Growth Strategies for 2003 Do You Have a Plan?

For credit union professionals, this time of the year involves more than just shopping for gifts and planning for the Holidays. If you’re like most people in the industry, now is the time to put the finishing touches on your plans and strategies for next year. The question now is – Do you have a viable plan for growing your business in 2003? If so, you’re ahead of the game. If not, it’s not too late to devise a strategy for growth.

 

By My Credit Union

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For credit union professionals, this time of the year involves more than just shopping for gifts and planning for the Holidays. If you’re like most people in the industry, now is the time to put the finishing touches on your plans and strategies for next year. The question now is – Do you have a viable plan for growing your business in 2003? If so, you’re ahead of the game. If not, it’s not too late to devise a strategy for growth.

Workable Solutions
Effective planning involves more than just budget projections and growth forecasts. There need to be workable tactics put into place in order to execute the chosen strategy. As competition from outside forces continues to escalate, credit unions must look at new ways of winning their members’ business. With that in mind, let’s take a look at a one new tactic that credit unions are using to effectively compete that you can incorporate into your 2003 plans – Outbound Calling Campaigns.

Why Outbound?
In today’s environment, credit unions can no longer afford to let the member come to them – they’ve got to go to the member. For many credit unions, the answer has been targeted outbound calling campaigns. Due to limited resources, it is usually easier to outsource this service to a specialist company. Lending Solutions, Inc.’s (LSI) Member Contact Services is one such program. LSI’s service provides credit unions with customized outbound campaigns with flexible pricing options and no long-term contracts. Whether you’re looking to grow loans, increase deposits, expand your home equity portfolio, build your credit card program or sell other products, an outbound program can help you reach your goals.

Outbound calling can significantly improve the effectiveness of special promotions. A targeted calling campaign can enhance other marketing efforts, providing a timely opportunity for direct contact with members to discuss the offer, answer questions and overcome objections. More flexible, personal and cost-effective than printed advertising, an outbound contact campaign can provide the marketing edge you need to succeed in today’s competitive financial services marketplace.

Not Telemarketing
You’re probably thinking ‘The last thing my member wants is another telemarketing call.’ “That’s exactly right”, states, Chris Jensen, manager of Member Contact Services for LSI. “LSI takes a more consultative approach to marketing credit union products. We review member credit reports to identify prime prospects that fit within a credit union’s lending parameters, and consult with these loan candidates about how they can use a home equity loan to meet their financial situation, such as consolidating a debt, improving their home’s value or paying for a child’s college. This unique approach works to strengthen the relationship between a credit union and it’s members,” explains Jensen.

In order to get an accurate picture of just how much an effective outbound campaign could impact your credit union, ask yourself this question: ‘How strong would your credit union be if you never lost a loan to the competition?’ According to Jensen, LSI specializes in “win-back” campaigns to reactivate member accounts or recapture business lost to competitors. Imagine the growth you could achieve by increasing member loyalty and becoming the primary financial institution for more of your members.

Get Started Now
If you’re looking for a way to make 2003 a banner year at your credit union, then now is the time to start gaining more of your members’ business through a targeted outbound campaign. To find out more about LSI’s Member Contact Services program, contact Chris Jensen at 888-LSI-NLPC or e-mail cjensen@nlpc.com. LSI’s service includes project analysis, list evaluation, database transfer, scriptwriting, training sessions, calling schedule and daily tracking reports. LSI can structure a customized program tailored to meet your needs and your targeted member group. One more fact to think about when considering an outbound campaign - according to industry statistics, outbound calling generates six to eight times better response than direct mail.

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 ads@creditunions.com or 1-800-446-7453.

 

Nov. 25, 2002


Comments

 
 
 
  • more of a sales pitch for LSI, would be more interrested in CUs that have done this and actual results
    Anonymous
     
     
     
 
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