MASSILLON, Ohio-Massillon Area CU is keeping its foot on the gas, tripling its marketing budget, to retain members after a year in which the credit union grew net new members by 28%.
The exceptional growth was driven last year by a marketing push that got MACU's name into the community - using a "Rock Solid" theme - at the right time, explained CEO Nick Langenfeld. "It will take that same aggressive marketing to keep members. The key this year is to keep doing what we did to get us here. We know we'll see things level off, and people will go back to the stock market. But in that time we will get our share."
To retain the members it now has, the $52-million MACU will continue to be actively involved in community events and in the high schools, and it will run time-certificate and loan specials, Langenfeld shared. "You cannot be hit or miss with your advertising," he stressed, saying the first instinct many CUs have during a down economy is to pull back marketing. "This is an opportunity. You need to advertise consistently."
Marketing consistency was the key to MACU's growth, and it will be the key to retention, Langenfeld said. MACU is willing to pay for high-impact media that makes sure its messages are not missed - or wasted. "I can't say enough about our tie-in with the most popular radio station in the county. We get the best drive-time slots, not the less-expensive mid-afternoon times when people are not listening. The station is more expensive, but you get what you pay for."
Keeping members will come down to more than advertising, Langenfeld acknowledged. The credit union has added an on-boarding program and relies on staff to deliver outstanding service, the CEO said. "If you do not treat new members correctly at the start, you will lose them right away. Our staff is great with members. They treat members like family, and know many of our members by first name."
