Which state spent the least to attract the most net new members?

 
 

Nationally, credit unions spent $442 to attract each new member in the year ending September 30. Credit unions in North Carolina, however, spent just $142 to attract each new member. The 91 credit unions in the Tar Heel State grew members 3.19% to a total of slightly more than 3.4 million members at September 30, 2012.

But it's the credit unions in the The Last Frontier State that might be the real story of a diamond in the rough. Alaska credit unions posted the second-lowest spend, $174 per net new member, yet achieved the fastest annual membership growth, 6.26%.

10 CREDIT UNIONS WITH LOWEST SPEND PER NET NEW MEMBER | DATA AS OF SEPTEMBER 30, 2012
© Callahan & Associates | www.creditunions.com

12-10-12-2

Generated by Callahan & Associates' Peer-to-Peer Software.

 
 

Dec. 10, 2012


Comments

 
 
 
  • Could you tell us which, if any, of these top 10 increased membership through a merger? Thanks.
    Meg Sisco
     
     
     
  • Alix - Thanks for posting this info. Question: As many CU's are using indirect lending and not Educational & Promotional Expense for member acquisition, how is accounted for in the Cost Per Net New Member?
    Keith Winn
     
     
     
  • I calculated the dollar spend based on the 5300 call report data for “Education & Promotional Expense” which we annualized and divided by the number of net new members. You have to have complete historical data sets (meaning you need to compare all active credit unions today to all that were active one year ago). Credit unions do not report their salary & benefits by department, so we cannot parse that data to include the personnel costs involved.
    Alix Patterson
     
     
     
  • Alix - Very interesting stats. Can you share what items are included in this calculation? Makes me think that most CUs are not spending nearly enough money to grow membership. Do you guys have any stats on average annual marketing budgets for 2012 per CU? Thanks, Bill
    Bill McKenna
     
     
     
  • Would you please post the list with all 50 states or send via email? Thanks.
    Anonymous