Leveraging Referral Marketing for Member Acquisition: Guest Opinion
Recommendations, referrals, word of mouth marketing, social referrals; read any marketing publication and you are likely to find these phrases in abundance. In the age of social media and websites that host peer reviews such as Yelp, consumer to consumer, or C2C recommendations and reviews, are the new reality for businesses. Exposure to this phenomenon is beyond your control; however, capitalizing on the trend is not. If you haven’t considered a formal referral program for membership acquisition, read on. If you have a program already, pat yourself on the back for being ahead of the curve, but read on anyway, because you might be able to improve your program.
Credit unions, by nature of how they do business, are highly referable. They are for the people, by the people, and generally have heavy community involvement. Credit unions have some of the highest net promoter scores of any industry, which evaluates businesses on how referable their product or service is. Great customer service is a benchmark of credit unions, but the value goes beyond loyalty and retention. Recommendations are happening right now, the question is, are you tracking them and facilitating more of them through a formal program and reward system?