Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
Building lifetime value is CUNA Council paper topic
MADISON, Wis. (12/22/11)--Credit unions looking to build the value of their memberships must look beyond revenues and expenses and instead understand each member's contribution to the credit union, according to a new CUNA Operations, Sales & Service Council white paper.

"Building Member Lifetime Value" discusses strategies used by credit unions to leverage member lifetime value to drive revenue and profitability.

Member lifetime value (MLV) is a measure of each member's contribution to the credit union based on margin, retention rate and cost of capital.

Author Jeff Rendel explains that credit unions can improve their capability to grow more profitable member relationships by:

  • Calculating each member's profitability and their lifetime value;
  • Measuring and increasing the membership-retention rate;
  • Increasing the sales-based engagement and results of frontline leaders;
  • Making the most of on-boarding and outbound marketing programs;
  • Increasing the loyalty of members already loyal to your credit union; and
  • Benchmarking the credit union's sales culture, functions and results.
Rendel provides real-world examples of credit union successes and shares the tools each credit union used to build its MLV model.
Other Resources

RSS





print
News Now LiveWire
#Maine #creditunion membership growth continues record pace http://t.co/yFRur4TQ0x
11 hours ago
.@TheNCUA closes N.Dade Community Development FCU,Miami Gardens, Fla. determining CU violated some charter provisions,bylaws & fed. rules.
12 hours ago
Why a #creditunion can be a good fit for #smallbiz http://t.co/l7Df9b8vQZ @fundbox
15 hours ago
Who's most adept at saving these days? The middle class, says @Bankrate http://t.co/zVi7typdVU
15 hours ago
.@OregonCCU donates $20K in Sprint program monies to @CMNHospitals @CU4Kids via @NWCUA http://t.co/0wTAH5NTNI
15 hours ago