Gaining a member’s permission to use their email as a communication medium is a huge challenge facing CU’s. eStatements are a successful vehicle for gaining this permission and can become a formidable digital communication tool. One CU in the mid-west recently received an invitation from an incredible 73% of their eStatement members to use their email address to tell them more! Here’s a three-step plan to turn email addresses into $$$….
Step 1: Become An Invited Guest And Trusted Friend
The Internet is the tool consumers are using to communicate and find information. Now is the time for CUs to capitalize on this trend by implementing and aggressively marketing an eStatement program to their members. eStatements provide the CU with an avenue to initiate online communication with their members, as opposed to being merely reactive. This is a critically important distinction. When the member opts-in to an eStatement program, the CU becomes an "invited guest" in the member’s email box, instead of an uninvited pest. Once the CU is invited in, the relationship building can begin.
Step 2: Build The Online Relationship
Nobody likes "junk email". That’s why eStatements are the ultimate online ice-breaker. eStatements allow the member to establish an "e" comfort level which supports the development of the online relationship with the CU. Additionally, eStatements unobtrusively open the door to online marketing by presenting banner advertisements targeted to the member’s specific needs. Because the marketing is coupled with the eStatement service, it is not perceived as blatant solicitation. This non-invasive marketing approach enables the member to avail themselves of targeted offers by clicking through to the CU’s web site during the process of viewing their statement information. The CU must avoid being perceived as a "peddler" and must ensure it is positioned instead as a trusted friend.
Step 3: Leap (Then Look)
You’ve got the invitation, built the comfort level, now leap! The next, admittedly big, e-marketing step is the hard part. Start using the email address for business development. Create a second, mid-month email notification to the member making special, targeted offers. Start an online newsletter or develop a "Tell me When" program. All will generate results as long as you remember these two critical e-marketing success factors:
Contacts should be targeted to the needs of the particular member receiving it.
Do not over use the email address. Keep contacts to under three per month.
If these two success factors are ignored, at best the response rate will be negligible and at worst, members will complain that the CU is abusing the relationship. However, incorporating these elements will almost assuredly drive measurable traffic to the CU web site and result in dramatic spikes in new business.
eStatements - The Gateway To Permission e-Marketing
It’s clear that the benefits of e-marketing are mammoth: inexpensive, personalized, targeted, fast and when tied into the CU web site, email is the notification medium for a closed-loop marketing system that informs, sells and delivers. Through proper positioning of its eStatement targeted marketing campaigns, one of our clients has generated over $3 million in car loans, 57 new credit card accounts with over $270,000 in outstanding balances in two months, and has increased web site traffic by 500%.
DigitalMailer provides e-marketing systems to progressive CUs and generates substantial results that give our clients a strategic marketing advantage. We have compiled a comprehensive resource that reveals proven and tested cost-saving and targeted marketing eStatement strategies. CU Executives can receive a FREE copy of our eStatement Executive Briefing Report: 71 Strategies and Tips for Successful and Profitable eStatement Implementation, by registering at: http://www.digitalmailer.com/briefing.html
DigitalMailer’s products, designed by CU professionals, help our clients gain a strategic business advantage over competitors via electronic statements, newsletters and e-mail marketing campaigns. Our products enhance cross-selling opportunities and increase revenue for our clients by getting the right offer in front of the right member. For more information on DigitalMailer, Inc. please go to http://www.digitalmailer.com
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