This is the time of year when credit union marketers are crunching numbers and formulating 2016 marketing campaigns and budgets. According to CUES Supplier member Callahan & Associates, U.S. credit unions spent $1.17 billion on marketing and promotional expenses in 2014. And on average, they were spending $436 in marketing expenses per net new member.
Does this ring a bell? There’s some serious money at stake and if the return on marketing investments don’t compute to steady member growth, that’s simply money out the window.
Enter Advanced Analytics
Credit unions have always excelled at fostering strong, lasting relationships with their members. This has helped them tailor the right messaging and product offering to the right member. However, times are changing. Member bases are becoming more diverse and bigger banks are using customer analytics to market themselves to what could be your next new member.continue reading »