Unlike other financial institutions, your credit union has an
immediate opportunity to grow share-of-wallet by building on your
members’ high level of trust and loyalty. Specifically, establishing a
cohesive, easy-to-use member discount program that includes credit card
rewards and savings on “big ticket” items. This can broaden the benefits
of credit union membership, while giving you another opportunity to
showcase your commitment to exceeding members’ expectations.
The member discount program checklist below is designed
to help you quickly plan, implement and optimize a program that will
strengthen your position as a member-focused institution while
generating cross-selling opportunities and non-interest income.
- Take Inventory: What types of
discounts from local and national companies does your credit union
currently offer via your website and branches?
- Identify Key Stakeholders and Objectives:
What department(s) currently offer member discounts? Do these
departments coordinate the discount offers? Are the offers tied back to
strategic objectives such as cross-selling core loan products and
driving increased traffic to online banking?
- Find Your Discounts: Is there a
central location on your website that provides information about all of
your discounts? How do your members learn about the discounts? Are your
discounts easy to find?
- Ensure a Positive Member Experience:
Are the discounts current and simple for members to access and redeem?
Are the discounts competitive with other financial institutions and
member-based organizations? Is there a clear member support process for
resolving redemption or product/service issues?
- Update, Optimize, Promote and Measure Your Program:
Are there existing discounts that need to be updated or removed? Are
there additional, turnkey discounts that should be added? Does your
website effectively communicate and promote the discounts? Are you
taking advantage of your member communications (e.g., newsletters,
emails, statement inserts and Web banners) to build awareness about the
discounts? Have you established metrics to measure the results of your
program?
The Invest in America team has helped hundreds of credit
unions work through the member discounts program checklist and we
recognize that your credit union might not have the resources to
implement and manage a robust program.
To help get you started or take your current program to
the next level, we have developed a full range of turnkey programs with
free marketing collateral and Web design that include discounts from
trusted U.S.-based companies like GM, Sprint, Dell and Intuit. To learn
more and complete your checklist, please feel free to contact us at
investinamerica@cusolutionsgroup.com.
Related Services: Invest in America, Credit Union Member Discount from GM, Sprint Credit Union Member Discount, Dell Discount, Tax Services Discount
