Feb. 10, 2014


  • Interesting article. While working for a nearly $1 billion CU, we ran a member referral campaign that was lauded a a success. I dove in to look at each individual account rather than use MCIF or other metrics and found that the vast majority were a bad deal for us, but we certainly shelled out our monetary incentive for a negative ROI. I think everyone agrees that referrals are the best marketing. The debate to me is over the right incentive. What really motivates people? What motivated people to make recommendations? I'd suggest looking a the following to start: http://www.youtube.com/watch?v=u6XAPnuFjJc http://amzn.to/1iGuAaL There's plenty more where those came from, but they are a great start. I think if Credit Unions can grasp this issue, growth will increase and marketing expenses decrease.
  • Many credit unions are also employing software, such as ReferralPod - www.referral-pod.com, that communicates, measures, tracks and reports referrals across all three referral networks - internal, center-of-influence and member referrals. Credit unions integrate it with payroll for automatic payment and marketing to obtain a ROI for any e-marketing campaign.
    Nathan Bergeland