What is the value of credit union membership?

If you could inform each member at your credit union exactly how much money your credit union was making them and/or saving them with the products and services they are using…would you?

For many members…the feel, philosophy and service provided by your credit union are enough.  Still…wouldn’t it be really cool to quantify the benefits?  And then shout it from the mountaintop?

Jane, your membership at Your CU saved you $375 last year!  Yeah, that is cool.  Jane will like it.  Your CU will improve member retention and increase cross-sales in the process.  That is cool too!

So, is there a dollars and cents – provable formula that you can use to validate the real life value of membership?  Yes.  We call it the Member Value Statement.  Check out a video that describes it all.

The Member Value Statement (some refer to it as a Member Report Card) analyzes the products and services that each of your member relationships have with your credit union.  This isn’t a general, institution level kind of analysis like some have offered in the past…it is way more granular, allowing each member to see exactly how much they benefit from membership at your credit union, based on the combination of accounts they own.

Wright-Patt Credit Union in Fairborn, Ohio, was the first institution to run the analysis with us and implement a direct mail campaign to communicate the benefit to their members. The credit union quickly saw results. Tracy Fors, Vice President of Marketing & Business Development, recognized the power of the campaign early on. “We had a huge increase in attendance at our annual meeting shortly after the Member Report Cards were mailed,” said Fors, “and many of the attendees told us they were there because they had received the Member Report Card and wanted to learn about more ways they could save by using their credit union. Within the first 90 days of the mailing, we were able to attribute approximately $50 million in new relationships as a result of this project.

We had used other sources of information in the past to convey the message to our membership at a collective level that we really are here to help them keep more of their hard-earned money,” she explains. “But this really helped bring the message home by quantifying the savings at the individual member level. Here’s exactly how much we saved you. And if you use your credit union more, you can save even more. Most people are not going to ignore that type of compelling information.”

Would you like you to quantify the value of membership with your members – even though they may love you anyway?  It is always a good time to validate the benefits of membership, sell more, benefit members more…and build loyalty.  Your members will not ignore this type of compelling message.

Jay Kassing

Jay Kassing

Jay Kassing is President of MARQUIS, a Texas based provider of marketing analytics solutions including MCIF/CRM software, MCIF services, profitability, compliance, consulting and direct mail creative/fulfillment. Jay has ... Web: www.gomarquis.com Details