BY KEN BURNS
Is your credit union doing enough to stay relevant with members, both prospective and current? It’s all about an integrated marketing program. And key to such a program is a marketing automation platform that encompasses onboarding and cross-selling. Keep reading to find out the rewards that can be gleaned from such efforts.
A key strategic objective of virtually every credit union today is to attract, acquire, engage and retain members. In the process, the goal is to make these members profitable as well as active participants in the credit union cooperative. Unfortunately, member data indicates that almost as many members leave the credit union as have joined in any given period. So how can credit unions ensure that they remain relevant to the member? Offering the right mix of products and services is vital to remain significant with members. But what we see as being the most pressing issue is not so much the product and services being offered. Rather, it the methodology, timing and frequency with which prospective and existing members are targeted, marketed to and communicated with.
Understanding the breadth of marketing automation and how credit unions can effectively integrate such platforms into their marketing strategy and operations has now become a best practice in the industry.Marketing automation, onboarding and cross-selling can become inspiring, and highly effective,experiences that transcend the traditional lines between marketing and IT while simultaneously encouraging creative collaboration across the organization.
A marketing automation platform sits at the core of an integrated marketing program,fueling automated and customizable communications that help to solidify and deepen member relationships.
What Is Marketing Automation?
Marketing automation–like the invention of the wheel, the steam engine and the computer–can be a real element of change. Via connected data, it in corporates email marketing, campaign management, marketing programs, lead generation, CRM integration, social marketing, resource management and marketing analytics.
Forrester Research (www.forrester.com) defines Marketing Automation as a “tooling and process that helps generate new business opportunities, manage volumes of business inquiries, improve potential buyers’ propensity to purchase and increase alignment between marketing activity and sales results.”