Member referrals are a timeless and effective way for credit unions to attract loyal members. And with advances in digital referral marketing systems, it’s easier than ever to track your member journeys, attribute leads and conversions, and measure real impact from your marketing spend. So why do so few institutions use credit union refer a friend programs?
For your credit union to sustain healthy growth over the long-term, you must think differently about your marketing strategy, placing staff and happy customer digital referrals at the core.
Know Your Credit Union Member Journey
Transforming your credit union marketing strategy starts by transforming how you nurture and interact with existing members. Get to know your customer journey inside and out. When you understand what motivates people to become members, how they utilize your services, and what inspires them to spread the word to family and friends, you’ll be able to design a referral marketing program that attracts loyal members.
Offer Incentives, Rewards, and Benefits
When you understand your members’ journeys and behaviors, you can build relevant and valuable incentives into your refer a friend marketing program. An incentive is any reward or benefit that an existing member will receive for referring a friend to your banking, loan, or investment services. If your members are not already encouraging friends to become a member as well, it’s because they don’t yet view themselves as your advocate or have a stake in your growth.continue reading »