Millennial Pocket
  • Home
  • About
  • Banking
  • Financial Banking
  • Forex
  • Contact Us
No Result
View All Result
  • Home
  • About
  • Banking
  • Financial Banking
  • Forex
  • Contact Us
No Result
View All Result
Millennial Pocket
No Result
View All Result
Home Banking

How to Develop a Successful HELOC Promotion

Millennial Pocket by Millennial Pocket
May 17, 2022
in Banking
0
How to Develop a Successful HELOC Promotion
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

National Women Physicians Day featuring Dr. Marjorie S. Bisenius, DO

National Women Physicians Day featuring Dr. Marjorie S. Bisenius, DO

February 3, 2023
Core Code Ambassador Spotlight: Courtney Miller

Core Code Ambassador Spotlight: Courtney Miller

January 31, 2023

With the hot housing market and home values continuing to increase, your account holders may be more ready than ever to tap into the equity they have built up in their home. Reminding your account holders to leverage their home equity can be a smart way to borrow cash for home improvements, refinance debts with higher interest rates to lower monthly payments or fund other large expenses. By strategically developing communications to promote your Home Equity Line of Credit (HELOC) offers, your financial institution can further support the needs of your account holders while also building deeper relationships with them. To help you get started, let’s dive into the key components to a successful Home Equity Line of Credit (HELOC) promotion.

Target Audience

Identifying the account holders that might benefit from this type of product are key to the success of your campaign. There are two types of audiences for this product—account holders that need a Home Equity Line of Credit (HELOC) or account holders that already have a HELOC but aren’t fully utilizing the funds available to them. Narrowing in on your audience and goals will aid in shaping the remaining message and offer. For the purposes of this article, we will focus on targeting account holders for a new home equity line of credit (HELOC).

Here are a few considerations for selecting your cross-sell audience:

  • Account holders with a previous HELOC, but no longer active yet in good standing
  • Homeowners
  • Length of residency of at least a year or more
  • Home Value > $5,000
  • Credit Score at mid-600s or greater (or based on your bank or credit union approval requirements)
  • Behavioral data such as intent data can be gained through a partner to identify consumers actively searching online for a HELOC

Message & Offer

When building your HELOC offer, you need to grab your account holders’ attention while also communicating the offer details in a simple manner. Be sure to factor in the points below to ensure you communicate an effective offer.

HEADLINE: Start with an intro that will capture account holders’ interest such as “Before you dig into savings or rack up high interest credit card debt, consider a HELOC”.

IMAGERY: Utilize images that align with your target audience. Visually show loan amount tiers and repayment terms so that it is clear to your account holders how the offer works. The top keywords searched that are associated with home equity lines of credit (HELOC) include rates and calculators. If space is limited in your communication, develop a landing page on your website that can provide consumers more detail and tools they are seeking.

OFFER DETAILS: Highlight the following details of your offer to entice your account holders:

  • Ability to apply online (if applicable)
  • Fast approvals and access to funds
  • Easy repayment options
  • Borrow up to X% of the value of your home
  • Ability to transfer funds directly to checking or savings

INCENTIVES: Include monetary incentives in your offer to bolster results. In our experience, top performing HELOC offers feature incentives towards closing costs, low or no closing cost or appraisal fees and vacation vouchers.

Communication Channel

Utilizing email and direct mail to promote your products and services creates an effective multi-channel approach to engage your current account holders as well as prospective accounts. Direct mail postcards are an ideal way to catch your account holder’s attention with a high-level summary of your HELOC offer details. Additionally, a direct mail letter is another effective channel to define what a home equity loan is, explain the benefits, and share specific details about your HELOC offer. Emailing similar educational information and details to your account holders allows for an affordable, multi-channel approach to produce better response and ROI on your communications.

Click here to download the postcard template.

Click here to download the letter template.

By clearly communicating your HELOC offers using multiple communication channels to deliver your messages, you increase your likelihood of your message being read and resonating with your account holders. Remember, repetition is key when communicating with your account holders.

Timing

As with any campaign, the timing of your promotion drives the overall success. This is no different for home equity line of credit communications. Here are some recommendations for timing of your HELOC promotions.

  • March and April – Consumers begin to think about spring home improvement projects and gear up for summer vacation plans
  • July and August – Consumers prepare for additional expenses as school and activities ramp back up
  • October and November – Consumers tackle fall home improvement projects and begin to plan for holiday spending and travel

Ready to see how Core iQ can make delivering your messages and offers to your account holders fast and easy?

Click here to schedule a demo to learn more.

The post How to Develop a Successful HELOC Promotion appeared first on Onovative Banking.

Share76Tweet47

Related Posts

National Women Physicians Day featuring Dr. Marjorie S. Bisenius, DO

National Women Physicians Day featuring Dr. Marjorie S. Bisenius, DO

by eoe86
February 3, 2023
0

February 3rd marks the 174th National Women Physicians Day in which we recognize and honor the contributions and achievements of...

Core Code Ambassador Spotlight: Courtney Miller

Core Code Ambassador Spotlight: Courtney Miller

by eoe86
January 31, 2023
0

Meet Our Newest Core Code Ambassador! Everyone wants to work somewhere with a great culture, fun environment, and awesome co-workers....

Community Impact Award: Omaha Bridges Out of Poverty

Community Impact Award: Omaha Bridges Out of Poverty

by eoe86
January 27, 2023
0

Omaha Bridges Out of Poverty was awarded the Core Bank Community Impact Award for the fourth quarter with a gift of...

Attorney Andrew Walker wins a court victory allowing a homeowner in Coon Rapids, and anywhere in Minnesota to keep home sale proceeds

Attorney Andrew Walker wins a court victory allowing a homeowner in Coon Rapids, and anywhere in Minnesota to keep home sale proceeds

by eoe86
January 18, 2023
0

Attorney Andrew Walker recently won a victory in the Stepp case.  In that case, Mr. Walker successfully argued that Minnesota...

Train your Budget and Get Financially Fit

Train your Budget and Get Financially Fit

by eoe86
January 18, 2023
0

How much time do you spend on your finances each week? Stay on track with your financial goals in the...

Load More
  • Trending
  • Comments
  • Latest
Inclement Weather Update

Inclement Weather Update

September 26, 2022

Wire Fraud

September 7, 2022

Online Banking will be unavailable tonight from 8pm CT/9pm ET – 8:15pm CT/9:15pm ET for routine maintenance. We apologize for any inconvenience.

September 20, 2022
What is Economic Inclusion?

What is Economic Inclusion?

September 19, 2022

0
Core Bank Breaks Ground on New Sarpy County Location

Core Bank Breaks Ground on New Sarpy County Location

0
How to be a Smart Holiday Shopper

How to be a Smart Holiday Shopper

0
Make Saving Part of Your Resolution

Make Saving Part of Your Resolution

0

February 3, 2023
National Women Physicians Day featuring Dr. Marjorie S. Bisenius, DO

National Women Physicians Day featuring Dr. Marjorie S. Bisenius, DO

February 3, 2023
Core Code Ambassador Spotlight: Courtney Miller

Core Code Ambassador Spotlight: Courtney Miller

January 31, 2023
Community Impact Award: Omaha Bridges Out of Poverty

Community Impact Award: Omaha Bridges Out of Poverty

January 27, 2023

About

Investors aim to make money and build wealth over time through the practise of investing. There are a variety of ways to generate future income, and an investment can be defined as any of these methods.

Recent Post

February 3, 2023
National Women Physicians Day featuring Dr. Marjorie S. Bisenius, DO

National Women Physicians Day featuring Dr. Marjorie S. Bisenius, DO

February 3, 2023

Categories

  • Banking
  • Financial Banking
  • Forex
  • Home
  • About
  • Forex
  • Banking
  • Financial Banking
  • Contact Us
  • Privacy Policy
  • Terms And Conditions

Copyright@2022 All rights reserved by Millennial Pocket

No Result
View All Result
  • Home
  • About
  • Banking
  • Financial Banking
  • Forex
  • Contact Us

Copyright@2022 All rights reserved by Millennial Pocket

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
SIGN UP FOR NEWSLETTER NOW