Getting paid to grow your program?
NAPERVILLE, IL (September 24, 2014) — LSC® has always proclaimed its philosophy of “Helping Credit Unions Compete” and its recent campaign “Get Paid to Grow Your Program,” is an example in action.
LSC’s “Get Paid to Grow Campaign” is an innovative, incentive program designed to generate credit card acquisition and growth, with a unique twist, paying the credit union $4 per account for every new account.
“We looked at what our credit unions were doing to grow their credit card programs and realized LSC could step up to the plate and really cause a change,” according to Phillip Seely, portfolio development manager. “We wanted to take a partnership approach that would require participation from the credit union yet provide them with a full turnkey solution with definite rewards.”
LSC first prepared a Performance Snapshot for the credit union to identify challenges and benchmarks. In addition, they required credit union to choose one of the four full-scale marketing campaigns to be eligible for the payoff – $4 per new account added during their 90-day campaign. The campaigns included FREE marketing kits, member statement inserts, web banner ads and a fully customized Balance Transfer Promotion, including implementation, comprehensive goals, strategies, and success monitoring.
Melissa Clapper-Lord, business development representative from Members “First” Community Credit Union, an early adaptor, had this to say about the program: “As our credit card promotion enters into its’ last month, we currently stand at 79 brand new cards, 10 increases on current cards, $401,600 in new limits, $196,107.52 in transfers, and 37 total balance transfers. It is amazing how well this program worked, and we are so glad we could attend that pre-convention program you offered that helped give us the idea for this promotion!”
According to Seely, results like these have been very common across the board. Early results from credit unions who were the first to sign on, have experienced double-digit increases in new account openings and an average increase in total outstandings of over 14%. A couple of statistics that really stand out for us are; participating CU’s are experiencing an average increase of 65.8% in new accounts opened compared to last year, and to date, we have had over 85 credit unions across 25 states taking advantage of this promotion.
Ryan Neumann, Visa Supervisor, from Streator Onized Credit Union, couldn’t have been more excited with their results. “I chose to take on the Visa department about five months ago, and I can honestly say without the LSC I would have been lost! They continually go above and beyond to try to make my job easier and get me the most up-to-date information and ideas. Looking at our Visa numbers and Visa loan portfolio compared to last year, the numbers have doubled. I believe we owe a lot of our success with the Visa program to LSC and all of their hard work!”
Interested in hearing more of what LSC is doing and “Helping Credit Unions Compete” can be found at www.lsc.net.
Note: LSC, formerly known as ICUL (Illinois) Service Corporation, is a credit union service organization offering a wide array of products and services and is dedicated to helping credit unions compete. Its products include credit, debit, pre-paid debit, portfolio development assistance, ATM services, mobile applications, and debt collection. It serves nearly 2,500 credit unions in 50 states. More information can be found at: http://www.lsc.net.