In today’s intensely competitive market among depository institutions, what’s the best way to stand out? For many credit unions, it means creating targeted, personalized marketing programs that attract new members, deepen engagement with existing members, and create cross-sell opportunities that bolster member lifetime value.
Experiture’s Engagement Marketing Platform can help deliver these types of marketing programs — growing your business, and deepening customer relationships with tools that help create, deploy, measure and optimize marketing programs across channels such as direct mail, email, mobile and more.
Want your credit union to stand out from the crowd? Here are 3 campaigns you’re your credit union should be running:
Campaign 1: Bill Data Mining
Although not traditionally regarded as a data tool, the online bill payment system of your credit union is a powerful and underutilized reservoir of customer intelligence. Use it! Your online bill payment system can tell you which members are making loan payments to other lenders and you can then send them an offer for another service.
Experiture’s fully integrated suite of lead generation tools help you to fully exploit the data in you online bill payment system to maximum benefit.
For example, if a member uses online bill payment to make mortgage payments, you can use Experiture to send a triggered email (or even a direct mail piece) informing the member of your re-financing rates, as well as their potential cost savings — and invite them to refinance their home loan through your credit union.
The same strategy can be leveraged for auto loans, credit cards, personal loans, and more. This is an easy way to target those who are already borrowers, and maximize the return-on-relationship for each of those members.
Campaign 2: Onboarding
In the world of engagement marketing, time is of the essence. The research agrees: the greatest opportunity for cross-selling to your members occurs within the first 90 days of a new relationship with your credit union.
An effective onboarding program must therefore provide consistent communication during this critical time period, while introducing products and services that make the new member feel as if you have their needs and interests in mind.
Experiture’s automated marketing tools can keep track of each member’s demographic information, as well as critical events or stage in a member’s lifecycle. With this knowledge of a customer’s needs and interests, Experiture can enhance the effectiveness of onboarding with customized letters, postcards, and emails that contain timely, relevant information and offers. And the impact? Reduced attrition rate, enhanced customer satisfaction, and ultimately, higher member lifetime value.
For more information about onboarding programs, go here.
Campaign 3: Next Best Product
The best indicator of a member’s potential interest in your credit union’s products is the past relationship history of that member.
With Experiture, you can take full advantage of your customer data – creating segments of customers based on past purchases and other information, in order to present offers for the next-best product.
For example, members who open new checking accounts have a propensity to obtain auto loans within two years of establishing their accounts. Likewise, taking out an auto loan may indicate that a member is also suitable for a credit card offer.
Experiture can help you to use demographic and historical data to effectively target members for such cross-sell offers – and makes it easy to present those offers across multiple marketing channels including direct mail, email, mobile, and more.
Conclusion
With a powerful marketing data warehouse, and tools to create, deploy, measure and optimize marketing programs – Experiture gives credit unions the capabilities to run marketing programs such as data mining, onboarding, and cross-selling your “next best product”. And, whether you are using Experiture – or you are combining a number of solutions to get the same functionality of our single-platform solution – these 3 campaigns should help you bolster member engagement and get the most from your marketing in 2015.
Questions or comments about how your credit union can use Experiture? Contact us today to learn more.