obviously, the advertising is superlative (bias ours). Additionally, the internal improvements has GNCU implemented have helped the credit union better manage the influx of borrowers who are responding to the advertising and making loan inquiries and completing applications. Overall, calling attention to a purely fictitious disease – a malady that is addressed by an almost certifiably official physician – greatly boosted the number of applicants. The larger pool of borrowers and the means to successfully keep them in the sales funnel has paid off with not-so-embarrassing year-end numbers. If you’d like to discuss your lending programs and talk about your lending goals, please contact Greg Fine. His agency’s experience with helping Greater Nevada Credit Union grow that segment of business is well documented.