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Name: Dow Chemical Employees' Credit Union
State: Michigan
Assets: $1,481,052,435
Members: 56,687
Website: www.dcecu.org
With 51 select employer groups in its field of
membership, Dow Chemical Employees’ Credit Union (DCECU) knows SEGs.
Regardless of what employer its members work for, they all have one
thing in common – strong member loyalty. “Our members are very loyal to
us,” says Barbara Ostroski-Enos, marketing director at DCECU. “Many of
them have been members since the 1940s and are known to say ‘we started
this credit union and it’s ours.’”
One thing that keeps its members loyal is that DCECU has a
dedicated business development specialist that visits each company and
whose main job is to keep the lines of communication open with them. The
second thing that keeps members loyal is the credit union’s tradition
of paying its members rewards each year. To date, they’ve given back
$11.5 million to its members.
This generosity doesn’t go unnoticed by its members or
their coworkers. Many new members have joined over the years thanks to
news spreading about DCECU’s rewards. The credit union’s strong member
loyalty definitely sets them apart. Barbara states, “It makes us feel
good and differentiates us from the competition.”
by Amy Neale
While there is really no such thing as a “perfect” welcome kit, you
can create one that’s perfect for your credit union. And whether or not
your credit union already offers its new members and SEGs a welcome kit,
there’s plenty to consider when creating or updating one.
If your credit union is without a welcome kit, here are five reasons you might want to start developing one soon:
- Putting Members First
Credit unions are known for putting members first. A
welcome kit underscores that by making the new member feel important and
allows your credit union to spotlight how it puts members and its
community first on a daily basis.
- Transparency
A welcome kit is your credit union’s chance to spell out
its mission, what it stands for and everything it does to protect its
members’ information. Transparent all the way.
- The Credit Union Difference
Many new members don’t know how credit unions differ
from banks. A welcome kit is an ideal, and inexpensive, forum to explain
it to them.
- Marketing, Marketing, Marketing
Most people these days are sick of being sold to, but
informing new members of your credit union’s products and services in
this introductory format is pretty much expected and unassuming.
- Better Info, Better Service
Not only can a welcome kit be a solid communication tool
for new members, it can also improve member service. Create one that’s a
member go-to should they have any basic credit union questions.
What to Include
All welcome kits need to start with a warm and inviting
welcome letter from your CEO. This is where your credit union can
customize its kits for the specific select employer groups (SEGs) and/or
communities it serves. And don’t forget to have contact information in
case your members have questions or concerns.
The kit should also include information on all of your
products and services, including any special member benefits or programs
it offers. These could take up a page for each product or a paragraph
each, it’s up to you. Spell out your credit union’s online banking
log-in process, its ATM network and overdraft policies. You might want
to include your credit union’s privacy agreements or any other
disclosures as well.
How to Use It
Have your member service representative or loan
specialist go over each page with the new member. This gives members the
time to learn more and ask questions. You members will be more likely
to put the welcome kit information to good use if they understand it all
before heading home. As mentioned earlier, welcome kits are not only
good for your typical new member, but are an invaluable tool for your
SEGs when you customize them to meet their specific needs.
If you need assistance putting together the perfect welcome kit, CU Solutions Group can help.
by Amy Neale
Credit unions with SEG charters have higher membership growth than those
that don’t. According to Callahan’s Peer-to-Peer software, it costs SEG
credit unions $316 to add a new member, while community credit unions
spend $371. And SEGs credit unions have a deeper average wallet share
than non-SEG credit unions: $15,516 per member versus $13,722.
Your SEG development will go nowhere if you don’t have devoted and
well-trained staff on either side of the equation. First, make sure your
SEGs match your credit union’s values. This will help you build a
long-lasting relationship and positively impact your credit union’s
bottom line. You want your SEGs to look forward to hearing from you!
Next, train your branch managers
and help them refine their networking skills so they can effectively
spend more time in the communities they serve. And you should probably
consider hiring a business development representative if you don’t
currently have one. They’ll be able to focus exclusively on area
businesses and SEG development. Make sure they have clearly defined
goals, this will encourage ownership – and incentivize them accordingly.
Compensation programs like HRN Performance’s Compease can simplify the process.
“We have a business development specialist that works
with every one of our 51 SEGs,” states Barbara. “He works on site at the
SEGs and educates them on the eligibility and benefits of membership.
He also sends out monthly emails to the HR managers for them to send out
to employees.”
The goal is to make your credit union fully accessible to
your SEGs. This could include participating in their new employee
orientation or onboarding process. Or, at the least, offer them a
welcome kit, or brochure to hand out. Some credit unions even have introductory videos for the SEG HR department to use in orientation.
by Amy Neale
HR managers are busy enough without having to hassle with signing up
employees to join your credit union. So, make sure anything relating to
your SEG relationship is hassle-free using the latest technology. Having
online applications for membership and loans on your credit union’s website and/or SEG microsite is a great place to start and a definite way to make life easier for your SEG’s HR department.
As we mentioned earlier, a microsite is
the perfect solution for having everything your SEG could need – all in
one place. Or, you could devote a page on your website to your SEGs.
Include those online applications, field of membership guidelines, SEG
benefits for both the employer and the employee, a link to your welcome
kit and/or brochure, direct deposit information, etc.
Technology is also a definite consideration when working
with a technology-focused SEG. Your credit union needs to offer the
latest technology – especially on its website. You might also want to
think about developing a mobile site and mobile apps if you don’t already have them.
While offering all of these technology-based services to
your SEGs, you don’t want to make life any harder for your credit union
employees. A comprehensive content management system for your website
is an excellent solution. It can help you manage your credit union’s
website, content and any mobile or microsites it may have – all
together.
“We’re able to save money each year because of
technology. Thanks to these savings, we can give our members rebates and
rewards every year,” explains Barbara Ostroski-Enos, marketing director at Dow Chemical Employees’ Credit Union. “We’re proud of our past and are
trying to prepare for the future and just be there for our members –
which are what credit unions are all about.”
by Amy Neale
A natural outcome of any SEG relationship is that at some point
membership growth will level off or even decline. Either the newness
wears off or your one-on-one relationship with the SEG relationship has
hit a roadblock. This is where a member rewards program can be your
credit union’s best friend.
Reward programs have become the go-to strategy to build
customer loyalty for marketing departments in all industries. For your
credit union, you should already have strong SEG member loyalty, so a
rewards program is your opportunity to reinforce, and even boost, that
loyalty.
Since they were first introduced as S&H Green Stamps
in the late 1800s, reward programs have played an important part in
customer loyalty. Today, the number of reward programs in the U.S. has
reached 1.3 billion, according to Colloquy research. Your average
American belongs to about 18 reward programs and 54% of them would
consider increasing the amount of business they do with a company that
offers a loyalty program.
But not just any rewards program will do for your credit
union. You need to choose one whose goals underline your credit union’s
brand strategy and mission and your SEG goals. To help make your SEG
relationship a sticky one, your rewards program needs to be well-planned
and well-executed.
Invest in America
was created solely for the credit union industry to help credit unions
align their core products with its exclusive discounts and to help
members save. It strives to have something for everyone with the Credit Union Discount from GM, the Sprint Credit Union Member Discount and more. But what if your members aren’t looking to buy a new car or cell phone? That’s where Shop America
comes in. It gives members cash back on more than 1,500 retailers in
its online mall. From Sears and Macy’s to Target and Best Buy, Shop
America is assured to have something to offer all of your SEG members.
However, a great reward program means nothing to your
SEGs if they don’t know about it. That’s why the Invest in America team
offers free marketing materials
for all of their partner discounts. You’ll also want to make sure your
staff and SEGs are trained and up-to-date on all of your reward program
benefits through emails, newsletters, websites and social media posts.
by Amy Neale
Customization and target marketing are key for promoting your credit
union’s products and services to its SEGs. Regardless of how many SEGs
your credit union may serve, each one should feel special – that they’re
the only group you have. CU Solutions Group has a few suggestions to
help make that happen at your credit union:
- Incorporate SEG branding on member and loan applications, brochures and apparel
- Develop a microsite created specifically for that SEG
- Keep an eye on your SEG’s event calendar and
volunteer credit union resources like time, people, money, venue or
ideas that would help make the event a successful one
- Create fun contests and promotions at your SEG’s office – maybe even incentivize referrals
- Have your credit union’s mascot (if you have one) make a surprise visit to your SEG
“We’ve done special hours for our SEGs on weeknights or
Saturdays,” says Barbara Ostroski-Enos, marketing director at Dow
Chemical Employees’ Credit Union. “We also have special promotions where
we offer our SEG employees incentives when they sign up during the
promotional time period.”
No matter how you decide to market to your SEGs, don’t
forget to measure your results. When you’re creating goals for
measurement, don’t forget that results won’t happen overnight. You might
want to consider measuring based on long-term goals and objectives
instead of how much each goal costs.
Also, remember what sets you apart from the competition.
If you show SEGs that you offer more than other financial institutions
they’ll be happy to sign on or refer coworkers. Focus on what makes your
credit union different such as exclusivity of membership and any
SEG-related benefits. Sometimes all it takes is the right target marketing campaign at the right time to get the SEG growth your credit union needs.
