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Vehicle Loan Digital Marketing Vehicle Loan Digital Marketing

Vehicle Loan Digital Marketing - PowerPoint Presentation

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Uploaded On 2018-09-18

Vehicle Loan Digital Marketing - PPT Presentation

Q4 Proposal by Adam R Brown Aug 17th 2017 SFFCU Business Model Since 1954 San Francisco Federal Credit Union has been a memberowned financial institution As a notforprofit were able to offer higher dividends on deposit accounts lower interest rates on loans and fewer fees than the ID: 669901

car loan tactic loans loan car loans tactic san auto facebook vehicle francisco email credit current applications keywords rates

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Slide1

Vehicle Loan Digital Marketing Q4 Proposalby Adam R. BrownAug. 17th, 2017Slide2

SFFCU Business ModelSince 1954, San Francisco Federal Credit Union has been a member-owned financial institution. As a not-for-profit, we’re able to offer higher dividends on deposit accounts, lower interest rates on loans, and fewer fees than the big banks.Slide3

SFFCU Business ModelServes San Francisco and San Mateo CountiesNo outside investors to pay back as a financial cooperative

Member deposits leverage equity for loans

Interest income from loans builds revenue

Excess capital used to assist community non-profitsSlide4

Revenue StreamsMortgages and Home Equity LoansTaxi Medallion Loans

Vehicle Loans

Credit Cards

(Service fees to offset cost recovery purposes only)Slide5

Unique Value PropositionOn average, Millennials and Gen. X are not able to afford buying homes in the Bay Area, but need to buy cars to get around.

Millennials are the first generation growing up in a digital information era.

Print and television ads are becoming lost on this audience as they focus on internet channels.

Targeting this audience will help SFFCU create value of our trackable digital marketing channels and bring in more revenue from this source (Vehicle Loans).Slide6

Target Audience - Purchasing (National Average)

source: cutimes.comSlide7

Target Audience - Customer Persona / Empathy Map

Meet Driving Dara, 31 year old SF Resident

Doesn’t like the current economic impact of big banks and recent bank scandals

Thinks that big banks are the only way to get financing for the car she needs

Sees rates offered from banks through dealer and manufacturer ads on TV and online

Averages 46 daily visits on Facebook

Hears that credit unions are easier than banks, but doesn’t understand what they are

Proudly works for a community non-profit advocating social change

Drives a lot for work and visiting friends and family on weekends

Recently purchased a car from a dealer that gave her

12.49% APY through Wells Fargo. Her rate was high due to a

low FICO score. The payments are too large for her budget.

She doesn’t like supporting Wells Fargo, but she needed the

car right away after her last one was totaled.

After seeing San Francisco Federal Credit Union’s Facebook

ad, she’ll find the option to apply for a refinance at a lower rate.

Example: Her approval is for 6.49% APY, saving her 6% over

the life of the loan and $52 a month on her payment. Plus she’ll

feel good about supporting the local economy.Slide8

Elevator PitchFor 21 - 49 year olds in SF and San Mateo counties that need car loans, San Francisco Federal Credit Union can help them save with lower rates than the banks. Plus, keeping loans in a community-based economy proves that We Are San Francisco (tagline).Slide9

Current State of Digital MarketingFinal stages of a company rebranding display campaign with an emotional tone celebrating diversity and San Francisco values.

Tagline:

We Are San Francisco Slide10

Current State of Digital MarketingConsulting firm partners are helping us move from Awareness to Consideration of our website via 4 tactics:

1)

Rich Media Display Ads and Banners (w/ Pixels) with high impressions and extremely low CTR (0.0004%) on Yahoo,

AOL

, and Reddit (Note: A/B Testing proved gay dads as best performing ad.) - missing our target audience on these channels

2)

Branding videos on these channels with 0.002% CTR

3)

Google SEM (Mobile 1st) - With a 16.73% CTR at $0.405 CPC, this is our highest value tactic currently. (Keywords list is very generic. It could be optimized with more long tail keywords).

4)

Partnership with KRON4: Website banners and TV news segments (34x to 800,000 households) - also missing our target audience

1,242 callbacks were made from a “Request Information” button w/ Pixel from these channels.

*s

tats based on 2017 Q2

Slide11

Current State of Digital Marketing

A small annual Facebook budget of $3,500 is being used for paid promotions throughout the year. These ads are for Awareness and Consideration purposes only. Most content is organic and unseen except for a branding video with high impressions (9.8k). It is not yet being optimized for Acquisition.

Email marketing has proven successful with monthly newsletters, triggered campaigns, and promotional information. 25,500 subscribers (acquired from account holders) have an Average Unique Open Rate of 25% with an Average CTR of 5%.Slide12

Current State of Digital Marketing

A quarterly email campaign is sent to a targeted group of subscribers based on income and positive credit ratings. Unique Clicks are sent to a PURL for conversion. This is a high-value, ongoing campaign for generating revenue. Some of the copy could be simplified and more attractive:Slide13

Marketing ObjectiveKPI: Completed Vehicle Loan Applications

Benchmark:

Q2’s total of 261 applications valued at $83.13 each

Goal:

Increase completed online vehicle loan applications by 2% for Q4 based on Q2 stats (267 completed applications needed by 12/31/2017)

ROI:

Calculation based on Q4 campaign spend vs. value

(Loan application soon to be optimized for mobile)Slide14

Marketing Objective

Tracked in Google AnalyticsSlide15

Tactic 1 - SEM PPCCurrent Ad

Updated Ad with feature, keywords, and CTA

Targeted to 21 to 49 year olds in San Francisco and San Mateo Counties

Ad links to Vehicle Loan landing page with option to Request Information or Apply for Loan.Slide16

Tactic 1 - SEM Keywords auto financing new car financing

auto loan financing used car financing

auto loan rates san francisco car loans

auto loans low interest rate car loan

auto refinance low interest rate car loan san francisco

auto refinancing credit union car loan rates

bay area auto lender low car loan rates san francisco

car finance car refinance

car loan interest rate best car loan rates

credit union auto loan sf credit union auto loans

low auto loan rates new car loan rates

new auto loans used car loan rates

pre-approved auto loans car loan pre-approval

pre-owned auto loans new car loan pre-approval

refinancing loans used used car loan pre-approval

Current Keywords Q2

Added Keywords Q4Slide17

Tactic 1 - SEM CompetitorsMost major competitors in the area / industry do not currently have PPC campaigns.

SF Fire CU, SF Police CU, & Redwood CU have no campaigns

Patelco -Keyword: automobile loans)

Golden 1 - Keyword: auto credit

Provident CU - Keywords: financing car, car finance loan, bankruptcy car loan

(Research via Spyfu & iSpionage)Slide18

Tactic 1 - SEM KPI“Completed Loan Applications” KPI from this channel can be measured by keyword performance in Google Analytics. 16 were completed for Q2.Slide19

Tactic 1 - SEM OptimizationQ4 campaign can be optimized with more long tail keywords based on the success of Q2 keywords.

Example: “Auto+Loans” lead to 11 Completed Loan Applications for Q2. Long tail keywords could be “SF Auto Loans” and “SF Credit Union Auto Loans.”

Requesting $2500 total budget (additional $800 + $1700 current spend) to test new keywords Slide20

Tactic 2 - Facebook Paid Ad

Targeted to 21 to 49 year olds during Q4 in San Francisco and San Mateo Counties who may be Credit Union members, New vehicle shoppers (Max in market - likely to purchase in 90 days), Used vehicle shoppers (In market), or Purchased a vehicle in the last 24 months

Lifetime budget of $875 requested (1/4 of annual social budget)

Ad channels will be mobile newsfeed, desktop newsfeed, instant articles, and Instagram.

UTM Code will link to Vehicle Loan landing page with option to Request Information or Apply for Loan.

Facebook Pixel will be used for retargeting.Slide21

Tactic 2 - Facebook Paid Ad CreativeSlide22

Tactic 2 - Facebook Paid Ad KPIFacebook / Instagram KPI will be measured by Completed Vehicle Loan Applications from both channels in Google Analytics during Q4

Benchmark currently set at zero

Effectiveness of campaign will determine testing for future campaigns (hopefully with more engaging creative)Slide23

Tactic 2 - Facebook Paid Ad KPISlide24

Tactic 2 - Facebook Paid Ad UTM TrackingSlide25

Tactic 3 - Email CampaignEmails will be sent to all subscribers during Q4. We do not have a targeted demographic list in SubscriberMail.

Ad will be shown in 6 emails: 3 CTA specific monthly emails 3 monthly newsletters with a native ad

UTM code will be used in CTA from all emails linking to Vehicle Loan landing page with option to Request Information or Apply for Loan.Slide26

Tactic 3 - Email KPICompleted Vehicle Loan Applications in Google Analytics during Q4 from UTM parameter

Benchmark currently set at zero

Effectiveness of campaign will determine testing for future campaigns (hopefully with more engaging creative)Slide27

Tactic 3 - Email KPI

No Current Email UTM Campaigns (Based on Newsletters)Slide28

Tactic 3 - Email Optimization

Q2metrics in Google Analytics are from standard (generic) email campaigns and monthly newsletters with native ads.

Unique clicks to our Vehicle Loan page will increase with more prominent Subject Lines and CTA in the email.

A/B testing will be done on Subject Line in CTA emails based on open rate.

Current email campaigns for Vehicle Loans are very general without a prominent CTA.Slide29

Tactic 3 - Current Promo Email CreativeSlide30

Tactic 3 - Updated CTA Email CreativeSlide31

Measurement & OptimizationBenchmark KPI of 261 Completed Applications from Q2

All 3 tactic level KPIs add Completed Applications to the primary Marketing Objective (SEM + Facebook/Instagram + Email divided by 261)

Primary focus on ramping up the Facebook/IG campaign if conversion rate is successful for Q4. Willing to pull back on SEM/PPC budget to cover Facebook/IG spend as we are currently ahead of our peers (competitors).

ROI to be determined by spend from all 3 tactics vs. combined Completed Applications Value* (currently $83.13)

*Value = Q2 funded $ from online channels - $933k / 43 loans / 261 applicationsSlide32

BudgetingTotal requested Q4 budget: $3,375.00Margin: $1,675 on top of current $1,700 PPC budget

Projected 2% production increase from $933k = $951,660 ($18,660 increase)

$18,660 - $1,675 = $16,985 (>1,114% increase)Slide33

Unused TacticsA/B Testing for Facebook creative due to current campaign. Future campaigns should have more emotional/engaging creative.

A/B Testing for Facebook geo-locations to see how the San Mateo County audience performs in comparison to San Francisco. This should be looked at once Facebook advertising has been more established.

A/B Testing for the website (it’s being updated).Slide34

We saved Dara some money!

Don’t forget…