If you really want to know your members, you have to learn their financial patterns, behaviors and life stages. What makes them tick; what are their needs and how can we as marketers give them a better credit union experience? Sure, we probably all look at our members at a high aggregate level, but how do their experiences compare in metrics and how can they impact the bottom line of the organization. Credit unions are about doing the right thing for members; but they cannot give up the ship to grow. Erie FCU strategically focuses on these elements and we measure relationship qualifiers, share of wallet metrics and profitability in order to sustain growth.
Since 2008, I have been developing, enhancing and delivering strategies using member metrics. We currently use an MRM system, along with an MCIF program that purely produces qualitative and quantitative member analytics. I have developed strategies to engage frontline staff to use our MRM platform which assists them in serving our member’s needs by capturing additional data. Our staff has best practices in place to look at items such as client interests, service and contact events that help them better serve members.
I also have an integral role in developing a new culture at our credit union; using tools like MRM and MCIF platform to aid us in future growth opportunities. Most people think that ‘sales’ means they will get ‘sold’ something they don’t want. In most cases this may be true. But for our credit union, we proactively research and mine data and develop campaigns that are specific to our member’s current financial needs and project future needs. In order to do this, we have profitability defined at all levels, from organization down to the service level. Each category has its place in how we can better serve members. Profitability is needed to sustain growth and a healthy organization which allows us to provide a higher standard of services, better convenience channels and better product interest rates for members.
I’ve developed a series of filters and logic that helps us utilize these metrics to offer members products and services they really need and want. I’ve redefined logic for next product potential algorithm which promotes products and services based on what our current membership has and presents them to members without those products. The best way to describe this is how Amazon presents offers “buyers who bought this product also bought…” If we know that we have a segment of members that have an auto loan, a credit card and checking product with a consistent profit rating and another segment with just an auto loan and credit card, why not cross-sell a checking product to bring that member up to the next level? This satisfies a need and shifts member segments, which strengthen the member relationship, while increasing and deepening share of wallet.
Propensity, penetration, acquisition, attrition and retention sound like finance and operation terms but I’ve aided in the development of marketing strategies around these factors. These terms are significant because they all can impact the bottom line. I help impact these metrics at every level, from aiding operations on the frontline with MRM to direct and indirect member contact, all in which result in functioning figures.
I’ve developed a system in which MCIF logic is integrated with our MRM system. This data is presented to front-line and back-office, which can be used for future cross-sell opportunities and decision making capabilities. These methods reduce costs, increase response rates, and we are able to use real data to make qualified offers that meet our member’s needs.
Members do not want to be sold. They want quality products and services that fulfill their needs and wants. Knowing their situation really puts them in a better position to make the best financial decision for their situation. Members expect this from us. I am glad to be a contributing factor and make a difference to better serving our members.