Tag Archive for Cathedral Corporation

National Financial Literacy Month is an Opportunity for Credit Unions

Originally posted on CUInsight.

By Randy Salser, President, NAFCU Services

With the financial pitfalls of the Great Recession behind us, and security breaches becoming a common threat, members are more mindful of their personal finances than ever before.  Because credit unions are a reliable and trusted source, they have the unique opportunity to educate their members about financial literacy. For expertise on where credit unions should focus this National Financial Literacy Month, we turn to our Preferred Partners: Read more

Utilizing Multi-channel Communications

Guest post written by Maria Del Amo-Lombardo, Director, New Market Development at Cathedral Corporation

Nowadays with electronic and print communications, you can receive information in many ways via many devices, software interfaces, and networks – even paper still works. Which do you prefer? Mobile? Text? Email? Direct mail? Social Media? If you are like me, it depends. I personally like to receive emails from people I trust but communicate via text. However, when it comes to doing a little consumer research, I don’t mind reading or searching the web. Do you think your members are any different than you in having preferred channels?

Data from Exact Target’s 2012 The Digital Republic (Report #18), illustrates this point perfectly, showing that 80% of online consumers check email at least once per day [1]. But the same report found that 61% of Twitter users check their feed once a day and that 25% of online consumers aged 18-24 and 25-34 have made a purchase from receiving a Facebook message [1].

So how do you ensure that your messages and your member communications are effective? Easy answer – don’t just focus on any one channel; use as many channels as you can. Multi-channel communication increases the odds that your message gets read one way or another. The multi-channel approach may sound daunting to some; but it really doesn’t have to be. By using proper planning, communication goals, and response tracking, you can ensure relevant and timely communication, proper utilization of multiple communications vehicles, and accurate measurement of your efforts.

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Who’s your most profitable member? It may not be who you think it is.

Guest post written by Maria Del Amo-Lombardo, Director, New Market Development at Cathedral Corporation

This is a thought-provoking question and one that we pose to our customers all the time. There are several ways to measure your most profitable members. One of the most obvious ways is to look at overdraft or NSF fees on a monthly basis and see which members get hit the hardest by them. Sure, you are getting income from this, but what do these members really look like? Do they hold a small share account or have a single product with you? Is this the member segment that has had no interest in other products or services but generates a significant number of calls to your call center? Looking at all of these factors may lead you to wonder how profitable of a member segment this really is.

Another way to measure profitability is to consider the entire account relationship. What about members with larger share accounts, checking accounts, and loans? These members have shown the potential to use a variety of your products. Will you consider them profitable members?

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Fellow marketing nerds! Do you QR?

QRcode

These days there are a ridiculous number of ways to reach out to your members and prospective members. So many, in fact, that it’s becoming a tad overwhelming . We’ve all heard about and have (sometimes unwillingly) joined Facebook, Twitter and LinkedIn, but it seems like every day there is a new way of reaching out to prospective members while staying connected with current members. Tumblr? What the heck is that? As a marketing nerd, I have to sign up for this and attempt to remember yet another set of usernames and passwords. Not to mention I have to quickly learn how to maneuver the site and create a new marketing strategy for …. Pinterest, who?

I’m going to begin by asking you not to hate me because I too, have something new (or maybe not so new to some) for you to explore! It’s called a QR code. Hold on, don’t run away! QR codes have been around since the mid 90’s but they didn’t become popular until mid-2011! To many people’s dismay they are being used more and more because it’s so easy, a caveman can do it! (Yes, corny. But in my defense, I did warn you that I’m a marketing nerd.)

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Turning credit union transactional documents into opportunities

Guest post by Marianne W. Gaige, President & CEO, Cathedral Corporation.

How can you continually see growth among your members? What tools should you use to grow your business? How do you improve your return on investment?

How often we rack our brains seeking the answers to these questions. The funny thing is, the answer is right in front of us. Strike that. The answer is in front of your members — and you mail them out monthly: transactional documents.

If you are using transactional documents as just a record of the previous months’ activities, then you aren’t getting all you can out of them.

If you are not capitalizing on these existing communications with your members, you are losing out on valuable opportunities to build relationships and stimulate their business with you. Read more