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Onboarding What is onboarding?
- Onboarding is an effective and systematic way of reaching out to new members
- Typically occurs within a 90-day period after they join your credit union
- Uses a combination of phone calls, e-mails, direct mail, and even social media
- Points of contact used to welcome the member to the credit union, as well as to inform and educate them on the products and services that best meet their needs and lifestyle
What is the value?
- Improved member retention
- Increased cross-selling success
- New members feel more closely connected to their new credit union and even the credit union movement
- In satisfying an additional two to three financial needs for new members early in their membership, they are dramatically less likely to leave, improving your overall retention rate
Why is the timing so important?
- Timeframe compliments financial industry research that says your best chance of cross-selling an additional product or service to a new member is highest in the first 90 days
- Without an effort to "reach out" to new members quickly with an onboarding initiative, about one fourth of your new members will leave within their first 12-15 months
- Allows credit unions to see a greater return compared to campaigns directed to non-members
How does onboarding create future loans?
- Builds member loyalty to ensure that the credit union will be “top of mind” when members encounter a need for a loan
- Opportunity to educate members on loans the credit union offers, and even offer loans targeted to a member’s own situation (such as a home equity loan to a home owner, or home loan to a member who is a renter)
How Synergent has used direct marketing to reach members and create results for programs like Onboarding?
- Synergent’s Direct Marketing Services provides a personalized, targeted approach to marketing that allows credit unions to better understand members through research, and refine messaging to increase relevance and resonate with members
- Collateral can be followed up with email messaging, and is reinforced through a variety of mediums such as web banner ads, Facebook graphics and lobby monitor graphics
- Through these trackable strategies, Synergent has helped credit unions increase direct mail response rates from 1-2% to 6-20%
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Educate, Retain Members with Onboarding!
“Direct Marketing Services will work with you to define measurable success benchmarks, providing quantitative results tailored to your business goals. Results are both transparent and measurable with comprehensive reporting to help you realize and quantify return on investment. The value of retaining a member over their lifetime cannot be overstated. Onboarding supports new member growth, while reducing member churn, increasing product and service adoption, driving additional deposit accounts and creating new loan opportunities per new member.”
-Doug MacDonald
Direct Marketing Services Manager
Synergent
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