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Grow by Sending Your Members Away

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By Mark Sullivan

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Undoubtedly member growth and retention lie at the heart of the metrics that measure a credit union’s success. All across America credit unions are brainstorming to figure out how to compete for more loyal members against a backdrop of large banks with bottomless marketing budgets that employ expensive advertising agencies. Most big bank ads contain lots of flash and zero in on strategic demographics, which, given the law of averages, often produce upticks in deposits, loan usage and credit card customer acquisitions. They also anticipate a lot of “churn and burn” and build lost customer numbers into their matrix for success. Their goal is simple:  more accounts coming than going.

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