1 minute
According to experts, successful card loyalty programs:
- differentiate the CU’s brand and member experience, and create a competitive advantage;
- build new account relationships and reduce attrition;
- put a member’s CU card top of wallet (digital or otherwise);
- understand changing member behavior, needs, and usage, and are tailored to those needs;
- offer choices, including full-scale rewards and a variety of redemption choices;
- create an enterprise relationship to upsell more products;
- ensure IT and the retail side understand member needs and the goals of the program;
- innovate around the edges with technologies like Apple Pay and Google;
- keep the messaging fresh and in terms the members can easily relate to;
- offer seamless fulfillment for a happy member experience; and
- are flexible and change with the times and according to member needs.
Less successful rewards programs could have one or more of the following characteristics:
- don’t meet member needs;
- are not competitive;
- are too complex to manage and understand;
- are not communicated consistently to members or embraced by staff;
- do not use all of the member touch points to communicate the program;
- do not have the support of a trusted, reliable vendor that can support member questions and fulfillment issues;
- lack integration with digital channels;
- promote cards that aren’t good enough products to be top of wallet;
- are hampered by vendor technology; and
- are bound by inflexible processors.
With 25 years of marketing and communications experience, Stephanie Schwenn Sebring established and managed the marketing departments for three credit unions. As owner of Fab Prose & Professional Writing, her focus is assisting credit unions and industry suppliers with their communications needs. Lisa Hochgraf is a CUES senior editor.
This is bonus from “Card Rewards” in the May issue of Credit Union Management magazine.
