If you work in the credit union space, you’re probably well aware of the importance of member retention. And if you’re not, you should definitely read our previous pieces explaining why retention is even more important than new member acquisition, and looking at the most common reasons that members leave (and how to nip them in the bud).
Whether you’re struggling or thriving, member retention should be a primary concern for your organization. It’s an “all hands on deck” type of issue, and that includes your marketing department, which has many tools at its disposal for convincing members to stick around.
Wondering where to get started? Here are some of the most effective things that marketers can do to improve credit union member retention.
Use a calendar to schedule personalized member communications
One of the big reasons that members leave is that credit unions take them for granted. Though new members receive lots of communication, it’s easy to forget about existing members who have been around a lot longer.
Having a member communications calendar is a simple way for credit unions to regularly reach out and re-establish their member relationships. You can even schedule occasional incentives, from cash rewards to gift cards to local establishments. And be sure to personalize all of your communication to make members know you really care.
Create member testimonials
Member testimonials are a great marketing tactic for reassuring existing and prospective members alike. Additionally, the members you recruit will hopefully be excited to participate (and to receive whatever incentives you offer in exchange for their participation).
Positive member testimonials from your most satisfied members can help chart a path to financial wellness that other members will be eager to follow.
Promote interest-bearing accounts
Have some younger members who are just beginning their financial journey? You can encourage them to continue that journey with your credit union by encouraging them to upgrade from a checking account to an interest-bearing savings account. When a member reaches $10,000 in their account, reach out and share some options regarding certificates of deposits and advice on how to grow their nest egg.
Start a friend and family referral program
Referral programs are huge for credit unions, particularly when you consider that 83% of consumers trust a referral from someone they personally know. A friends and family referral program kills two birds with one stone, bringing in more new members while also improving the satisfaction of existing members.
If you provide good incentives, members will be delighted when they are able to convince their colleagues or spouses to join your credit union. And when an entire family unit is banking at the same financial institution, they’re all more likely to remain lifelong members.
Focus more on online reputation management
In an increasingly digital world, online reputation management has become critical for all types of businesses. No one wants to grab dinner at a poorly rated restaurant, purchase a product that has lots of one-star reviews, or bank at a credit union with a lackluster online reputation.
Online reputation management may seem like more of a member acquisition tool than a retention tool, but it’s actually both. Imagine a member who is generally satisfied with the experience they have at your credit union, but is open to the idea of changing to a different financial institution. If they notice that your credit union only has 3.5 stars on Google Reviews, wouldn’t they naturally assume that a competing financial institution with 4.7 stars must be even better? Whether or not it’s true, they’ll be tempted to abandon you for greener pastures.
So what’s the secret? Encouraging more positive reviews. Start sending out member satisfaction surveys, with the aim of:
- Getting critical member feedback you can use to improve the overall member experience
- Identifying your biggest advocates and asking them to positively review your credit union online
Sogolytics makes this process shockingly simple. Automated distribution can send satisfaction surveys to your members, and dynamic link redirects can automatically invite survey participants who had submitted positive feedback to also write an online Google Review.
The Virginia Physicians for Women used this exact strategy to improve the online reputation of their OB/GYN practice, and succeeded in getting all six of their locations rated 4.5 stars or above on Google. Using Sogolytics, they even improved one location’s rating from 2.5 to 4.7 stars!
Sogolytics’ member feedback software is a winning recipe for credit unions, too—just ask the folks at All In Credit Union, who grew their Net Promoter Score over twenty points with Sogo’s help.
Interested in using Sogo’s member experience management solution to improve retention at your credit union? Get started today with a free demo.
