Posted on

Member Retention Strategies to Increase Profit and Enhance Image

Baby boomers remain the most influential generation when it comes to economic decision making. The U.S. Census Bureau defines Baby Boomers as those born between 1946 – 1964. There are 76 million nationwide, and their influence on healthcare, technology, travel, and e-commerce is expanding. Continually engaging your members and understanding their needs are two of the most important facets of maintaining retention.

Member retention is just as important as member acquisition. Data-mining strategies that go into gaining new members should also go into improving relationships with existing members. Credit unions can positively influence retention rates by using data analytics to build relationships with members. High member satisfaction levels lead to greater loyalty and referral business. However, all members are not created equal; some relationships are worth more than others. It is vital to identify the most loyal and profitable members who will most likely drive revenue at your credit union.

Training your staff to be in a partnership with your members is another way to create loyalty and gain retention. Asking the right questions, giving them the proper training, and constant engagement with your member base are all ways to create need and comfortability.

Ensure you have a defined and credible marketing strategy to reach the demographic you are targeting in order to maintain retention. An accurate database is essential to send the proper campaigns to each target market. Member services, product offerings, and interest rates are all factors, but it is imperative to remember that marketing efforts can strongly influence retention. Credit unions must be able to communicate with members in order to up-sell and market appropriately. New offers and special rates should be aptly communicated to members. 

These strategies increase retention rates and help eliminate the wasted costs of sending inaccurate information to people. Improved marketing campaigns and member analytics enhance the member experience and increase up-sell opportunities. This enables credit unions to streamline operations and reduce costs.

Do you know your member demographic? Your current member base is already a captive audience. Let the professionals at Omega Benefit Strategies help you integrate these strategies to gain more loyal customers and achieve strong referrals.

Omega Benefit Strategies provides senior credit union members an educational resource for Medicare. Our turnkey marketing package seamlessly integrates with existing market strategies. We can help businesses increase new member acquisitions, bolster retention, cross-sell opportunities via our “scorecard” system, and even earn an ancillary revenue stream. Accommodating any size membership, we maintain exemplary member service and offer top-notch products. Contact us today by going to www.omegabenefit.org or call 888-404-5049.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.

Posted on

Benefits of Becoming a Resource for Clients

The key to unlocking a lifelong client can be found when you become an unwavering resource. Clients typically look for value; when you offer affordable expertise combined with quality products, they will be hard-pressed to seek services elsewhere. A strong, reliable business resource adds value to the client’s portfolio while continuing to provide top-tier products and services.

Some of the benefits of becoming a business resource or information hub for clients include:

  1. Authority: you become your client’s go-to for questions in the decision-making process. It is imperative to become a hub for your client when they have a decision to make. Financial planners, for example, consult hundreds of clients who share their entire monetary portfolios. Other life decisions are put into the hands of different business genres such as home, auto, and health insurance, mortgages, and attorneys for legal counsel. If you position yourself as a steadfast resource, you are further embedded as a business they trust.
  2. Retention: as a business hub, you are able to assist your clients with other stressors in their lives, which means they are far less likely to turn to your competition. They will value you for whatever primary product or service you are providing. Moreover, they will most likely value your insight and refer to you for other ideas. Your clients will appreciate a steadfast resource, making them more loyal to you.
  3. Referrals: the greater the number of loyal clients who trust your business, the higher your referral rate will skyrocket. Clients who are satisfied with your services and see your overall value will more-than-likely refer you to family, friends, and other businesses.

Becoming an authority, securing retention, and gaining referrals are all quite powerful benefits of acting as a valuable resource for your clients. Implementing these strategies will yield harmonious results.

Want to become a valuable resource for your Medicare clients? Contact the experts at Omega Business Strategies today to learn more about offering Medicare benefits to your company.

Omega Benefit Strategies provides senior credit union members and other groups an educational resource for Medicare. Our turnkey marketing package seamlessly integrates with existing market strategies. We can help businesses increase new member acquisitions, bolster retention, cross-sell opportunities via our “scorecard” system, and even earn an ancillary revenue stream. Accommodating any size membership, we maintain exemplary member service and offer top-notch products. Contact us today by going to www.omegabenefit.org or call 888-404-5049.

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.