If you spend any time at a credit union conference where member service and member loyalty are examined, a handful of companies come up for discussion as models to follow—AARP and USAA to name a couple. These companies—and many more—reliably earn the highest loyalty scores from their members. Why? How? They value their member relationships and strategically utilize members’ data to cross-sell, up-sell and up-serve.
Industry data indicates that membership in credit unions is growing. But what about credit union wallet share? New members, often via a lending relationship, immediately add to the revenue stream, but loans pay off and members can be unpredictable. A new or existing member might never branch out in credit union product use unless the organization adopts a strategic cross-selling business model. Such a model should aim to grow wallet share with existing members (get higher marketing response rates) and new members (do measurably effective outbound and digital marketing).
Here are three guidelines for expanding wallet share with new and existing members that will help your CU create the kind of continued and increased loyalty we champion.
The post Strategic cross-selling the USAA way appeared first on CUInsight.
April 18, 2017 at 02:46AM
from Felix Gomez
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