Single Challenge: Member Referral Audit + Analysis
Your Challenge > Our Solution > Our Deliverables > Your Commitment
According to our research conducted in a survey polling over 500 credit unions leaders, "1 out of 4 credit unions view member referrals as the highest lead generation source." This is great news and shows the power of "people helping people."
However, our findings also revealed that, "Only 1/3 of respondents noted they had NEVER run a referral program. Of the 2/3 who have run a referral program at their credit union, 34% noted they run a single referral campaign once a year while another 23% run an ongoing referral program."
The ability for credit unions to use the power of referrals as a viable lead generation source to complement digital marketing and sales systems is largely untapped.
According to Neilsons study, "92% of consumers trust recommendations from their friends." Furthermore, a Forrester study found that, "80% of all B2C and B2B purchase involved some form of WOM recommendation during the purchase cycle."
Your credit union may have run or may be running a referral campaign that is generating nominal results. However, you are wanting to tap into the power of digital referrals as part of your digital marketing and sales systems to generate leads for loans and new accounts.
With a well-defined and refined referral system that aligns people, product and process, your credit union may be able to achieve results as published in American Banker that noted for one credit union, "it costs between $50 and $75 per customer to manage a referral campaign, for which it typically pays $25 for the new customer as well as to the referring customer. By contrast, it pays about $300 — near the industry average — to acquire customers by other methods, such as through direct mail promotions."
Next: We audit + analyze your challenge to recommend a custom solution