Onboarding is a popular process in the credit union industry that encourages new members to take advantage of more services through your credit union. More than 59% of financial marketers admit that they focus heavily on this process, and attest to communication being the key to seeing the successful onboarding of new members.
The secret to successful onboarding doesn’t stop at communication, but only improves the more targeted that communication is. Any marketing consultant would agree that credit unions working with Axis Solutions for their communication management are reaping this benefit, and support that targeted communication is the real secret to onboarding new members.
One of the most interesting parts of their service is placing offers on the traditional statements that are targeted to that specific member’s interest. It’s a combination of education and sales through these targeted offers that benefit both the clients Axis serves and the members taking advantage of the offer.
“We make a statement something that members want to open, by providing information that is relevant to them.” – Dave Osterrieder, Client Solutions Director of Axis Data Solutions
Targeted communication based on the proper data provides consistency and relevance to the message your credit union is trying to deliver. These factors are important in helping new members feel confident that they’ve made a valuable relationship by choosing your financial institution.
Osterrieder has seen first hand how strategic communication within the first three months critically increases credit union membership retention. He has also seen that the benefits to targeted communication don’t stop at successfully onboarding new members.
The nurtured trust and interest built within those first few months can carry through a member’s lifetime of service with a credit union. With the proper targeted communication strategy, credit unions have shown increased success in cross-selling their services to members after the 90 day period.
Do you think your credit union’s marketing message can benefit from targeted communication? Have you ever considered asking an marketing consultant? Share your thoughts in the comments?