5 Signs Your Credit Union Needs a Member Analysis

No matter the organization, it’s common to cruise on the “business as usual” mode dealing with the day-to-day work without thinking about the big picture. Without thinking of ROI or overall effectiveness. But chances are, when you do look up you’ll discover that your results aren’t what they used to be.

If this is the case at your credit union (no worries, we don’t judge), then it might be time to consider taking a step back to evaluate your current status with credit union member analytics. It’s easier and more affordable to grow from the membership base you currently have than to woo new members. Plus, the data you collect from member analytics can help you make more concrete marketing decisions.

Still not sure member analytics are for you? To help you decide, we have five signs your credit union may need a member analysis.

1. The credit union down the street always seems busier than yours.
   
   Does it seem like the competition, whether it’s a nearby bank or credit union, always has a leg up? That they’re always one step ahead with membership, marketing and revenue? It seems like you offer the same products and services and competitive rates – so what gives?
   
   Member analytics can help you identify where your credit union’s growth opportunities truly are. You can uncover which marketing segments you have already strongly penetrated and which ones have room for growth. Credit union member analysis can give you the details you need to make improvements and keep your branches busy.
    
2. You’re not sure who your most or least active members are.
   
   Sure, your credit union wants to retain those members who hold the majority of its assets – but do you know who these members are? Our credit union experience has found that for most credit unions, those with the largest amount of assets make up a small percentage of its actual membership. On the flip side, you should also determine who your least active members are so you can target them for increased wallet share.
   
   Knowing which members you want to focus on retaining and those who need to increase their activity is all possible with member analysis. This data can also help you better focus your marketing dollars where they’re needed and avoid sending the same messaging to all members – who aren’t necessarily in the market for the same products or services.
    
3. Most of your members use only one product and/or service.
   
   It’s no secret that it’s significantly easier to expand a relationship with a current member than it is to gain a new one. The ultimate goal, of course, is to be your members’ primary financial institution for everything from checking and savings accounts to loans and investments. And the more products/services your members use, the less likely they are to stray.
   
   The best way to meet all your members’ financial needs is to first discover what those needs are. Not to sound like a broken record, but a credit union member analysis is the best, most effective way to find out what makes your members tick and uncover their level of commitment to your credit union. Member analytics will have the answers.
    
4. You’re looking to market to Gen Y, but don’t know where to begin.
   
   Sure, Gen Y (anyone born in the mid-80s to mid-2000s) is the coveted demographic to target – but what’s the best way to approach them?
   
   To start, find out the size of your current Gen Y credit union membership. You may already have a substantial portion of your membership fitting this age range and don’t even realize it. Member analytics can break down your membership not only into age ranges but income levels as well. Instead of targeting new Gen Y members, you may only need to cultivate the ones your credit union already has. 
    
5. Your last marketing campaign wasn’t as successful as you thought it’d be.
   
   If yours is one of the credit unions that benefitted from Bank Transfer Day and all of its afterglow, your recent focus may have been on growing new membership. Instead of, or in addition to, marketing to new members you may want to contemplate cross-selling to your existing members.
   
   To effectively market to your current members you need to harness the power of member data. It will help you uncover vital information like how much they can afford, their level of loyalty and what communities you’re actually reaching. Member analysis will help uncover this vital information and help better position your efforts with any upcoming marketing campaigns.

You’ve Got the Power

Your credit union already has the power to connect with its members and grow its wallet share – the power of data. Member analytics can help give you a better understanding of the average age, income, home ownership and ethnic make-up of the communities you serve.

Everything you need to know about your membership is already there, you just might need some help uncovering and interpreting it. CU Solutions Group’s marketing research experts can perform a custom member analysis, at almost any budget, for your credit union to help it tap into its power.

Related Services:  Member Analytics, Marketing Research