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How should a credit union loyalty program work?
business product development advertising marketing economics psychology finance banking customer retention
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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.

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