Studies show that 80% of new members that leave a credit union do so in the first 18 months. Equally important, it costs five times more to attract and sign-up new members than it does to market to your current members. That’s why it makes economic sense to immediately begin building a profitable, multi-service relationship with new members.
The tactical solution is a series of personalized letters designed to increase new member product/service awareness and usage. We recommend each letter include a special product/service offer and a value-added incentive. Purely educational letters with a Tell Me More response coupon is another option. However, new members join a credit union because they’ve been told they’ll save money and enjoy better service. Offering new members a special offer opportunity reinforces the credit union difference.
That doesn’t mean you should become a discount credit union. A “little something extra” is enough. For example, studies show consumers appreciate special loan and savings rates, as well as co-branded gasoline and retail store gift cards. Cash rewards are also popular. Your new member direct mail package should also include a brochure or insert, and a response envelope.
The letter and response form copy is printed on up to four different full-color, 8 1/2″ x 14″ letterheads. We can write the copy in a Word file for credit union in-house processing, or we can imprint and mail the letters for you. A minimum of four letters should be mailed. Some credit unions have included as many as nine letters in their matrix.
Standard Letter Series
- Welcome and Checking/Convenience
- Loans/Credit Card
- Investment/Financial Services
- Membership Referrals