Summary
While approaches to member loyalty vary, it is a near universal challenge for credit unions (CUs). Developing member loyalty must be part of the culture for the entire organization. Member loyalty is a natural outcome of actions that put the needs of a CU's members at the forefront of the union's decision-making. A key to long-term relationships is offering products and expertise to members as they move through life stages. Other roadblocks to establishing and maintaining loyalty are consumer skepticism and defensiveness. Consumers have learned that many organizations are hypocritical -- promising one thing and delivering another. And consumers have discovered many "loyalty" programs are filled with traps and fine print. Getting members to be loyal is like a marathon that never ends if your real intention is financial success. Building 'pure loyalty' is an intrinsic value grounded in the philosophy of your organization.
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Driving Farther?
While approaches to member loyalty vary, it's a near universal challenge for credit unions.
"Loyalty is huge among credit unions now because most of us face slow or no growth," says Lynn W. Owen, president/CEO of $418 million Insight Financial Credit Union (www. insightfinancialcu.com), Orlando, Fla., with 55,500 members. "We strive to add new members, but if we lose as many as we bring in, it's futile. So, we must work extra hard to keep the members we have," says Owen.What's more, he adds, it's much more cost effective to keep an existing member than it is to spend advertising dollars to attract a new one.Ow...See the full content of this document
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