3 Ways to Engage Your Current Credit Union Members
Your members are the reason your credit union exists. They have already made a commitment to you and your credit union, making them your most valuable asset. Isn’t it about time you let them know?
Your current members’ loyalty and participation are what keeps your institution going, growing and thriving. However, you must keep communication lines open and the conversation alive in order to continue to cultivate the relationship. If your organization fails to continue to engage and communicate with its members, it runs the risk of becoming stagnant, unessential, and ultimately, no longer relevant.
Here are three resourceful ways through which to engage your existing members and keep your credit union front-of-mind.
Offer unique benefits to existing credit union members.
Financial companies often focus on attracting new customers to their organization by offering low rates, guaranteed financing and cash back incentives to potential clients. While this is a valid strategy, it fails to engage existing members. Offering exclusive benefits to established members, like a rewards program or discounted services based on a member’s tenure, lets your clients know their relationship and loyalty is valued.
Become an exclusive resource.
Remind your existing members of the great benefits they receive by simply being a part of your organization – benefits only you can offer them. From special financing offers to added security, there are a number of members-only features credit unions are able to provide their clients that traditional banks might not offer. Credit union member surveys performed by Kelton Research have found that 88 percent of members believe credit unions to be more reliable and trustworthy than big banks, and choose to join this type of not-for-profit association in order to ensure their investments are well managed. By using this type of information to better engage your existing members, your institution can better retain their business.
Don’t underestimate the power of social media.
It’s now more important than ever for credit unions to take advantage of social media. For many non-profit associations, it has been the catalyst to their success in these tough economic times. University of Massachusetts Dartmouth’s Center for Marketing Research states that the 200 largest non-profits are outperforming both the Fortune 500 and the Inc. 500 in terms of social networking usage. Social platforms present the ideal opportunity to engage in two-way conversations with members, as well as promote the type of benefits and resources discussed above. Associations can also consider creating private online communities, as they can offer a safe and exclusive space for members to voice concerns and offer new ways of improving engagement.
There’s no better path to growth and development than by first taking care of those who have already chosen to join you on your journey. Your members are your most valuable asset, so make sure you express that sentiment to them, letting them know their membership and participation are the life and blood of your credit union.
How has your credit union engaged your members and made their experience with your association more rewarding?