Members that have accounts at multiple financial institutions may be the low hanging fruit to accelerate the growth in your credit union. After all, it’s said that it costs several times as much to attract a new member as to keep an existing one. In addition the probability of selling to an existing member is said to be many times higher than the probability of selling to a new member. Therefore, leveraging the relationships and member information you already have in your core data processing system is basic to successful marketing today.
Successful marketing campaigns today need to be much different than those used when members visited your branch every other week. In the digital world your best prospects for new products may be members who never enter your branches except via the internet, however, to maintain that personal connection that members have come to love about credit unions you will have to provide personalized and relevant offers, messages and information on your products.
Fortunately, every credit union today already has the most important ingredient needed to meet the challenge of marketing to digital members. It is the rich data history that their core data processing system has already collected about their members. Today many credit unions also have some variety of intuitive and user-friendly marketing automation platforms to allow them to use that data to automatically recommend new and complimentary offerings to ensure that their members get timely and personalized offers to consider.
Your credit union may be minuscule compared to any of the large online retailers, but you have much more information about your customers. When the large online retailers moved from storefront marketing to online marketing using cross-selling (i.e., “customers who bought this item also bought…”) their sales increased, sometimes dramatically. Today there is no reason that your credit union could not use these same concepts to provide your members with personalized and relevant offers and information helping them to bring more and more of their financial business to you.
For more information on Profitable Credit Union Growth through Modern Marketing, contact Joe Grauwels, Sales Representative at 800-558-3709 or email email@example.com.