Based in Huntsville, Alabama, Redstone Federal Credit Union has been proudly serving the Tennessee Valley since 1951. With nearly 370,000 members and more than $3.5 billion in assets, Redstone is the largest credit union in Alabama and among the 25 largest credit unions in the nation.
Although Redstone Federal Credit Union (RFCU) is a multi-billion dollar organization, the company runs with a lean marketing team. RFCU has 9 people in their marketing group with 1 person dedicated to email marketing. Prior to Marketo, RFCU was utilizing an outdated solution that required coding and heavy technical support to send emails. RFCU also had no way to capture interest of prospective members who were visiting their website. To grow their membership and increase their wallet share, RFCU wanted to shift from marketing in one-off campaigns to responding to existing and prospective members through triggered messaging when members became engaged with RFCU, such as a specific product page on the website.
With a small marketing department, RFCU needed a powerful solution to automate their marketing communications. The ability to create drip campaigns, to segment their audience, and stream communications with different paths were also important features in RFCU’s search for the right solution. With automation, RFCU imagined creating a content strategy to engage both existing and future members. RFCU also wanted a way to keep track of their membership in order to determine when and where demand was high enough that future branches might be opened.
RFCU identified and investigated several marketing automation solutions, and they chose Marketo. While RFCU recognized Marketo’s thought leadership and appreciated the helpful and knowledgeable staff, their main reason for selecting was that it offered the most robust capabilities while also being easy to use.
RFCU has leveraged Marketo to develop a strategy to drive awareness and capture website visitors with interesting content through both outbound campaigns as well as with landing pages on their website. In the first few months with Marketo, RFCU created two impactful campaigns. The first campaign was a cross-sell nurture campaign to inform members about RFCU’s five great new checking account products. The second was a variety of landing pages offering advice-oriented content to support online advertising and capturing prospective member interest.
With Marketo, RFCU has been able to create a true content marketing strategy, something that was not possible before. In the first Marketo campaign which introduces members to the new checking accounts, RFCU’s success was so overwhelming that the member/customer support team asked marketing to slow the pace of the campaign emails because they were receiving so many account conversions. The campaign hit 1/4 of the annual online goal for checking account conversions in just 7 weeks. As part of this campaign, RFCU sent a series of emails to 140,000 contacts, which resulted in 2,400 content downloads and created 5,500 new or upgraded accounts.
Going forward, RFCU is preparing to launch additional campaigns, including ones focused on mortgage products and a nurturing campaign for new members to introduce them to products through useful content in a weekly tips and insight format.