How can you continually see growth among your credit union members? What tools should you use to grow your business? How do you improve your return on investment? How often we rack our brains seeking the answers to these questions. The funny thing is, the answer is right in front of us. Strike that. The answer is in front of your members — and you mail them out monthly: transactional documents. If you are using transactional documents as just a record of the previous months’ activities, then you aren’t getting all you can out of them. If you are not capitalizing on these existing communications with your members, you are losing out on valuable opportunities to build relationships and stimulate their business with you. Visit http://www.nafcu.org/cathedral to learn more.

1. Inside NAFCU Services
turning transactional documents
into opportunities
By Marianne W. Gaige
H
ow can you continually see growth among your
members? What tools should you use to grow
your business? How do you improve your return
on investment?
How often we rack our brains seeking the answers to these and targeted offers to members who have been identified as
questions. The funny thing is, the answer is right in front of prospects for new or increased business.
us. Strike that. The answer is in front of your members — and Third, technology is everywhere — so make it work for
you mail them out monthly: transactional documents. you.
If you are using transactional documents as just a record There are a lot of amazing advances in technology that al-
of the previous months’ activities, then you aren’t getting all low you to better communicate with your members. By using
you can out of them. features such as QR (Quick Response) codes and personal-
If you are not capitalizing on these existing communica- ized URLs (PURLs), you can direct members to information
tions with your members, you are losing out on valuable that is unique to their interests, and measure the results of
opportunities to build relationships and stimulate their busi- your efforts.
ness with you.
After all, you’ve already cleared the first major hurdle — seeing the ROI
achieving a trust-filled bond with your members. Your You may be wondering if it’s worth it to put all of this effort
members monitor their accounts, which means your transac- into a monthly statement. The answer to that is not just a
tional documents provide you with a captive audience. They resounding “yes,” but, in fact, you may be losing business by
open their statements, giving you the opportunity to com- not utilizing statements and other documents as a communi-
municate with them on a monthly basis. With a few minor cations tool.
adjustments and adding relevant content, you have a tool to Research has shown that while personalization of an offer
transform the average member into a key client. increases the response rate by 45%, the addition of full color
to the document increases reader response by 145%.
Making a statement By making these enhancements to your transactional docu-
Whether sending printed or electronic communications, ments, you are allowing for the opportunity to:
your objective should always be to build member relation- n Generate new business opportunities
ships and generate new business. There are a few simple
enhancements you can make to achieve this goal. n Build member relationships
First, make sure your documents reflect the high level of n Add a competitive advantage
service that you provide.
You have to present yourself in the best way possible, right By taking your credit union’s documents to the next level,
from the start. Choose a design that demonstrates to your you are securing your spot as an innovative business. With
members that you value this communication with them. communications that reflect your high-quality service, mem-
Black and white documents aren’t always enough — you bers will see the added value and they will respond — turn-
need to add color and dimension. Make fonts and white ing expense into revenue.
space work for you.
Market yourself. Establish a strong brand presence using Marianne W. Gaige is president and chief executive officer at
your colors and logo to make sure your members come to Cathedral Corporation, a NAFCU Services Preferred Partner for
recognize and trust your communications. A document variable data driven solutions for printed and electronic finan-
without character is one destined for a dead end. cial services communications. Learn more at www.nafcu.org/
Second, make sure your documents are worth reading. cathedral. s
You already have significant information about your mem-
bers. Use this data to identify what is important to them.
Then, use marketing content to make personalized, relevant
30 The Federal Credit Union July/August 2011