The proof is in the pudding. Strong SEG-relationships generate higher return for the marketing dollar. One measure? The Average Member Relationship at year-end 2009 for SEG-chartered credit unions is almost $2,000 more than for community chartered credit unions, $15,187 v. $13,255. What’s more, community credit unions spend more on their promotional and educational expense per net new member. Community credit unions spent $578 in 2009 compared to SEG-chartered credit unions’ $331.
In this 4-minute CUtv Short Andy Mattingly, SVP Strategy and Marketing at FORUM Credit Union (Indianapolis, IN, $1.0B) discusses its Unofficial Spokesperson Program which was launched in 2008. The initiative formalizes and incentives members from specific SEGs to become mavens for the FORUM’s products and services.
To date, 350 members have become spokespeople. FORUM’s Business Development department tracks the program’s results and can directly attribute 1,500 new products and services and 15% of FORUM’s new members to the program.