MADISON, Wis. (11/26/13)--A new white paper from the CUNA Marketing & Business Development Council makes the case for developing and using of objective measurements that quantify the contribution of marketing to the credit union's bottom line and achievement of its strategic goals.
The paper, "Mastering Metrics: Measure What Matters in Marketing and Business Development," sets out a system for planning on which metrics to measure, what information is needed to make those metrics actionable inside and outside the marketing department, and how to work with colleagues in other departments to make those metrics as useful as possible.
Three case studies from credit union marketing and business development departments provide examples of how marketers develop and share metrics with their boards, executive teams, and staffs.
One of the case studies is Indianapolis-based Eli Lilly FCU's measurement of member engagement--products and services per household, the rate and pace at which account balances are growing, and the member groups that are driving growth.
Online services are central to Eli Lily FCU's business model. More than half its members never visit a branch, so monitoring website and call center use provides key indicators about quality of service: What kinds of questions are members asking, and are they getting the right answers? Do members receive the e-mail their credit union sends, or does it bounce back or end up in a spam folder? How many unique visitors does the website have, and how do they get there?
One Eli Lilly FCU manager is dedicated to website and social media marketing, applying data from analytical tools about website traffic, click-throughs from Facebook and Twitter, and mentions in user-generated content to optimize the credit union's positioning as a financial adviser and source of useful products and services.
Four in five members are active online users, so the credit union works to ensure that its website is easy to navigate and that members can quickly find answers to their questions. An online banking conversion in early 2013 included the launch of a database to continually update online FAQs based on member inquiries and feedback.
The credit union also employs a business intelligence unit, with an assistant vice president and two staffers who translate information from marketing customer information files and customer relationship management systems into metrics for improving member service and communications. Eli Lilly FCU also imports data from third-party sources to integrate with internal data in the data warehouse for a fuller picture of members and their financial needs and preferences. Optimizing business intelligence is critical in helping the credit union develop and maintain its brand, the paper said.
To download the paper, use the link.