This promotion shows how a dash of product innovation along with attention-getting marketing can make an ordinary rate-based promotion extraordinarily effective. It also had an interesting halo effect.

While the promotion exceeded the credit union’s goals in the target product, the credit union also saw increases in other loans (auto loans, home equity, motorcycle, etc.) during the promotion. It seemed as though the product-specific promotion helped position the credit union as the lenders of choice for other loans as well.

While it’s a little unusual to specifically promote RV and boat loan rates, NWA FCU had a large competitive rate advantage in these products. They also knew that many of their members were fairly affluent and were outdoor recreation enthusiasts. Therefore, the double meaning of “Get Outta Town” was a natural.

The results in RV and boat loans exceeded expectations, but the halo effect was even stronger in this promotion. Dollar volume increases in other loans were more than double the increases in RV and boat loans. This promotion included direct mail, statement stuffers, and POS materials, but no mass media.