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.
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.
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
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
firstname.lastname@example.org. 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.
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