The end of the year is usually when many retailers make the majority of their revenues due to Black Friday sales and holiday spending. But retailers aren't the only ones who can benefit from holiday promotions. Credit unions can join in on the holiday sales swell as well.
Need a few ideas on how to re-engage customers while boosting the visibility of your products? Here are a few popular promotions that credit unions are using this holiday season.
Loan promotions are popular this time of year. Loan promos don't mean you have to drop the loan's interest rate. Instead, the $30 or so application fee might be waived. Of course, a lower rate is also attractive to consumers, even if it is temporary. For example, a12.9% rate for the first ten months.
Another great loan promotion is a cashback reward. This promo is similar to credit card rewards points or cashback on spending. A 1% cashback loan promo doesn't mean consumers get to earn no matter how much they borrow. The cashback reward can be capped at a certain amount. Perhaps $500 or a similarly small amount.
Credit Card Rewards Points
Are your customers utilizing their credit cards to the fullest? Offering extra rewards points can help to increase swipes. 3X or 4X points during a specific time frame sets a limit on use and establishes a deadline, which are both great ways to encourage signups. Not only will the rewards programs attract attention, but it will also get consumers back onto your website, where they'll see your latest product offerings.
How does a rewards promo work? Consumers will need to sign up at your website to enroll in the rewards promo. The date range to earn the rewards points might be a month or two. You can also restrict points to certain purchases but allowing any purchase to earn rewards points can help increase usage.