Leveraging Analytics to Increase Member Engagement

Who doesn’t want to improve their member’s engagement with your credit union?

No one?  I didn’t think so.

What’s the best way to engage our current members? How will we measure what works? These are common questions our credit union clients ask as member engagement is a vital metric to calculate.

Understanding and engaging with your members does require a robust data management, data integration and data visualization environment. Through compelling, personalized member engagement, credit unions will have the opportunity to attract new members, boost current member loyalty, and expand the spectrum of products and services in an existing portfolio.

There are patterns and business insights within the vast quantities of data credit unions collect on each member. Data analytics can help the credit union identify and respond to what members need today and can help forecast what they will need in the future. Here are a few examples of how data analytics can provide knowledge and better insights into preferences and desires that ultimately boost member engagement and member satisfaction.

Know Member Preferences:

What members prefer a digital experience over visiting a branch? Knowing member preferences, expectations, likes, dislikes, motivations and inclinations will boost engagement. Using data analytics, you can determine how your members prefer to engage with the credit union—leading to happier, more satisfied members. Additionally, by analyzing information about how your members access and consume content and applications, you can build marketing strategies around the devices, locations and preferences they already prefer. For example, your data will reveal that millennials have very different preferences than a retired baby boomer member. Using these preferences, the credit union can create experiences that are most beneficial to each user, leading to new opportunities to further engage with members and target new ones within these segment preferences.

Know Impending Life Events:

Data analytics can provide powerful insights and help uncover customer behavior patterns that reveal life events such as, retirement, new home purchase, or a baby on the way.  By tracking and measuring important indicators in a member’s life – age, gender, marital status, income, a move, and more – you can segment members into easily targeted groups. From there, you can develop targeted marketing campaigns that create relevant, personalized experiences that improve engagement. Additionally, it will create the opportunity to cross sell and upsell the right services or products that are needed during specific life events.

Know Member Sentiment:

From Facebook to Instagram, these social networks can offer a wealth of information about what your members are saying and feeling about your brand. Your credit union can use data from social media to gain insights that would normally require surveys and questionnaires. Through data analytics you can better engage with members and react quickly to address and identify issues, complaints, and product or services flaws. Social media sentiment analysis and another tools can be used to determine member sentiment about the credit union through an analysis of their posts and social interactions.

Know Your Audience:

Not every member is going to be profitable, but through segmentation, there are opportunities to maximize the number of profitable members. By using data to identify unprofitable members, the credit union can target marketing campaigns to further boost engagement and entice them with more products and services the credit union offers.  By knowing your audience better, you can create personalized, compelling marketing messages that are relevant and will promote engagement and lead to business outcomes.

Beyond the knowledge gained in each of these areas, it’s what you do with this knowledge and the data that will lead to big wins.  Not sure how to transform member data into deeper engagement?  Consider partnering your credit union with the data experts at The Knowlton Group that can help create a roadmap to leverage all the advantages of data analytics for more effective and personalized member engagement.

Our personalized approach to each engagement ensures that the specific needs and goals of your financial institution are captured for maximum results. Want to know how you can further improve your customers’ experiences? Let’s talk.  Contact me today at brewster@knowlton-group.com or call 860-593-7842.

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