I was talking with a friend the other day, and he had a real-life marketing challenge. I call it "The Case of the Name Change."
Months ago, the credit union my friend works for decided to change its name. Now that the CU is on the verge of implementing this change, there is great concern about how members will react. Assuring a smooth transition at a reasonable cost was the main objective. That's why I was called. You see... I solve Marketing Mysteries.
Using the tool of my trade, an MCIF, I undertook a cursory exam of the crime scene, which involved 'Householding' all member relationships. I looked at the number of households there were and took special notice of the most valuable member households. It was during the examination that I found the breakthrough I was hoping for.
Way To Save Money
The facts were clear. By mailing a special letter to 8,500 member households (instead of 14,000 individual members), outlining the reasons for the name change, the credit union could save about $5,000. In addition, in order to make sure members understood the reason for the change, credit union representatives could make personal calls to the top 10% of the most valuable households. To choose not to communicate the reasons for the name change... now that would be a crime. My friend said he could handle it from there. I thought so too.
About the Author:
Jay Kassing is the President of The Centrax Group, a marketing, CRM, and compliance software and consulting firm. He can be reached at (800) 365-4274 or firstname.lastname@example.org.
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