Last week Onboard's own Director of Marketing, Erin Gilbert and Loantek CEO Adam Stein teamed up to present a world-class-look at Member Retention in our latest webinar. If you missed the webinar you can watch it here.
Erin and Adam discussed the changing ways members expect be addressed in communication from their credit unions. Adam specifically discussed how members want,"exclusive, personalized, and targeted communication that's designed to inform." He used an example (below) of an e-mail sent to a specific person (Carmen) with her personal closing costs enclosed. With open rates of over 40% and click-through rates above 6%, it became apparent that this type of personalized messaging is extremely effective. Because it's a complete consumer management solution, LoanTek is able not only to measure key engagement metrics, but tie those metrics back to conversions.
With open rates of over 40% and click-through rates above 6%, it's obvious that this type of personalized messaging is extremely effective.
Much of the themes around the Webinar were things Onboard has been advocating the past few months - content for one and improving how companies connect with customers. What Adam discussed, in addition to these ideas, were the tools credit unions and other institutions will need to execute on these ideas. He even took it one step further and discussed metrics - what to measure and how to improve your metrics in a tangible way.
There is no doubt that personalized marketing is the wave of the future - from credit unions to real estate companies. The next step for all of us is deciphering the best way to execute on these strategies to translate better consumer engagement into real sales.
Onboard will continue to invite our partners, clients, and friends to discuss their implementation strategies to help us all improve. Because we believe at the end of the day good data is the foundation of all of it.