If a genie popped out of your morning cup of coffee and said that he was going to grant the ability to read your credit union members minds, would you accept? Ok, so it could be risky, or slightly awkward. But, imagine what could be learned from seeing inside their minds and getting a glimpse at their opinions of the economy, their personal spending habits, and their near-term plans for spending and saving…you know, the keys to putting together successful marketing and growth strategies for your credit union. Now would you accept? I’d venture to guess your response would be something along the lines of …“yes, please!”
You probably already make some informed guess-timates about what your members are spending their money on, if they plan to invest this month, or if they are planning a summer “staycation” versus flying/driving to the happiest place on earth (a.k.a. Disney World). But without calling them up each month to find out, or spending half of your marketing budget to fund research to find out for you, you’re probably, more times than not, taking a shot in the dark. Fortunately for those of us that are not greeted by genies, there is something that currently exists to help you get into the minds of your members. It comes from one of our Preferred Partners, Discover.
Here are a few of the most recent results from Discover’s U.S. Spending Monitor report for Credit Unions (a teaser if you will 🙂 ):