Do you like Piña Coladas? Getting caught in the rain?
Well, we don’t care.
But we WILL help you find the love.
With our NEW Losing the Love Program, Xtend can help you figure out why some members are losing the love with you. We will reach out to those members and collect feedback. We then analyze the data we’ve collected, along with the member feedback and help you take action, all while increasing your member retention program.
Xtend’s Losing the Love Program is designed to help assist your credit union with member retention and answer the question, “Why are members losing the love?” A natural by-product will be increased retention and a more refined understanding of member attrition. Plug this into your member retention program.
Losing the Love focuses on identifying weaknesses within credit unions from the perfect source: unsatisfied members.
With this program, we identify members who may be on the verge of leaving the credit union by their actions. Similar to the Losing the Love Dashboard in CU*BASE (Tool 132), Xtend has identified various trigger points that lead to a declining relationship between the member and your credit union. On a monthly basis, the entire membership will be monitored to discover which members are experiencing decreasing amounts of activity. By providing the member with a platform to offer feedback, the credit union will obtain insight to apply into the future. Not only could this potentially save memberships, it will make the credit union more aware of what its members want. The beauty behind Losing the Love is understanding why members leave the credit union!
Credit unions spend a large amount of time and effort obtaining new members. While this is important, many of us are also very preoccupied with member retention.
With the vast amount of data that is available today, it has never been easier to identify which members the credit union risks losing. Using this information, Xtend can go one step further and make contact with the at-risk members to determine why they are in a diminishing relationship with the credit union. As this data is gathered and analyzed, credit unions will be able to identify trends of at-risk members, and develop processes to improve in the future. Losing the Love campaigns will be an excellent example of leveraging credit union data to improve member retention.
-Brandon Shaw, Xtend’s Marketing and Business Intelligence Analyst