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Member Contact Strategy

Member Contact Strategy. The Matrix. The Statistics…. Cutting customer defections by just 5% has the effect of boosting profits between 25% and 95%. (Harvard Business Review.) A 5% improvement in customer retention improves profitability by 25 to 100%. (Bain & Co.) Onboarding

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Member Contact Strategy

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  1. Member Contact Strategy The Matrix

  2. The Statistics… • Cutting customer defections by just 5% has the effect of boosting profits between 25% and 95%. (Harvard Business Review.) • A 5% improvement in customer retention improves profitability by 25 to 100%. (Bain & Co.) • Onboarding • BAI research reveals that almost 75% of all cross-sales from new retail checking accounts take place within 90 days of account initiation.

  3. Loyalty versus Engagement • If you want loyalty • Engagement is the true objective • A journey, not a destination • Regular and rewarding interactions that deepen the relationship a member has with your credit union. • How does one successfully engage a member? • Permission, Relevancy and Frequency

  4. Who Does this Right? • Orbitz • Amazon • Google • Credit Unions?

  5. Financial Partners Program • Designed to capitalize on triggers • The correlation • Number of times a credit union communicates with a member and their propensity to remain with the credit union. • Low cost • Easily managed

  6. The Program cont’d • Strength of program is the lack of dependency on the retail delivery channel • Currently have ten different messages • Managed completely in-house

  7. One-Stop Access for Staff

  8. The Pieces

  9. The Pieces Continued

  10. Results

  11. Summary • Managed by a small staff • Process takes approximately five hours per month • Minimal monthly cost • Postage • Phase II • Integration with core system (Symitar) • Formalized on-boarding

  12. Contact Information

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