By Michelle Hillenbrand
The payments industry is evolving at a breakneck speed that has consumers struggling to keep up. From new technology to security concerns, it is more important than ever that credit unions meet the changing needs of members. One of the keys to success in doing this is through marketing. Another key to success is leveraging your partners to support your marketing efforts. Here’s why:
Work smarter: Credit unions should leverage resources to achieve objectives.The right marketing partner can help you through the strategic planning process and provide guidance on the initiatives, tools and programs that will have the biggest impact on your bottom line.
By the numbers: It is crucial to look for partners that offer platforms that provide easy access to relevant, real-time data. It is equally important to identify a partner that can help you interpret this data and make it actionable.
Resources and expertise: The right marketing partner should fill the gaps in your internal resources by bringing skillsets and expertise to the table you may be lacking.
PSCU created Advisors Plus as a way to work with members to identify individual marketing solutions that best grow business objectives. Advisors Plus helps more than 400 credit unions each year with various marketing efforts, data analysis, understanding where their portfolios are today, where they want them to be tomorrow, and determining how to get there. Here are a few examples of how Advisors Plus efforts have translated into tangible success for member credit unions:
Langley FCU
The Challenge
Langley’s new CEO saw an enormous opportunity in 2012 for Langley to increase lending, particularly through growth in loans with short terms or variable rate features.
The Solution
Advisors Plus worked with Langley to conduct a comprehensive review of Langley’s existing credit card portfolio and operations. Based on this information, Langley spent a year optimizing its portfolio before working to grow balances and/or accounts. Langley then turned to Advisors Plus in late 2013 to begin implementing its growth plans
The Results
Langley exceeded its $100 million balance goal for 2014, achieving 30 percent balance growth and 20 percent growth in its number of credit card accounts.
Pen Air Federal Credit Union
The Challenge
As part of its strategic emphasis on membership growth, Pen Air sought to focus on new checking account acquisitions in the spring of 2014.
The Solution
Pen Air partnered with Advisors Plus to conduct a three-month, direct mail Checking Account Acquisition Campaign.
The Results
Pen Air added 676 new checking accounts for a total of nearly $750,000 in incremental balances as a result of the campaign. Those new member accounts purchased 588 additional Pen Air products, accounting for an additional $1.5 million. Even 417 prospects that did not directly open new checking accounts responded to the mailing by opening membership accounts for other Pen Air products, resulting in another $4.7 million.
Harvard University Employees Credit Union
The Challenge
In 2014, Harvard University Employees Credit Union was looking to take its credit card programs to the next level via account activation growth, transfer growth and balances growth
The Solution
In February of 2014, Advisors Plus developed a marketing calendar that included three custom campaigns and two structured campaigns.
The Results
Harvard’s year over year outstandings growth was 19%, exceeding campaign objectives. Gross Account Activation also increased 10 percent across both programs.
Michelle Hillenbrand heads up the Advisors Plus Marketing Services group. Advisors Plus was established in 2004 as the consulting arm of PSCU to help credit unions meet their financial and business challenges and grow. For more information, visit AdvisorsPlus.com.