Filene, Credit Unions Working on Saving Paper, Costs in Marketing
Credit unions may spend $50,000 or more every year on paper brochures, with no way of knowing who reads them or who follows brochures’ calls to action.
What’s more, because the terms, conditions, rates and products are constantly changing, traditional brochures can quickly become outdated.
Through a new pilot project involving three credit unions, the Filene Research Institute in Madison, Wis., said it has developed Leeflet, an electronic brochure program. Leeflet allows credit unions to enhance sales and marketing efforts by cutting down on collateral costs and tracking campaign effectiveness.
The initial performance metrics are very promising, according to Filene. The open rate for all Leeflet brochures is more than 70% with a click-through rate higher than 25%.
“Leeflet has helped us at Fort Knox to present a more modern streamlined look to our members while shaving marketing expenses and tracking our campaigns better,” said Ray Springsteen, executive vice president of the $1 billion Fort Knox FCU in Radcliff, Ky.
The $524 million Smart Financial CU in Houston, Texas and the $350 million Financial Center Federal CU in Stockton, Calif. are also participating in the pilot project.
One of Filene’s i3 innovation teams worked closely with electronic marketing experts at DigitalMailer to create Leeflet.
"This pilot project is already a success story. It matches a great i3 idea with a collaborative credit union provider and is showing real-world results in three credit unions," said Jason Milesko, chief of applied research and innovation at Filene Research Institute. “We’re excited to expand the pilot and build a service that will help credit unions save money and serve members better.”
Filene is hosting two free webinars on Jan. 29 and Feb. 12 to explain the pilot project, describe expectations for pilot participants and outline the timeline of the research.