In-branch member referral programs for credit unions

When launching new referral programs, there are a variety of online and offline strategies we encourage our credit union partners to use to spread the word of the new program to their members. The most important things to remember when introducing member referral programs for credit unions are patience and consistency. It can sometimes take months for a credit union referral program to gain traction, but once it does, it should deliver steady growth.

People trust people. Potential members or clients are four times more likely to take action when referred by a friend. That said, marketing experts warn that people need to hear or view the same message up to seven times before they will remember it. It’s because of this that patience is key in promoting member referral programs for credit unions.

Last month, I had the opportunity to pilot an in-branch promotion of a referral program, with one of our local credit unions. The amount of work this team puts into spreading awareness is incredible. They email new members, dedicate space on their website, send regular mail outs and employ pamphlets, posters and rotating TV advertisements in their branches. Despite all this effort, my in-branch experience showed me the Rule of Seven mentioned above is still a very real problem.

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