Know what members want.
By Stephanie Schwenn Sebring
This post is bonus coverage from "Card Rewards," a feature story due out in the May issue of Credit Union Management magazine.
David Eads, CEO of Mobile Strategy Partners, LLC, Atlanta, says credit union loyalty programs will be most successful when CUs can communicate benefits in a meaningful and consistent way that resonates with members. “I recommend to clients that they rethink how they’re communicating their program,” he says. “How well has it been integrated into the credit union’s overall brand? How frequently does the credit union promote rewards? The credit union should incorporate rewards messaging into all of its marketing channels, all of the time. These channels can include point of sale at the branch, website, mobile, newsletter, email blasts and alerts.” Brian Day, manager/mobile products for CUES Supplier member The Members Group, Des Moines, Iowa, suggests that an impactful rewards program, embraced by staff, will engage members and naturally enhance their satisfaction levels. Greater engagement and satisfaction will also lead to increased loyalty and less attrition. Day notes that successful loyalty programs will have a variety of options for point redemption and keep members engaged with continual education and fresh approaches. Of course, success with all of this means knowing who you’re trying to serve. “You need to understand the data and member behavior so you can tailor the message in a way the member can appreciate and understand,” concludes Eads. “For instance, communicate benefits as a tangible example, such as a free cup of coffee every week.” 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. CUES School of Payments is slated for May 12-13 in Chicago.
