Advisors Plus Checking Acquisition Campaign Sends Pen Air’s Membership and Account Growth Soaring
When Pen Air Federal Credit Union partnered with Advisors Plus during the spring of 2014 to launch its first-ever Checking Account Acquisition Campaign, Pen Air management was no stranger to dramatic growth. After all, the credit union—founded in 1936 to serve employees of Pensacola, Florida’s nearby military bases—had progressed to become Pensacola’s largest, with over $1.2 billion in assets and more than 94,000 members.
So it went without saying that membership and account growth were major strategic priorities and performance expectations were high when Advisors Plus worked with Pen Air’s marketing department to customize a three-month, direct mail Checking Account Acquisition Campaign.
Structured as a "pay-for-performance" campaign, it was risk-free to Pen Air because Advisors Plus assumed all up-front and back-end costs associated with offer development, mailing and tracking. Pen Air paid only for accounts opened during the three-month course of the campaign itself.
The campaign was an overwhelming success, not only in terms of the immediate "gift of lift" that Pen Air saw in new accounts and balances, but in the cross-selling and "visibility" effects of the mailing as well. During the 90-day timeframe of the campaign alone:
- 676 new accounts were opened that brought in over $740 thousand in incremental balances.
- 588 additional products (ranging from CDs to loans) were purchased by the 676 new member accounts, resulting in nearly $1.5 million more in incremental balances.
- 417 prospects who did not directly open checking accounts but responded to the mailing for other reasons purchased other products which totaled over $4.7 million in additional balances.
All told, Pen Air’s Checking Account Acquisition Campaign booked nearly $7 million in three months. The growth that Pen Air saw from the Advisors Plus Checking Account Acquisition Campaign was immediate, sustainable, and most of all, "sticky" in terms of the member satisfaction and loyalty that Pen Air’s new checking account relationships promise for the future beyond the campaign.