CFE Federal Credit Union Executes Credit Card Marketing Campaigns
With over $1.3 billion in assets, CFE Federal Credit union has come a long way since its founding in 1937 by a group of 23 central Florida teachers. Marketing has played a huge role in CFE's growth, and Advisors Plus, in turn, is pleased to have played a long-term part in setting and executing CFE’s marketing strategy. The Advisors Plus recommendations to segment CFE's credit card portfolio and implement risk-based pricing set the stage for CFE's card marketing success.
After extensive analysis, Advisors Plus recommended that CFE divide its card portfolio into three categories—Low Rate, Cash Back and CURewards®, each with its own targeted, theme-based marketing campaigns throughout the year. Each segment achieved notable success:
- The Home Improvement and Utilities Usage reward campaigns generated 39% and 30% response rates, respectively.
- A pre-holiday cash-back activation campaign resulted in a response rate of 34%.
- A post-holiday balance transfer campaign resulted in nearly $640 thousand in transferred balances.
Thanks to results like these, CFE now works with Advisors Plus each year to plan and execute a segmented marketing calendar.