A Powerful Word: Efficiency

Our friends at CUTS Performance Marketing  called our attention to a recent study commissioned by CUNA focused on efficiency of community credit unions.   The study is available for anyone to access and review, and it’s worth doing, even if one is not affiliated to a community credit union.  The reason is this: the recommendations provided to improve efficiency of such credit unions do not necessarily have to be limited to them.  Any financial institution can take advantage of them.   For after all, is there really something that can be classified as too efficient?  Here are some very interesting statements from this study:

• The Web provides a powerful vehicle to improve the efficiency of marketing and cross selling. Compare this “free” internet channel to expensive radio and print advertisements.
• Most credit unions have barely tapped into this web channel to engage their members

To better leverage the Internet as a marketing vehicle, credit unions must:

• Improve matrix marketing at the point of log-in by presenting targeted messages based on individual account holder’s profile and usage of products and services.
• Develop engaging content linked to product solutions – moving past brochure-ware.  This means educational and informational content that helps individuals manage their finances.
• Personalize their web experience

I encourage you, whether you are a community credit union or not, whether you are a credit union or not, to review this study and get some useful pieces of insight and advice that you can put to work in your financial institution.  The entire study can be accessed here.

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