The members of a Credit Union contribute to a lot of varied data. How can this varied data be used practically to achieve a social currency through members? In this article, we provide you with some answers to this question so that you do not end up frustrated when dealing with data and marketing together. We have used an example from Partners Federal Credit Union that serves the Walt Disney Company.

1. Just get started. Understand the demographics of your members. Understand who you serve. You serve a community of storytellers. To gain insights on this, social media findings or survey feedbacks of focus groups can be used. The two key ingredients for the Partners Federal Credit Union were to take advantage of Disney Intellectual Property and of employees who create it.
2. The power of social currency is almost autonomous. Make use of ambassadors. The Advocates of your Credit Union are extremely influential. The Partners FCU has encouraged cast members who were willing to advocate to be ambassadors. Member Testimonials are also very relevant in performing integrated marketing.
3. Create your blueprint and Target your engagement. The Partners FCU used an exclusive Disney IP which is a competitive advantage in itself.
   
   Members were targeted through a partnership with Marketing and BI. Predictive variables were identified. There was a use of a variety of tools and methods used to collect and aggregate the data sets through their BI team. Through the use of basic applications, an analysis was done at a department level. It is important to project what members are desirous of.
   
   The 19 predictive variables which were identified, demonstrated high number relationships across multiple variables and were indicative of the member’s interaction with the partners.
   
   Some Engagement Measures which can be used are as follows -
   • Engagement score – The sum of the values of each variable for each number. The higher the engagement score the more interaction the member has with the credit union.
   • Engagement- A weighted measure based on the predictive variables and their relative weighting I the original correlation models.
   • Engagement Decile- The stacked rank of the member based on the engagement.
     
     
4. Target through attractions to which members have a high affinity. It was observed by the PFCU that pre-approval messaging did not increase the response rates and multiple messaging approaches increased the usage.
   
   
5. Seasonal campaigning can also prove to be fruitful. Using advertising channels which the members are more accustomed to will also drive better results.
   
   
6. Develop an Integrated Market Analysis as a Unique Selling Point. For Zootopia, PFCU used the simple formulae of ‘join, refer, apply’ which opens the door to potential members. Synergy partners are key to obtaining useful insights and making most of the competitive edges.

CONCLUSION

Don’t sit back. If you are in marketing, all you need to ask for is a safe environment. Encourage various teams and departments to use your data and collaborate with business intelligence teams to drive meaningful analysis from the same. Use data as a resource to do something better.  Make your members your strongest assets.