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The big players are going after your members all the time. How credit unions can compete.
Affluent members represent an attractive demographic for credit unions—not to mention the large national players, says Doug Leighton, head of community accounts at CUES Supplier member Visa Inc., Foster City, Calif. He stresses that national players are mailing or emailing credit card offers to your affluent members all the time.
If your credit union wants to market its credit card products to affluent members, Visa suggests:
If your credit union wants to market its credit card products to affluent members, Visa suggests:
- Partnering with your credit bureau; many have services to assist in building out a profile segmentation to market and can underwrite affluent card-likely members.
- Developing cross-sell campaigns for employees to encourage affluent card sales.
- Making an effort for employees to obtain and use the card products.
- Using a data-mining tool. For example, Visa provides Visa Data Manager (tinyurl.com/VisaDataManager) to segment your portfolio and affluent membership.
- Using a return on investment tool such as Visa Credit Performance Accelerator (tinyurl.com/CreditPerformance) to determine approximate expenses and income for an affluent program.
- Partnering closely with your processor and payment network, using their tools to manage your program and grow cardholder spend.
Stephanie Schwenn Sebring established and managed the marketing departments for three CUs and served in mentorship roles before launching her business. As owner of Fab Prose & Professional Writing, she assists CUs, industry suppliers and any company wanting great content and a clear brand voice. Follow her on Twitter @fabprose.
