Onboarding members will put you in the drivers’ seat for 2015

With every new member comes an opportunity to capture not just new loans, but also their commitment to you as their financial institution. Realistically, these days that means about 10 seconds. Multiple channels can mean undivided attention and awareness of your products and services.

That being said, the mailbox can be the most unused opportunity when it comes to marketing to your members. I decided that it may be time to share one credit union’s experience with the mailbox and why direct mail is still so important.

Here is the breakdown for one year of onboarding to members which also does include a trigger based marketing process. The direct mail is a standard letter in a non window envelope – the envelope does have an exterior graphic to match the letter. Imagine that, a NON-window envelope!

What I find most interesting, is that a Birthday or Anniversary letter performed best. This type of communication can not only build a personal connection with them, but also show them that you care about them and how important they are to your credit union.

An ROI you can be proud of….

Here is the annual cost analysis for this monthly program. By using their member data, they were able to formulate a strategy that kept the cost down and yet increase profitability and member retention.

Why direct mail? Because it works!

As you consider ways to reach your members, don’t forget the importance of the mailbox. It may be the one channel that still holds a high value with your members.