LANSING, Mich.-Michigan State University FCU attributes its exceptional three-month summer loan promo results-which include reaching 168% of its mortgage lending goal-to candy bars and the human touch.
Joyce Banish, VP of marketing for the $1.65-billion MSUFCU, says the credit union easily exceeded virtually all of its loan goals this summer thanks to a new "Marketeer" program that makes branch personnel extensions of the marketing team. Banish explained that Marketeers, often through one-to-one contact, reinforce important marketing direction and cross-selling needs to branch staff. The program has also boosted growth and member retention.
"Now we have a group that supplements the marketing messages we deliver once a month," explained Banish, who said the main office typically sends monthly e-mails and holds video conferences to provide marketing direction to branch personnel. "But not everyone reads all their e-mails or pays attention in a meeting, and people learn in different ways. Each month we were still getting lots of calls from branch staff asking questions about what we are doing from a marketing perspective."
Marketeers are responsible for ensuring marketing initiatives are discussed in every branch staff meeting, putting up marketing materials in break rooms, and simply speaking with employees.
"This is so simple that I even hesitated submitting it (for Best Practices Award)," admitted Banish. "But not everything has to be complicated. We get so caught up in the high-tech coordinated communications efforts that we forget the human touch."
Results substantiate the program's success:
* Auto loans-141% of goal
* Home equity-119% of goal
* Checking with overdraft-108% of goal
* Visa-98% of goal
"In many previous years we have not even met our summer loan goals," Banish said. "We fell just short with Visa. But that was a pretty stretch goal anyway."
In addition, the CU is signing up members at a record pace, already at 138% of its new member goal for the year (8,000 new members signed).
Simplicity has been the key, reiterated Banish, who also took an uncomplicated approach to indentifying Marketeers-eight overall, one for each branch and the call center. Banish and her marketing team visited branches early in the year and participated in monthly meetings, staying at each location for the day to answer questions. Branch staff who spoke with marketing were given a small treat, like a candy bar. From those conversations, the credit union identified Marketeer candidates.
"The cost of this program, besides my staff's time, is pennies. Maybe $500 a year," Banish said. It's also helped the credit union make adjustments to its marketing and cross selling efforts, getting feedback from front-line staff.
"The Marketeer program has shown us how involving the front line in leadership makes things work better," added Banish. "It's also significantly improved member retention (97.6%). By effectively cross-selling members the services they need, members tell us they feel we are helping them with their financial situations and are more satisfied with the credit union. It's been a great program...Marketeers talk about the effectiveness of one-to-one marketing with finely tuned messages targeted to distinct market segments, if not individuals. The same marketing was needed for our staff."
BEST PRACTICES
Michigan State University FCU, Lansing, Mich.
Category: Marketing
Provider: Developed In-House
