The value of credit union membership
To highlight the value of credit union membership.
This $6B credit union wanted to highlight the strong financial value it brings to members in order to reinforce the relationship and to help them consider other available products. Members who join a credit union for one product often turn to the same institution for other products. Demonstrating the value of membership to existing members makes them even more loyal and more likely to increase their balances.
The credit union engaged a MARQUIS consultant to gather and analyze data to compare the rates and fees of their institution to those of other financial institutions in the area, specifically as a way to demonstrate to existing customers what they saved through their membership. Members who had a net estimated savings of $15 or greater received a tri-fold mailer that not only showed their personalized, total savings and average savings for all members, but also included estimates of potential savings for other products that the member didn’t currently use. Staff training boosted results, providing the basis for numerous focused and productive discussions with credit union members. Supporting website and Quick Response code information helped members understand the calculations in the mailer and allowed them to use their home computers or mobile devices to explore additional savings opportunities.
In the first 30 days, the institution generated $77,513,116 in loans and deposits from members receiving the mailing. In the first 60 days, this group generated $152,522,172 in loans and deposits. Carefully analyzed and effectively presented data underscored the value of membership and enabled staffers to increase that value by opening conversations with members about new products and savings opportunities. Not only was the credit union able to prove the value of membership, but they generated enormous cross-sales revenue and strengthened member loyalty!