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Air Force FCU Implements Social Media Strategy to Promote Auto Loan Rate Drop
Monday, June 9, 2014 6:55 AM

Gearing up for the summer auto-buying season, GOBankingRates has recognized Air Force FCU for its social media savvy strategy to promote its auto loan rate drop to 1.49 percent. As a creative way to inform borrowers of the competitive rate, which officially dropped April 15, Air Force FCU is encouraging its members to use the hashtag #FavoriteCar on social media to personalize and share their car purchasing experiences.

Danny Sanchez, vice president of marketing at Air Force FCU, shared details about the campaign with Leaguer readers in the following Q&A.

When did the campaign launch?

Sanchez: The program launched on May 1st and will run through August 31st.

What are the key elements of the campaign?

Sanchez: The promotion is spear headed by the rate - with a rate as low as 1.49 percent APR for up to 72 months, it’s one of the most competitive in the market. But in surveying our members in the past, the feedback we received about the loan process is that they enjoyed it. It was quick and easy for them and they appreciated the personal attention. What we also heard were their great stories in how we helped them get their vehicle, whether it was their first car, dream car or the family car. That was how the campaign was created. We wanted to translate those special stories to social media, so we moved forward with the #FavoriteCar campaign.

Are you primarily leveraging Twitter, or are you also utilizing other social media channels?

Sanchez: We are placing those stories on Facebook and Twitter. Those are the two social media sites we use and where our members frequent most.

Has this campaign helped to generate more loans for the credit union?

Sanchez: We are in the initial stages of the campaign and we’ve seen a good increase in loans and applications in May— almost a 2 percent increase from the previous month.

What are the goals of the campaign?

Sanchez: Our loan growth goal for the promotion is 9 percent. Again, we’re only in the first month of the promo, but based on the initial numbers, we are on track with our target goal.

Our other goal was to develop our relationship organically by connecting on a personal level, via social media, with all of our members. We’ve seen a 17 percent increase in likes on Facebook in May. We hope to double our “Likes” and “followers” by the end of the campaign.

It’s also about strengthening our relationship with our members through their cars. Vehicles become personal to us. We name them, treat them like family members and remember the times we had with them. It’s American’s fascination with automobiles. So we didn’t just want it to be about the loan process, but the beginning of creating that relationship with their cars, and that started with us. There’s been lots of good buzz from staff and members. They’re enjoying it. And really the pinnacle of the loan process for the member is when they finally get their new car, and we’re capturing that.