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Datatrac explores biz growth strategies
MADISON, Wis. (11/13/08)--Credit unions can learn how to use their competitive rates and a new awards product to differentiate themselves by reading a complimentary white paper from CUNA Strategic Services and alliance provider Datatrac, a market research and information technology company. “Differentiate Your Credit Union With Award-Based Marketing: Seven promotional strategies that turn competitive rates into gold” describes the new Datatrac Great Rate Awards and how to license and use the awards for promotional marketing. The award product was designed to differentiate credit unions, grow deposits and loans for less, and decrease rate shopping. Datatrac compiles and analyzes deposit and lending interest rates for more than 90,000 U.S. financial institutions at the end of each quarter and year to find products that beat the market. Financial institutions with winning products receive award certificates. The award, along with the research behind the award, can then be licensed and certified for use in marketing campaigns to help credit unions differentiate themselves by showcasing products that consistently outperform the market. The white paper also includes credit union case studies from two early adopters of the awards, along with a variety of general information on award-based marketing. One of the early adopters, Anheuser-Busch Employees CU in St. Louis, used the rate-award promotion to double its business and saved $40,500 on interest expense. Awards-based marketing can differentiate credit unions, build trust and simplify purchasing decisions for members. The marketing also has the potential to improve the location where credit unions compete for business, improve the shelf-life of promotion, and improve staff morale and confidence, Datatrac said. For more information, use the link.
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