CO-OP Revelation is a Web-based tool that gives credit unions the ability to analyze cardholder transaction data. This enables them to find usage patterns to help them better understand their members' habits, improve marketing effectiveness and increase both member loyalty and revenue.
CO-OP Preferred is the new turnkey option from CO-OP Ad Lab. Under this fully-managed program, CO-OP Financial Services handles the creation of the campaign, identifies the target group, produces all campaign elements, including customized campaign artwork; then prints and mails materials, sends the incentive to the qualifying cardholders and provides final analysis of the results.
As a CO-OP Revelation client, Signal Financial was able to know who its underperforming signature debit users were. The CO-OP Preferred campaign specified those members who were using their debit cards for five or less signature transactions per month.
The credit union then ran a month-long promotion called "Nine & Dine."
"The goal of the campaign was to incent our target group to make signature debit transactions nine or more times during the month of May (2010). Those members who accomplished this received a $50 Dining Dough gift certificate," said Humaira Akhter, Marketing Specialist for Signal Financial.
Signal Financial's March 2010 transactions report was used to select the target group for the campaign. A new report was run after the close of the promotion at the end of May 2010 to measure its success.
"Our March report provided the baseline upon which we could see if we had managed to reach the right people," said Akhter. "At the start of our campaign, this underperforming segment averaged 2.78 signature debit transactions-per-month. By the end of the promotional period, the same group was averaging 6.48 signature debit transactions per month. This is a 133 percent increase, which equates to an estimated $2 in incremental revenue per card, per month!
"Our interchange revenue increased by 68 percent during this campaign and our purchase volume also saw an increase of 73 percent," said Akhter. "We had set out to increase our signature debit transactions, which we did by 80 percent, and got a whole lot more.
"With limited resources and budget, this turnkey marketing services package was exactly what we needed," said Akhter. "We can't wait to run our next one."
You can learn more about Signal Financial's experience with CO-OP Revelation and CO-OP Preferred by going to www.co-opfs.org/AdLabPreferred.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, CO-OP Shared Branching and call center services. With a total of 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,000 shared branch locations and 160 million-plus monthly transactions, CO-OP Financial Services is the nation's largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org. Follow CO-OP on Twitter at:http://twitter.com/COOPFS and keep up with industry issues via the CO-OP Insight Vault blog at:http://co-opinsightvault.com.