Baby boomers remain the most influential generation when it comes to economic decision making. The U.S. Census Bureau defines Baby Boomers as those born between 1946 – 1964. There are 76 million nationwide, and their influence on healthcare, technology, travel, and e-commerce is expanding. Continually engaging your members and understanding their needs are two of the most important facets of maintaining retention.
Member retention is just as important as member acquisition. Data-mining strategies that go into gaining new members should also go into improving relationships with existing members. Credit unions can positively influence retention rates by using data analytics to build relationships with members. High member satisfaction levels lead to greater loyalty and referral business. However, all members are not created equal; some relationships are worth more than others. It is vital to identify the most loyal and profitable members who will most likely drive revenue at your credit union.
Training your staff to be in a partnership with your members is another way to create loyalty and gain retention. Asking the right questions, giving them the proper training, and constant engagement with your member base are all ways to create need and comfortability.
Ensure you have a defined and credible marketing strategy to reach the demographic you are targeting in order to maintain retention. An accurate database is essential to send the proper campaigns to each target market. Member services, product offerings, and interest rates are all factors, but it is imperative to remember that marketing efforts can strongly influence retention. Credit unions must be able to communicate with members in order to up-sell and market appropriately. New offers and special rates should be aptly communicated to members.
These strategies increase retention rates and help eliminate the wasted costs of sending inaccurate information to people. Improved marketing campaigns and member analytics enhance the member experience and increase up-sell opportunities. This enables credit unions to streamline operations and reduce costs.
Do you know your member demographic? Your current member base is already a captive audience. Let the professionals at Omega Benefit Strategies help you integrate these strategies to gain more loyal customers and achieve strong referrals.
Omega Benefit Strategies provides senior credit union members an educational resource for Medicare. Our turnkey marketing package seamlessly integrates with existing market strategies. We can help businesses increase new member acquisitions, bolster retention, cross-sell opportunities via our “scorecard” system, and even earn an ancillary revenue stream. Accommodating any size membership, we maintain exemplary member service and offer top-notch products. Contact us today by going to www.omegabenefitstrategies.com or call 888-404-5049.
Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.