MEMBER VALUE STATEMENT: PROVE THE BENEFITS OF MEMBERSHIP
To improve member loyalty and cross-sales by showing each member the financial benefits of membership.
With national attrition rates at 15%, this $528 million institution realized that retaining its members requires a clear and consistent communication with its member base. They turned to MARQUIS to help communicate the benefits of doing business with them. They also sought to develop new accounts among established members by encouraging them to consider other products from the full range available through the credit union.
Current members were mailed a Member Value Statement—a personalized letter that shows how much a particular member saves by doing business with the institution. In all, nearly 44,000 letters were sent in a single mailing.
With a response rate of 4.8%, this single direct mail campaign resulted in 2,126 new accounts and loans, valued at more than $20.2 million. The FI advanced both goals of increasing retention and developing new accounts, while generating a profit of more than $485 thousand and a ROI of 427%.
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