Getting More Business from Your Members with Electronic Strategies (Credit Union Conference Session Presentation Slides)
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This document discusses how financial institutions can use mobile technology and data to better communicate with customers, drive growth, and increase profitability. It notes that over 90% of Americans now carry mobile phones and use them for various activities like texting, shopping, and checking email. The document then recommends that financial institutions analyze customer data to identify their most profitable customer segments. It suggests communicating with customers across multiple channels like statements, direct mail, and personalized digital messages to cross-sell additional products, increase customer lifetime value, and generate more revenue and higher returns on marketing investments. Specific engagement tactics highlighted include using QR codes and personalized URLs in communications to track customer responses and measure campaign results.
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Getting More Business from Your Members with Electronic Strategies (Credit Union Conference Session Presentation Slides)
- 1. Over 280 million Americans carry mobile phones – that's over 90% of the nation's population
- 2. 8 trillion SMS/Text messages were expected to be sent in 2011
- 3. Smartphone subscribers using Mobile Internet have grown 45% since 2010
- 4. 88% of the Millennials text regularly- The Web has become their primary source of information
- 5. 73% of mobile users are interested in shopping from their phone
- 6. 45% of Web mobile use is spent checking email
- 7. 30% of US households are wireless only
- 8. Generating New Business With Electronic Response Strategies
- 9. Let’s Talk About • Growth • Segmentation • Technology • Results
- 10. Growth What are the objectives? • Growth in Assets • Growth in Loans • Growth in ROA • Growth in Profits
- 11. Profit as a Metric • Not just for corporations/business • Key indicator for success • Check and balances
- 12. Do you know your members? • Profitability • Growth • Retention
- 13. What do your most profitable members look like? • What percent of your members are profitable? • Which of them are the most profitable? • What attributes do they hold? • What do they buy? • Why?
- 14. How do you find more of them?
- 15. Transformation • Use profitable members as model for growth • Grow the % of profitable members • Objective: • Better financial results • Healthier credit union • More engaged members • More satisfied members
- 16. Successful Strategy Member Profitability Solutions
- 17. Elements of Growth • Sell more to your profitable members • Create more profitable members from existing members • Add new profitable members from outside • Add new solutions
- 18. Lifecycle Communications • Attract • With one-to-one communications • Retain/Convert • With new offers • Grow • With relevant products Multi touch communications to offer more products
- 19. Statistics
- 20. How do you communicate with members?
- 21. Communication Channels • Monthly documents: • Statements • e-statements • Notices • Loan bills, etc. • Direct marketing • Electronic marketing (e-alerts) • Among others
- 22. Maximizing Responses 1%‐2 Call to action: Reply Cards response rate 2%‐4% Toll Free response Numbers rate 2%‐3% Visits to the conversion Website rate 8%‐9% QR Codes response rate 9%‐10% PURLS response rate
- 23. QR Codes/PURLS QR Codes Personalized URLs •2 dimensional barcodes •Website with variable •easily scanned using any content modern mobile phone •URL with recipients' name www.SamSample.creditunion.com Using data to generate better financial results
- 25. Process Flow Instant Response
- 26. The Results
- 27. Marketing ROI Example Color promo page Direct Mail Color promo page w/PURL, QR Code * Documents Mailed 10,000 10,000 10,000 Marketing Messages 10,000 10,000 10,000 Response Rate 1.0% 3.0% 6.0% Responses 100 300 600 Conversion Rate 30% 30% 40% Sales 30 90 240 Revenue per order $300 $300 $300 Total Revenue $9,000 $27,000 $72,000 Marketing Cost per piece $0.55 $0.085 $0.205 Total Cost $5,500 $850 $2,050 ROI 164% 3,176% 3,512% * Scans, logins are trackable for campaign measurement
- 28. Benefits of Enhanced Communications • Increase growth • Improved profitability • Data driven personal messaging • Delivered across different channels • Instant feedback • Measurable results
- 29. Contact Information Steve Miller National Account Director- Financial Services (315) 652-6230 smiller@cathedralcorporation.com Maria Del Amo Director of Marketing (315) 652-6256 mdelamo@cathedralcorporation.com