Six compelling reasons your credit union should build a digital referral program

Today’s marketer at a bank or credit union has a tough job. Competing priorities and objectives are typically the norm, with limited budget, resources, and time making growth a challenge. At the end of the day, the tasks garnering the bulk of attention are intended to improve the position of the organization to assist retention and ultimately drive growth. Acquiring customers remains an expensive and time-consuming process.

For an average consumer, selecting a financial institution can be a difficult task. The evaluation process involves comparing products and services, examining rates offered, assessing branch reach and locations, as well as reviewing convenience tools like ATM locations and the availability of online and mobile banking solutions.

And yet marketing messages from banks and credit unions are awash in a sea of similarity, giving an appearance that each organization offers essentially the same thing. How is a consumer to choose?

This lack of differentiation is exactly where a modern referral marketing program can help.

Almost every marketer at a bank or credit union has had some experience with a referral program. These executives would agree that a significant percentage of new customers originate from word of mouth referrals, making this lead generation channel the best for new customer acquisition.

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