5 Leading Strategies for Creating Credit Union Member Communications That Produce Results (Webinar Presentation)


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Watch this recorded webinar to learn five strategies for taking your credit union member and prospect communications to the next level. We will show real credit union examples of these innovative enhancements that will increase opportunities for new business and members, and add value to your communications to boost ROI.

Watch the recorded webinar and learn more at http://www.nafcu.org/cathedral

Published in: Business, Economy & Finance
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5 Leading Strategies for Creating Credit Union Member Communications That Produce Results (Webinar Presentation)

  1. 1. 5 Ways to Achieve Growth ThroughEnhanced Member Communications Steve Miller Director of Financial Services Communications November 9, 2011
  2. 2. 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
  3. 3. Agenda• Challenges and Implications• 5 Member Communications Enhancements • Use Your Data • Statement Redesign • Digital Inserts • Integrated Direct Marketing • Integrated Electronic Communications• Conclusion• Q&A
  4. 4. 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
  5. 5. Implications• Objectives not met• Missed opportunities• Lack of growth• Loss of market share• Sustainability of the credit union
  6. 6. 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
  7. 7. 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
  8. 8. Statement Redesign• Situation • Most not been reviewed • Designs from core system • Difficult to read, understand • Little communications value • Missed Opportunity
  9. 9. 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
  10. 10. Polling Question• Have you considered redesigning your statements? • Yes • No • Wasn’t aware of it as an option
  11. 11. 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
  12. 12. Digital Inserts• Recommendations Personalized • Personalization- 40% offer driven by • Use full color- 140% your data • Targeted offers relevant to • No 2nd oz. postage increase your members• Benefits • Adding targeted marketing content relevant to the member • Another touch point for the member to act
  13. 13. 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
  14. 14. Integrated Direct Marketing• Situation • Transactional Transaction documents Documents not part of marketing communications • Targeting not supported QR/PURLS Direct Marketing • How to communicate with GenY?• Case Study Electronic Social Media Communications
  15. 15. PODi Case StudyResource One CUObjective• Address the needs of younger members• Enhance the relationship with them• Upgrade membership to MyLifeMyMoney (MLMM)
  16. 16. PODi Case StudySolution • 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
  17. 17. PODi Case StudyResults: 4.8%• Response 325 PURL visits Rate• 85 completed survey 273%• 273% increase in increase in MLMM account accounts holders upgrades 26% Conversion Rate
  18. 18. Integrated Direct Mail• Recommendations • Quick Response (QR) codes • Personalized web sites (PURLs)• Benefits • Trackable and measurable • Integrated to support the CU marketing plan
  19. 19. 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
  20. 20. 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
  21. 21. Q & A and Contact InformationSteve Millersmiller@cathedralcorporation.com(800) 698-0299www.nafcu.org/cathedral