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
Category: Growth & Retention
Tags: Allied Solutions
, Burns-Fazzi Brock
, Cathedral Corporation
, credit union
, Human Capital Solutions Group
, mortgage cadence
, NAFCU Services
, National Financial Literacy
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?
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.)
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