A $3B Credit Union's deposit campaign is an excellent example of how financial institutions can use calculators to solve customer problems and generate an impressive return on investment with strategic campaign execution.
This Credit Union ran a successful digital campaign featuring interactive savings and CD calculators across email, paid display, retargeting, SEO, SEM, and social media.
New Year, New You! Like millions of Americans every year, many Credit Union members were struggling to save enough and did not know where to turn. In order to help members take advantage of their great rates, this Credit Union launched a CD and savings campaign that featured personalized, interactive guidance to help members achieve their savings goals.
As part of this initiative, the Credit Union launched a new landing page, which featured an optimized savings calculator and CD calculator to help members visualize potential savings and get connected to the right products. In addition to the landing page, Credit Union ran Google SEO and SEM campaigns, display, in-branch, social posts, and retargeting efforts with the calculator as the focus.
While most Credit Unions focus on advertising rates and promoting generic offers, Credit Union decided to offer personalized financial guidance to help members understand how much they could save by.
Why interactive calculators?
The answer was simple, Credit Union members had voiced to the Credit Union marketing team that they want to get personalized answers from interactive tools.
Members were telling us they wanted to use calculators. They weren’t able find what we had and when they did they were confusing to them so it worked its way up to marketing as a big priority.
VP Digital Marketing
Before Chimney, Credit Union members weren't able to find the financial tools they were looking for and when they did, the tools were confusing to them. So Credit Union decided launching interactive calculators would be the best solution for their cross-channel campaign.
The requirements?
The problem was finding a tool that was versatile, on-brand, easy to use, and would actually help members get into applications.
The campaign ran from January 25 to March 31, outperforming benchmarks and helping the Credit Union engage with their members, educate them about the process, and build trust.
The numbers
They generated over 4k funded accounts totaling $6M in new deposit.
2.5K people started applications from the calculator while 400 people booked appointments directly from the calculator - the top goal completions from the campaign came from Email, Online Banking, Google Organic, and Google Search.
Credit Union advertised in the following places: Google SEO/SEM, ATM ads, Digital Lobby Screens, Posters in the branch, Online Banking Ads, Ads, Display Ads, Retargeting Ads, Social Posts, and an email to members.
"The savings promo brought in 146% higher average deposit compared to the previous year, which is GREAT!"
VP Digital Marketing
Google Search: The campaign in full had a 34% conversion rate, which is 6x the typical 5-10% conversion rate for search.
The calculator was super easy to use and see what your payment would be, one of the reasons we chose chimney bc thye’re not only on brand but simple for people to understand. We could put the default based on our data (interest rates and our data).
VP Digital Marketing
Following are the steps that Credit Union used to successfully boost conversions for their deposit campaign.
Survey members to understand their needs and pain points. Credit Union's members voiced their desire for interactive financial tools, highlighting an opportunity to enhance their digital experience.
In Credit Union's case, the primary goals were to help members save, qualify them for a new deposit account, and launch a high-converting landing page. That meant optimizing for these conversions and making it easy for people to get a personalized answer and then jump directly into an application or an appointment.
Design a new landing page that provides information about the application process. In this case, Credit Union integrated an interactive CD and savings calculators on the page to provide personalized results to its members.
Look for a partner that aligns with your brand, satisfies user experience needs, and offers robust analytics. Credit Union chose Chimney as their partner due to their on-brand, user-friendly calculators and analytics capabilities.
Use the partner's resources to create on-brand, easy-to-use financial tools. Building calculators is notoriously difficult so having a partner that you can trust and has experience working in these campaigns is crucial.
Promote the new tool and landing page through various channels, such as ATM ads, digital lobby screens, online banking ads, SEM ads, display ads, retargeting ads, social posts, and emails to members.
Leverage Google's search accounts to drive conversions, aiming for a higher-than-average conversion rate. In this campaign, Credit Union achieved a 34% conversion rate, which is 6x the average for search.
Retarget and prospect using a display campaign to promote the deposit initiative. This approach led to 285 impression conversions with under $100 cost per conversion for Credit Union.
Utilize the analytics feature of your chosen tool to track results effectively. In this case, Chimney's analytics helped Credit Union track its results and optimize its campaign. You can use UTM or Google Analytics to show the impact of your efforts.
Super easy to track the results using Chimney's platform - one of the reasons why I love the Chimney calculators is the analytics - it was just so easy to track the results.
VP Digital Marketing
Measure the success of the campaign in terms of applications received, appointments booked, and loan growth. This Credit Union received 4K funded accounts with 2.5K applications and all the appointments coming directly from the calculator.
By following these steps, Credit Union saw a significant increase in initial deposit amounts and successful applications, proving the effectiveness of interactive tools in digital marketing campaigns.
Are you launching a digital campaign soon? Looking to boost conversions and take your campaigns to the next level with personalized interactive calculators?
Contact us: Sales@chimney.io
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