LENEXA, Kan. (6/18/12)--Beyond Marketing LLC, a marketing credit union service organization (CUSO), now provides its clients with tracking strategies that allow credit unions and CUSOs to capture prospect data when target audiences respond to their marketing communications.
Tracking helps gauge the effectiveness of marketing initiatives, allowing credit unions and CUSOs to make faster and smarter decisions.
"Once clients are introduced to the idea and experience how simple and cost-effective it is to gather usable marketing data, they can't imagine not having it," said Kat Vorkink, Beyond Marketing account supervisor. "Historically, many marketing and media decisions were being made by clients based on gut feelings. It was apparent we needed to be able to show how many prospects were responding to specific ads, through a specific medium."
Vorkink cites the example of a credit union marketer who believes that most new member prospects call for promotional details. But tracking data show that 75% of respondents went online for more information.
"This indicates that future efforts need to be highly interactive," Vorkink said. "The overall goal is to quickly eliminate what is not working, and shift marketing dollars to what is working."
The three major tracking components are unique URLs, landing pages and dedicated phone lines. By "tagging" marketing materials with unique URLs and dedicated phone numbers per media vehicle, prospects are directed to website landing pages or to phone lines that capture caller information. The data from respondents is tracked and reported, which takes the guesswork out of the effectiveness of the communications efforts, making the most of the marketing budget. Credit unions can then are aware of the best placement and advertising medium, such as billboards, radio, print or online banner.
Tracking also makes testing campaigns and promotions easier by varying the message, design, and placement, then "tagging" them. The marketer can receive data showing how audience segments prefer to receive information and to respond to the marketing message. Testing different promotional pieces with the same audience can quantify which designs and messages evoke the highest response, providing information that saves time and expense when producing the next promotion's materials.
"Naturally, the better you understand your audience's preferences, the more effective and cost-effective your marketing efforts can become," Vorkink said. "Testing and tracking results will help a credit union create strategies that increase conversion rates, improve return on investment, and/or boost member satisfaction. The benefits of data-driven decisions and budget savings far outweigh the old method of gut feelings."
PHILADELPHIA (6/18/12)--VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing, is working with auto lenders in Florida and Georgia to prepare for the implementation of expanded ELT programs in both states.
The legislative expansion of an ELT program reduces the cost and exposure to fraud associated with paper vehicle titles with liens for automotive financiers, consumers, automotive dealers and the state motor vehicle department. Florida HB 1223 requires nearly all lien holders to participate in the ELT program by Jan. 1.
Georgia HB 865 authorizes the Georgia Department of Revenue to phase in a mandatory ELT program and the final rules outlining participation in that program will be published before Jan. 1.
ELT replaces paper titles with an electronic exchange of data between the states' Department of Motor Vehicles and VINtek, acting as an intermediary on behalf of a lien holder.
Between the two states, more than 800 lienholders have implemented ELT programs. The program reduces costs with the elimination of paper and automation of a manual process. It also eliminates exposure to fraud that involves falsified lien-release letters. Perpetrators can create fictitious lien release documents and receive clear titles from the DMV. In an ELT program, only the lienholder of record can electronically release its lien.
"Georgia and Florida have joined a growing list of states that recognize the benefits of ELT to government budgets and automotive financiers," said Larry Highbloom, president of VINtek. "By legislating an expanded population of paperless titles, both of these states have ushered in a more cost-effective, efficient and secure era in auto financing. ELT serves as the foundation for future vehicle title-automation opportunities such as eliminating the paper title completely as has been done with stock certificates."