In today's fast-paced, financially focused world, it is becoming increasingly difficult to reach out to others in a meaningful way. Since credit unions exist for the betterment of their members, they have an especially keen motive to find and maintain a real and relevant connection between the institution and its members. A well-run coin program can be that link. From vintage to latest releases, from circulated to commemorative, coins have always been popular gifts. They are also something that your members would expect to be able to obtain from you. A well-designed and run coin program is not only relevant to your members, it is also beneficial to both the credit union and its members.
Coin collecting has been called the "hobby of kings" but now that euphemism may be altered to the "king of hobbies" as more than 139 million Americans have taken up this fun and fascinating pursuit. This increase is due in large part to the U.S. Mint's 50 state quarters program; the growth is expected to continue with the newly released presidential $1 coin program. These coins represent American history in a singularly unique way, providing an opportunity for parents and grandparents to educate their children about this history, as well as the value and importance of money, secure investments and long-term monetary goals.
Offering a coin program also provides your credit union with increased face-to-face contacts, strengthened brand awareness, cross selling opportunities, opportunities to bring in new members, and establishes long-term relationships with your members.
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Collectible coins draw existing and potential members into your credit union again and again to get the latest coin released. Marketing these programs is easy because there are regular and expected new releases are promoted through the U.S. Mint that generate excitement and anticipation. As each past president is revitalized through the U.S. Mint, members will return again and again to add to their growing collection and they will begin to ask their local credit union about other coin-related items. These habitual and repeated visits are new opportunities for branch associates to display their helpful resources for members and to develop friendly and mutually beneficial relationships.
As credit unions well know, every touch point is an opportunity for building brand awareness. Opportunities abound to reach new and existing members through print advertising, direct mail and statement enclosures about collectible coins as well as giveaways.
A coin program is a great way to meet your credit union's fundraising goals. They are self-sufficient, generating on average 20% to 40% profit above and beyond the initial investment. Products are packaged and sold to you at wholesale prices so they provide the maximum return on investment. To increase the value, marketing materials are available free of charge to advertise and promote the program. Through MPI's coin program, hundreds of thousands of dollars has been raised for the Children's Miracle Network, Credit Union for Kids and the Credit Union Legislative Action Committee. In addition, more funds are raised as cross sell and up sell opportunities are capitalized on.
Rather than simply providing for your members immediate needs, a coin program also provides a variety of ways to cross sell and up sell other goods and services offered through your credit union. An example would be a teller handing out coupons that members can redeem for a coin set after they meet with a loan consultant; these multiple visits by members only increase your opportunity to cross sell and up sell.
A well-marketed coin program can be effective in bringing in new members to your credit union. The opportunities here are endless. You could offer to host a presentation on the history of presidents on coins and draw in many excited about the newly launched presidential $1 coin program. As schools are also regularly teaching students about states and presidents, your coin program could be an excellent opportunity to educate America's youngest coin collectors and future credit union members. Local coin clubs and collector events are also great resources; your credit union could sponsor a local or national event, providing information for newsletters and other member outreach. You could also host a community presentation on how to start a coin collection, which would be a valuable service that you could offer to current and potential members. These few ideas are just the beginning of the opportunities for new clients with a coin program like the one offered through MPI. Once established, the coin program could be used to build loyal, long-lasting relationships.
As your service providers and members share about what they are learning through the coin program, or who they are giving a coin-related gift to, deeper relationships are being built. As your members build relationships with their service providers at your credit union, they are less likely to look elsewhere for their financial needs. Through a coin program, your credit union has become more than just a financial institution, it has become an educational, cultural and historical resource, providing an assortment of products to the members.
When searching for ways to make meaningful connections with your members, consider a coin program such as the one offered by MPI. Coinage is something your members are familiar with and is something they would expect to see when they visit your branch. Coins are a popular and safe investment that grows in value, value not only for your members but also for your credit union.
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