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By DigitalMailer, Inc.
As the first quarter of 2003 draws to an end, the number of CUs seeking to launch or improve their email marketing efforts is on the rise. As more CUs seek to build online relationships with their members, CUs share their experiences from the trenches of email marketing….
Email Marketing Trends on the Rise
It’s no secret that email marketing is becoming a critical springboard of a CU’s marketing plan. After all, the cost of contacting a member via email is faster and far less costly than the old direct mail approach. More importantly, CUs have gained ''trusted advisor'' status with their members and are seeking ways to turn that status into a strategic business advantage. CUs that have become welcome guests in their members’ inboxes share these e-marketing lessons:
1) The longer a CU takes to use a collected address the better chance that the address is bad. The % of bad email addresses to good email addresses increases with the amount of time between collection and use. Experience indicates that about 40-50% of the first mailing to a collected email database will bounce for bad addresses. CUs that have been collecting addresses and not using them shouldn’t be surprised at a large number of bad addresses.
2) Be sure to place a ''confirm email address'' routine on all collection points (i.e. enrollment forms, registration pages and core systems, if possible). A CU can eliminate a majority of typing errors by having an email address verified by retyping it again.
3) Collect (and store) more than one address. Surveys indicate that 60%+ members have two or more email addresses. Collect and store as many as possible. That way if the primary email address goes ''bad'' you have another way to contact/send an email to your member.
4) Start using the email address right away. A welcome letter, e-newsletter or registration confirm with links to important CU information will test the address and start building the online relationship. Continued contact via email will expand that relationship and e-Commerce opportunities. CUs find that, once members are use to communicating with the CU electronically, they will keep the CU in the loop when their email address changes.
5) Ask your members for suggestions and feedback. Putting this in place opens the communication channel to the CU and can provide new ideas.
The ''Inbox'' is Open!
Recent surveys indicate that CU members are very receptive to hearing from their CU at least once or twice per month, as long as it isn’t ''junk mail.'' CUs using our e-LERT program are finding that over 80% of the members signing up for the service are requesting notifications about CU specials and new services. As CUs move to take advantage of these trends, here are some other points to consider when implementing an email marketing strategy:
Always Remember…. presenting targeted, requested information is not junk mail! Getting the right offer, to the right member at the right time will generate additional revenue for your credit union.
Is Opportunity Knocking?
If you’re not collecting and using email addresses in your credit union, you’re missing an opportunity to communicate quickly and inexpensively with your members! Start asking for email addresses at every point of contact with your member (web site, teller line, loan application, etc.) and build that email list. If you are just starting an email marketing strategy you’ll need to address these issues:
To subscribe to our E-mail newsletter that shares resources, industry trends, best practices and valuable lessons learned from credit unions and financial service providers, click on the link below:http://www.digitalmailer.com/newsletters/vol1iss6.html
Looking for a digital marketing tool that open a member’s ''inbox'' and creates opportunities to notify and market CU products at the same time? Visit our web site and preview our e-LERTs product.
DigitalMailer’s (www.DigitalMailer.com) digital communication products such as e-newsletters, e-LERTs and eStatements assist credit unions in gaining a strategic business advantage over competitors via the Internet and their website. Please contact Ron Daly email@example.com or Greg Crandell firstname.lastname@example.org for additional information or to share your ideas and comments.© 2003 DMI
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.
March 10, 2003
7/26/2012 04:01 PM
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