The R Word Hits Canada
With housing starts trending down, unemployment at 7.5% and a forcasted longer term horizon for the current recession, we are curious as to what credit unions across Canada are doing to stimulate growth. We want to hear from you....
02/06/2009
Are Your Members Loyal?
Consider the following statistics from Bob Sullivan of Sales and Service Effectiveness (Feb 2009):
- The average company loses more than 10 percent of its customers each year.
- Acquiring new customers can cost five times more than satisfying and retaining current customers.
- A two percent increase in customer retention has the same effect on profits as cutting costs by 10 percent.
- Loyal customers are 15 times more likely to increase spend than high-risk, intermittent customers.
Focusing on increasing member loyalty is critical to credit union success, especially in light of today's economic turbulence. People are looking for a safe place to land, for good solid advice and to be assured that they have made the right choice when it comes to their financial decisions. Sales, service and marketing programs must support the drive to increase loyalty, thus creating higher member retention and ultimately a deeper share of wallet.
MACU would like to hear from you. Is your organization focused on the right drivers to succeed in 2009 and beyond?
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