Does Your Credit Union Have the Right Member Loyalty Program?Share:
Consumers have gotten used to getting perks, loyalty discounts and rewards wherever they go these days. So, how’s a credit union supposed to compete?
A recent study from TechnologyAdvice took a look at what consumers want out of a loyalty program and what they don’t. Respondents said they’d be over 80% more likely to shop at stores that offered some type of loyalty program.
The main reason they participate in loyalty programs at all? 57% said it was to save money. And it turns out that exclusive rewards were 57% more likely to incentivize participation. Most significantly, 82% of respondents said they’d be “more likely” or “much more likely” to shop at stores that offer loyalty programs.
Loyalty Programs and Your Credit Union
We know that you need to attract members, not consumers, and that you’re not a store or retailer. But credit unions could still use these facts as a springboard to start a loyalty or rewards program for its members. This study is just one of many that pinpoint how vital a rewards program can be to attract new members and increase current members’ loyalty.
The go-to loyalty program for most financial institutions tends to be a credit card rewards program. ScoreCard Rewards is one of the more popular programs, but there are plenty of others out there. The problem of going with a program like this is it’s somewhat counter-intuitive to what credit unions are all about. If you’re truly putting your members first, then you might want to think about how it looks to reward them for spending money and potentially going into debt.
Why not reward your members and give them valuable discounts on things they already buy or use on a daily basis like smartphones, cell phone service, tax preparation or roadside assistance? That’s what Love My Credit Union Rewards is all about. This exclusive member discount program was created specifically to help members save and for credit unions to build member loyalty – and hopefully attract new members at the same time.
Whether your credit union already has a loyalty program in place, or whether it chooses to use Love My Credit Union Rewards or not, we encourage you to seriously think about having the right programs with the right benefits for both you and your members.
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