To reinforce member loyalty and develop new account balances through a Member Value Statement mailing
With national attrition rates above 15%, this $1.1 billion credit union realized that retaining members requires consistent and effective communication. They turned to MARQUIS to help demonstrate the value of credit union membership to their clients. They also sought to grow new accounts among their membership by encouraging each member to consider the real dollar value of other products available through the credit union.
MARQUIS compared each member’s rates and fees at the credit union with those of other financial institutions in the area. Current members were then mailed a Member Value Statement – a personalized letter with a chart demonstrating how much that particular member has saved over the past year by virtue of their membership with the credit union.
With a response rate of 9.6%, this single direct mail campaign resulted in $29 million in new balances. The campaign added $8 in profit for every $1 spent. The Member Value Statement improved member loyalty by validating the value of membership in a real dollar and cents way. In addition, this credit union dramatically improved cross-sales by articulating how each member would benefit further with additional products and services. Eight dollars in profit for every $1 spent…WOW!