3 Internal Growth Strategies Marketers Can’t Ignore

Leverage internal resources and processes to achieve organic membership growth.

 
 

Credit unions have hit 2010 running. Twelve-month membership growth at 3Q increased 1.91% as the industry set record pace in both loan originations and deposits. How do marketers build on this momentum while combating renewed vigor (see also: spending) from formerly beleaguered competitors? My answer: growth from within the organization.

Here are 3 areas (and links to creditunions.com resources) to help achieve organic growth from within in 2010.

  1. New Member Communications (On-boarding)

    The on-boarding process is essential in informing new members about the credit union’s products and services, especially those attained through indirect lending relationships. Continuing to refine this process across all channels and keeping information updated with the latest product and service offerings will be essential to capitalize on 2009’s growth in new members.

  2. Selling, Up-Selling, Cross-Selling, And Referrals

    On-boarding and cross-selling go hand-in-hand. However, somewhere along the line (might have been the 70s), selling became a dirty word associated with fast-talking, sleazy, poorly dressed individuals. Your credit union can’t afford to think this way. Empower your staff to engage new members in conversations about their life-stages. Converting those conversations into a sales process and future referrals will be essential to build on 2009's momentum.

  3. SEG And Community Relationship Development

    Even as membership growth accelerates, a separate startling trend appears:

    SEG & Community Relationship Development
    Click to view larger.

    Credit unions with expanding charters are capturing a smaller percentage of their field of membership. Finding new ways to encourage existing members to tell friends, family and coworkers about the benefits of credit union membership is essential. Nurturing existing relationships with SEG contacts and taking an active role in the community will help initiate these conversations.

 

 

 

Jan. 6, 2010


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