DeepTarget Inc., a transformational financial services company that provides Growth As A Service (GRaaS) to community financial institutions, announced the availability of its Member Appreciation and Recognition Service (MARS), a full service offering combining skilled marketing experts, success consultants, best practices and DeepTarget’s patented technology. Member appreciation directly impact member retention and loyalty, providing tangible economic and branding benefits. Credit unions with member-centricity strategies have a competitive edge, benefit from word-of-mouth marketing, spend less on new member acquisition and boast a highly credible brand reputation.
In today’s financial services landscape with multiple FIs vying for the same individuals’ attention, member loyalty and retention is paramount. It costs five times as much to attract a new member than it does to retain current ones. Therefore, it’s not surprising that financial institutions are allocating time, energy and budgets to nurture member relationships and build consumer loyalty.
Studies also have shown that those consumers with an emotional connection to a brand have a significantly higher lifetime value (over 300%) and will recommend brands at a much higher rate (almost 2X).
“The digital banking revolution means banking is less personal and credit unions must find ways to humanize their digital interactions with members,” said Preetha Pulusani, CEO - DeepTarget. “Authentically recognizing personal milestones of individuals and showing appreciation for their membership cannot be an afterthought. Yet, how to accomplish this at scale can be challenging for those CUs facing shortages of expertise or time.With the MARS service, DeepTarget takes on the entire workload for credit unions using data/AI insights to engage members meaningfully thereby building an emotional connect, developing member loyalty and helping grow the credit union.”
Personalized, authentic member recognition via MARS is focused on captivating digital communications that surpasses any member recognition programs available in the industry today. Birthday and member anniversary communications are sent via any industry standard email or text messaging platforms currently in use by credit unions. Examples that leverage data for personalization, video, audio, HTML and use-specific microsites for wishing an individual on their birthday and member anniversary showcase why an emotional connection can be developed, in addition to offering member appreciation and engagement benefits.