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Why MCIF = Abs of Steel

For many marketers, learning to use an MCIF or even carving out the time required to manage one is either unsavory, impossible, or both.

How many folks get results with Tony Little’s “Gazelle?” You know—the TV pitchman with the ponytail and the shorts (that no one should actually wear) that sells the dream of an effortless workout? Let’s be candid. Except for a rare few, most of us would pay someone to work out for us if we could. Why endure the pain of doing the work, or even committing the time necessary, when we could simply ask someone else who knows how…to do it for us.

This is an interesting concept.

For many marketers, learning to use an MCIF (marketing customer information file) or even carving out the time required to manage one is either unsavory, impossible, or both. But why do it yourself? Why put yourself through the hassle when you can ask an expert to “work out for you!” Imagine all of the benefits of MCIF without the pain: real marketing intelligence, onboarding, and targeted direct mail lists right at your fingertips – without having to spend your time to pull it all together. In this way, an MCIF Service Bureau is exactly like having someone else work out for you. You get the “abs of steel”, and all of the gain…without the pain.

Why MCIF information is Important

OK, so what is the big deal about MCIF? Having meaningful member intelligence and market share knowledge, along with identifying your risks and opportunities is imperative to drive sales both efficiently and effectively. Having an experienced user or database marketing expert drive MCIF software is always best, if you have one. Unfortunately, most institutions do not. This is why MCIF Service Bureaus have found favor with so many credit unions that either don’t have the staff or the time to manage one in-house.

In his book Good to Great, Jim Collins made one point very clear. “The kind of information available to the average institution and the great one is about the same. The difference is, the great company will turn the data they do have…into information they cannot ignore.” This “information you cannot ignore” is provided exclusively by an MCIF. In the hands of an expert, an MCIF system is a lethal marketing weapon.

Calgon, take me away?

Let’s examine a few of the specific projects with which MCIF experts have found success. You should not be surprised to see a number of endeavors discussed that you find yourself currently undertaking, without the benefit of MCIF Intel. Imagine your response rates, performance and influence with better Information? Most credit unions are relying on an MCIF service bureau to help with member retention, new member on-boarding, loan & deposit growth, and utilizing the power associated in appended demographics and life-stage coding to drive sales. When you do these types of projects every day, including managing the direct mail fulfillment to drive them…it is easy to provide both proven recommendations and measurable results.

Hey…is this thing on?

Growth cannot happen without creating more sales leads, closing more sales opportunities and reducing attrition. The knowledge only available in an MCIF is imperative to get all of this done. Yet if you don’t have the time or the internal expertise to manage an MCIF solution, hire experts to drive it for you in an MCIF Service Bureau. Get the results you want to provide and exceed the expectations of your management. Think “Thigh-master…for MCIF.”

To read the entire white paper or access more just like it, click here.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
August 10, 2009

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