Research and Digital Innovation Up the Ante on Member Communication
By. Ron Daly, DigitalMailer, Inc.
The stakes are being raised on technology.
At DigitalMailer, we work with credit unions across the county to help them incorporate today’s technology into more effective and efficient communication. So when a team from one of Filene Research Institute’s i3 innovation groups asked us to create a member relations tool that would reduce costs and track member response to a request for information, we quickly jumped on board. The i3 group, part of the industry research and think tank, envisioned a new type of electronic brochure: a digital marketing device that can track a member’s progress throughout the online marketing process.
The result? Leeflet™ – a user-friendly e-brochure designed to cut marketing costs while monitoring member reactions. Credit unions can send requested information on products and services right to their members email inboxes, measure open rates, and follow members’ responses. Because Leeflet’s effectiveness can be tracked, credit unions can make improvements to better catch members’ attention.
This joint venture demonstrates that new online channels can be integrated with credit unions’ broader marketing strategies for maximum impact. If your credit union hasn’t developed an e-marketing strategy, it’s time to embrace one.
These days, your members expect easy access to products and services anytime and anywhere they want it. Current technology can help get you there. Whether it’s an electronic brochure, a drip series of mobile messages or a one-click application posted to Facebook, broadening your use of tech tools brings quantifiable benefits. Here are a few:
- Measures effectiveness and performance.
With help from the right technology resources, you can customize your email and text marketing campaigns to match members’ interests. You can track whether they were delivered and opened, and if members took action. Did they click on a link for more information? Did they start filling out a pre-approval loan application but not finish it? Armed with this information, you can follow-up as needed. And if your message didn’t move members to act, you can easily tweak it so it will perform better the next time.
- Improves response times.
Digital communication tools let you send members marketing messages or offers on their terms. By embedding direct links or click-to-close forms in the requests, and delivering them through multiple online and mobile channels, your members can read them whenever they want. This improves response rates and is much more cost-effective than mailing a printed promotion to a broad member mailing list.
- Saves the environment – and your bottom line.
Most consumers prefer to work with environmentally friendly companies – as indicated by Cone Communications 2012 research that found 69 percent of American consumers routinely or sometimes consider the environment when making a purchase decision. Digital communication technologies can help credit unions strengthen their “go green” efforts. By implementing electronic printed marketing materials, you’ll be in good standing with your members. And cutting out costly paper and postage will go easy on your credit union’s bottom line.
- Eliminates “shelf life” concerns of printed materials.
When ordering print marketing materials, you usually have to buy more than you need to get the best cost. And often, these brochures and tri-folds become outdated long before the supply is gone. Switching to an e-marketing strategy eliminates this. Electronic promotional materials can be easily updated and customized for specific members and individual requests.
Ultimately, it’s all about the member. They choose you over the competition because they know your credit union will work harder than others to satisfy their desire for quality products, fair rates, and top-notch service. As tech-savvy members expect more from their PFIs, you should be ready to adapt. Today’s digital communication technologies can help.
It’s time to up the ante on member communications by implementing an e-strategy. For most credit unions, it’s a good bet.
Ron Daly is the president/CEO of DigitalMailer, Inc., a firm providing the self-service digital communication tools today’s financial institutions need in their virtual branch, as well as the expertise and resources to use them in their eStrategy to Connect. Communicate. Grow! To learn more, visit www.digitalmailer.com or call 866-994-4900.
