Proven strategies to create fiercely loyal members

first_imgCommitment sounds like an obvious part of any business plan, however for many Credit Unions it’s not always so easy. If you want commitment from your members in the form of loyalty, you’ll have to give commitment in return. Here are a few commitments your credit union can make to aid in creating loyalty:Commit to being the best at what you doCommit to the member relationshipCommit to your Brand3. Maintain a Relationship Mindset The first step in creating a fiercely loyal member is to build an emotional connection. When you are able to tap into a consumer’s emotions, you’re often able to influence their purchase decisions. A few ways to establish an emotional connection with members:Build CredibilityProvide ValueBe TransparentLive Your Brand2. Be Committed Think about which brands you are most loyal to, and why. Apple, Amazon, and Southwest are some of the top brands that often come to mind. Most likely your “why” revolves around product quality, experience, and/or convenience factors. Now think about what it would take to make you become disloyal to your favorite brands. One way to keep a finger on the experience pulse is Member Experience Mapping. Member Experience Mapping is a great way to gather a 360° view of what your members are experiencing when they interact with your brand. Mapping your members’ experiences is a crucial step in showing the gaps between consumer expectations and perceptions of the actual experience along the way. Closing these gaps will help your credit union achieve peak member loyalty.The best kind of member loyalty comes from an exchange of value between the member and the Credit Union, where conversations revolve around how you can better serve the member’s needs, and not so much focused on the business results. When the relationship is valued more than the sale, loyalty is sure to follow. 36SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Hilary Reed Hilary Reed, founder of EmpowerFi, is an innovative thought-leader who has been involved in various aspects of strategic sales and marketing for 15 years. Her career began in 2000 when … Web: www.empowerfi.org Detailscenter_img Everything your organization does, internally and externally should revolve around building deeper relationships. From internal staff relationships, to member relationships, and relationships with other brands (i.e. community, vendors, etc.), by focusing on building individual relationships, and opening up ongoing communications, your credit union will be poised for organic growth.4. Consider Your Members’ Perspective It’s a well-known fact that growing just a small percentage of your profitable members can make a tremendous impact on your bottom line. When approximately 20% of your members make up 80% of your profit it’s easy to see the impact of increasing loyal members. But which members are likely to generate the most profit, and how do we get them to become and remain loyal?Loyalty means something different to every financial institution. What does loyalty mean to your organization? Here’s an example from one $600m credit union in the Northeast:Checking Account with debit cardDirect DepositMinimum of 1 LoanAggregate balances of $10,000+Whether you use number of products, aggregate balances, profitability, or lifetime value, if your focus is on member loyalty, you’re headed in the right direction. “Your customer doesn’t care how much you know until they know how much you care.”  -Damon Richards.When members feel valued, and have a connection with your brand, they are more likely to consider you first when it comes to future financial decisions. Here are a few ways for your Credit Union to acquire and retain loyal members.1. Establish an Emotional Connectionlast_img read more

Facebook labels state-controlled media posts, will block ads

first_imgFacebook said it consulted “more than 65 experts around the world specializing in media, governance, and human rights and development” to establish its policy on state media.The move comes with Facebook under scrutiny for failing for stem foreign interference in the 2016 US election, and amid heated debate over how the social network handles misinformation and inflammatory posts, including from US President Donald Trump.Facebook is also in the process of setting up a “supreme court” or oversight board to make binding determinations on content removal. Facebook later this year will begin adding similar labels to ads by such news outlets, blocking them entirely ahead of the US presidential election in November “to provide an extra layer of protection against various types of foreign influence in the public debate,” according to Gleicher.Facebook’s definition of state-controlled media includes influence over editorial content as well as financial backing of outlets, he explained.Labels will appear globally in Facebook’s advertising library and on pages. In the US, labels will also appear on posts in News Feeds at the leading social network, according to Gleicher.”If we determine that there are enough protections in place to ensure editorial independence, we will not apply the label,” Gleicher said. Facebook on Thursday began labeling media organizations whose editorial calls may be under the influence of governments and said ads from those outlets would be blocked later this year.The social network is following through on a previously announced plan to label state-controlled news publishers, according to Facebook head of cybersecurity policy Nathaniel Gleicher.”We believe people should know if the news they read is coming from a publication that may be under the influence of a government,” Gleicher said in a blog post.center_img Topics :last_img read more

Governor Wolf on KDKA: We Can Balance the Budget Without Broad Based Tax Increases

first_img Budget News Governor Wolf earlier this morning on KDKA said he believes we can balance the budget, provide an additional $250 million for basic education, and include $34 million to address the heroin crisis without raising the Personal Income or Sales Taxes. Here is an excerpt from the governor’s interview:“There are three things that are key for me and I think for the people we’re talking with. And by the way, the conversations and the negotiations are going, I think, very well. But, we need a balanced budget that is truly balanced. I want $250 million dollars for basic education, an increase, and I want $34 million dollars for the heroin overdose problem, which is really a big problem in Pennsylvania. And I think all this can be done without a broad based tax increase. I’m not asking for a Sales Tax increase or Personal Income Tax increase. I think we can do all this; the balanced budget, the increase in education, and heroin initiatives without a broad based tax increase. So, I think that we’re making some good progress. I think we’re very close.”Click here for the full interview.Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf SHARE Email Facebook Twitter Governor Wolf on KDKA: We Can Balance the Budget Without Broad Based Tax Increasescenter_img June 21, 2016last_img read more