Credit unions rely on their existing members to keep them in business. However, with new regulations and rising costs, credit unions not only need to maintain member relationships but also get those members to purchase new services. While this statement is obvious to many in the credit union community, there is no clear-cut path to overcoming this challenge.
Member services, product offerings and interest rates all come into play, but it is important to remember that marketing efforts can strongly influence retention. The best method of executing member marketing initiatives is certainly up for debate, but one thing is certain: in order to up-sell and properly market to members, credit unions must be able to communicate with them. Without the ability to communicate, credit unions are simply unable to educate their members about new offers or special rates.
Despite the apparent simplicity of this task, many credit unions struggle to reach their members. In order to communicate, credit unions need accurate contact information for each of their members, and unfortunately, the majority of credit unions do not have a strategy for ensuring the accuracy of contact data.
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