My Analytical Side
Denny Koepke, Vice President
This summer, we created 6-month reviews for our clients to determine if their marketing plans were working by continuing to build additional business with members. More importantly, was the expenditure of their marketing dollars attracting more results from existing members compared to their new members?
In client data, we found that the existing members brought in business at the rate of 3:1 and 4:1 in terms of loan dollars and deposit dollars from existing versus new members.
What are you measuring in terms of your core group of members? The definition of “core” can mean those with a certain level of deposit or loan dollars, or a certain demographic range (like age), or a geographic range. It can be a combination of all three of these data points.
Once you have defined who you want to track and what you want to measure on a regular basis, don’t be concerned with the number of products as an indicator. Remember, you don’t know how much of their financial business is held at other institutions.
The value of the consistent marketing flywheel is in constantly uncovering leads from your members. With marketing touches, you are reminding them of the value of moving more to the Credit Union. Track those results to see if you are gaining the 3:1 or 4:1 ratio of business from existing members over newbies.
If you’re not, maybe you’re not as connected to your core as you want to be!