A Quick Guide to Credit Union Member Acquisition Costs

In a perfect world, the reputation of any given credit union would precede it, and people would flock from far and wide to join. Not a dime would be spent on marketing.

Unfortunately, it’s not a perfect world. Any credit union growth strategy is going to rely on marketing for brand recognition. The real question is, how much does a new member cost? And, just as importantly, is it worth it?

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How many new members leave your credit union in the first 100 days?

This blog has been updated for 2020. New member acquisition costs and average attrition rates have changed some of the math involved, but the end result is largely the same.

Is your credit union looking for new member growth? Are Millennials and Gen Z key to your long-term viability? If you are like most credit unions, then this article will help you keep new members and build loyalty for life while demonstrating the tangible difference between a bank and a credit union.

We all know, it is far less expensive to keep a member you already have than to get a new one. We’re so focused on membership growth, yet we don’t even know if we’re attracting the right member… or if they’ll stick around!

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One Way to Reduce New Member Churn at Your Credit Union

It can be hard to bring in new members to credit unions. And the reality is, that difficulty can be measured in dollars. Member acquisition costs can add up quickly.

So, it’s critical to keep new members once you get them. Unfortunately, there’s no secret formula to reducing new member churn.

Or is there?

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Lead Scoring: Getting to Know Your Members

Lead scoring. You may have heard the term. Perhaps you’ve talked about it without knowing what it was even called. Fortunately, we’re here to bring you an introduction to lead scoring for credit unions.

Many credit unions measure the success of a marketing campaign solely with “home run” metrics. For example, we measure car loan promotions by the number of car loans booked. We judge credit card campaigns by the number of cards delivered.

While there is no question that win/loss metrics are important, there is a middle ground. Continue reading “Lead Scoring: Getting to Know Your Members”