5 Leading Strategies for Creating Credit Union Member Communications That Produce Results (Webinar...
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Transcript of 5 Leading Strategies for Creating Credit Union Member Communications That Produce Results (Webinar...
5 Ways to Achieve Growth Through
Enhanced Member Communications
Steve Miller Director of Financial Services
Communications
November 9, 2011
Cathedral Corporation
• Provides strategic solutions for enhanced Member Communications
• Serving credit unions since 1990s
• Core competency: Data management
• Printed and electronic document solutions
• Innovations to help credit unions meet their objectives
Agenda
• Challenges and Implications
• 5 Member Communications Enhancements • Use Your Data
• Statement Redesign
• Digital Inserts
• Integrated Direct Marketing
• Integrated Electronic Communications
• Conclusion
• Q&A
Challenges Today
• How to grow: loans, deposits,
members
• Member loyalty, attrition
• Share of pocketbook
• Execute & measure effective
marketing communications
• Compete in open market
• Resources, resources, resources
Implications
• Objectives not met
• Missed opportunities
• Lack of growth
• Loss of market share
• Sustainability of the
credit union
Polling Question
• What are some of the marketing
communication strategies that you are
currently using? • Targeted messaging
• Electronic response tools
• Direct mail
• Social media
• Mobile communications
Use Your Data • Situation
• CUs have resources to add value to member
communications: Data from core, CRM, or 3rd
party
• Recommendations
• Use data to target members for relevant offers
• Include multiple offers in single cycle
• Target in Transpromo, e-Docs, and Direct mail
• Benefits
• Use the knowledge in the data to build response
• Increase % of response vs generic offers
• Take advantage of data investment, improve ROI
Statement Redesign
• Situation
• Most not been reviewed
• Designs from core system
• Difficult to read, understand
• Little communications value
• Missed Opportunity
Statement Redesign
• Recommendations • Layout using white space
• Improving the use of fonts
• Adding account summaries
• Adding personalization
• Use of full color
• Including graphics with marketing
content
• Benefits • Adding value to a document that is
budgeted/sent to members
Polling Question
• Have you considered redesigning your statements?
• Yes
• No
• Wasn’t aware of it as an option
Digital Inserts
• Situation • Graphic messaging not
available
• or, not taken advantage of
• Opportunity to add product
offer to transaction documents
• Make offer to reader in
document they expect and
open
Digital Inserts
• Recommendations • Personalization- 40%
• Use full color- 140%
• Targeted offers
• No 2nd oz. postage increase
• Benefits • Adding targeted marketing
content relevant to the
member
• Another touch point for the
member to act
Personalized offer driven by
your data relevant to
your members
Polling Question
• Have you considered adding graphic marketing content
to print or electronic statements for your members?
• Yes
• No
• If yes, has it met your objectives?
• Yes
• No
Integrated Direct Marketing
• Situation
• Transaction documents
not part of marketing
communications
• Targeting not supported
• How to communicate
with GenY?
• Case Study
Transactional Documents
Direct Marketing
Electronic Communications
Social Media
QR/PURLS
PODi Case Study
Resource One CU
Objective • Address the needs of younger
members
• Enhance the relationship with
them
• Upgrade membership to
MyLifeMyMoney (MLMM)
PODi Case Study
Solution • Direct mail campaign using
PURLs as response vehicle
• Target: 18-30 age group
• Personalized informal letter
with PURL to upgrade account
to MLMM
• PURL landing page- a short
survey about their financial
needs
• Offer: Chance to win iPhone,
$25 referral incentive
PODi Case Study
Results:
• 325 PURL visits
• 85 completed survey
• 273% increase in
MLMM account
holders
4.8% Response
Rate
26% Conversion
Rate
273% increase in accounts upgrades
Integrated Direct Mail
• Recommendations
• Quick Response (QR) codes
• Personalized web sites (PURLs)
• Benefits
• Trackable and measurable
• Integrated to support the CU
marketing plan
Integrated Electronic Marketing
• Situation
• E-Documents stand alone
• Out of marketing channels
• Recommendations
• Integrate users in marketing campaigns
• Target them for offers
• Benefits
• Communicate with some of most
valuable members
• Electronic responses measurable
• Reach the widest member audience
Conclusion • Use internal resources available
to you:
• Data
• Statements, e-Docs
• Direct marketing channels
• Create opportunities
• Reach a wider audience
• Promote your products
• Work your plan to Grow
Q & A and Contact Information
Steve Miller
(800) 698-0299
www.nafcu.org/cathedral