How should a credit union loyalty program work?
business product development advertising marketing economics psychology finance banking customer retention
$1,000
top 10
47
submissions
DONE
12 months ago
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An increasingly popular trend across technologies and industries has been the implementation of loyalty programs. For a smoothie shop, a great loyalty program is a punch card to buy 9 smoothies and get the 10th for free. More and more businesses are offering customers special deals, coupons and prizes for purchasing from or engaging with them on a regular basis- and benefit by developing a stronger relationship with their customers.

Credit unions are no exception. They want to encourage their members to conduct more financial business with them. What types of programs would work best to provide this encouragement? Specify how you think the program should be structured (what should members be rewarded for) and the types of rewards that should be offered.

Deliverables

Part I: Program Structure

A. How will your loyalty program be structured? For example- some credit unions reward clients based on total amount of funds (savings, loans, investments, etc.) while others reward clients for using many of their products & offerings.

B. Why are these the most relevant actions for customers to take?

Part II: Rewards for Loyalty

A. What rewards should a credit union offer to customers under your proposed structure?

B. Why are these the most relevant, compelling, & exciting rewards for customers?

Bonus:

Record a short video (3 minutes or less, shorter is better!) of yourself explaining your program structure & rewards and post an unlisted YouTube or DropBox link at the top of your submission.

Things to consider:

- Get Creative! Simply stating that customers should get rewards for having more money in the credit union is not an acceptable action/reward. Proposing saving and investing tiers is a good place to start thinking though!

- Organize your submission! We broke this contest down into two parts and A/B for a reason. Using bullet points to highlight separate parts of your idea is great too!

- Show us your idea! The video is a good way to communicate your thoughts more effectively but you can also add images from the internet.

- Exemplify! Including a link or otherwise referencing other, successful loyalty programs is a great idea.

    Submissions will be graded on the following criteria:
  • Meets Deliverables
  • Creativity
  • Clarity
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