RANCHO CUCAMONGA, Calif., and FRANKLIN, Mass. (12/18/12)--CO-OP Financial Services reported a 201% increase in average monthly debit card spending among credit union members in a "Season of Giving" promotion.
The 201% increase is based on spending that rose to $188.87 per card for November from $62.60 per-card, per-month.
During November, credit union members nationwide participated in the CO-OP Financial Services debit card marketing promotion, managed by Saylent Technologies. The program targeted low-spending debit cardholders, identified through the CO-OP Total Revelation payment intelligence tool.
In addition to the 201% increase, program results included:
- Average signature debit transactions per card increased 74%, to 6.73 from 3.87.
- Average per-transaction spending amount grew almost identically with the number of transactions--a 73% increase, to $28.01 from $16.18.
- Average signature debit interchange per card rose by 131%, to $2.78 from $1.21.
When targeted members increased their spending, a contribution was made in their name to a tree-planting program, in which 8,240 trees will be planted on behalf of the 824 cardholders. The trees will be planted at more than 40 reforestation projects worldwide, half of which were located in the U.S. The tree plantings are provided by Treecycler, an organization that connects businesses with a network of reforestation organizations.
"CO-OP's 'Season of Giving' marketing campaign helped our credit unions recognize real growth in an inactive member segment," said Stan Hollen, president/CEO of CO-OP. "We are committed to not only providing products and services that help credit unions keep their cards 'top of wallet' among members, but also the programs and strategic counsel to achieve that goal."
CO-OP facilitates four turnkey marketing campaigns, called CO-OP Preferred, every year. The turnkey campaigns include: target segmentation, campaign concept and creative design, customized creative, results analysis, incentive fulfillment, and report on return on investment.