To reward loyalty and encourage new account openings
This closed-SEG, $43 million credit union already had very successful marketing programs with MARQUIS for two years including Onboarding, Reboarding, Auto Runoff and Most Valuable Member mailings. The CEO’s board of directors charged her with returning a majority of the increased bottom line to the members. MARQUIS and the client came up with a superhero-themed character who would deliver the message that money was coming and confirm delivery of the check in mid-November, just in time for Black Friday holiday shopping.
The credit union had a defined products and services usage matrix to determine loyalty, and therefore the amount of each member’s check, and they encouraged additional usage of services like debit card, mobile banking and bill pay during October for members to qualify for an even higher amount.
The week before Thanksgiving, the credit union cut checks to all members based on their relationship with Southwest Financial. The average check was $46.26, with the largest check being $1,900, and the total amount paid was over $490,000. The CEO was budgeting between $300k and $500k for this project.
There were other incentives in the letter that accompanied each member’s check so that the credit union could benefit from getting a fair amount of the payout back in the form of member deposits and other loans.
This program has brought new members to the credit union by word of mouth, and shows that when solid marketing programs work well, members not only save in terms of better rates on deposit and loan accounts, but they also realize true dollar savings and benefits of being a loyal member.