Wyandotte, MI December 2010 – For Wyandotte Federal Credit Union (WFCU), the Hit a Home Run Visa promotion, based on the Lending Solutions' Balls & Strikes promotion, was a major success. The four-month program was to increase member VISA applications and usage by promoting a six-month 0% introductory offer followed by rates “as low as” 9.99% APR. WFCU also promoted a zero balance transfer fee to members who held other credit cards.
“We employed a unique internal staff incentive program designed to increase member awareness and participation in this program,” explains Craig Farrand, director of communications at WFCU. “Our primary objective was to increase our member VISA portfolio by 120 new accounts - 30 new accounts each month for four months. We also used this promotion to create excitement and a sense of camaraderie throughout our staff, via the internal incentive program.”
To promote this initiative, WFCU employed a multi-faceted marketing, advertising and communications approach that utilized a specially-designed “Hit a Home Run” logo:
- Lobby/drive-thru displays
- Statement inserts
- Newsletter articles
- Teller handouts
- Website images (and link to Visa page)
- Staff “baseball” shirts
- Staff incentive materials included their one-of-a-kind team “Playbook”
According to their promotion results, this program was an unqualified success at their credit union. They opened 132 new accounts, which is a 10% increase over their goal of 120. WFCU also increased their Visa line of credit portfolio by $123,467 and had $210,631.87 in no-fee cash balance transfers during the four-month promotional period.
Impressive results considering their overhead expenses for the promotion we fairly low: $9,225 towards marketing materials, which included $750 for employee incentives and rewards.
Wyandotte Federal Credit Union is an $81 million credit union with two locations; their main office is in Wyandotte Michigan, and a branch in Holland, Michigan. They have 2,834 VISA credit accounts and 3,387 MasterMoney debit cards.