Accelerating shifts in consumer options, preferences, and anxieties cause problems for credit unions that aren’t keeping up, according to Olivier Raoust, chief brand strategist/chief creative director of Raoust+Partners, who spoke at the CUNA Marketing & Business Development Council Conference in San Francisco on Monday.
But credit unions that shape and reshape their strategies based on the voices of the consumer stand to thrive.
“Member feedback loops can be used to take a giant leap forward in gaining traction with your members,” Raoust says.
In other words, a member's opinion about your credit union's product offerings or services should directly inform the future of those product and services.
Many credit unions understand they should use their data to improve their business operations, Raoust says, but it can be hard to get started because of:
Raoust+Partners developed The Echo Project, a new method of engaging with members to gather insightful data based on purchasing and delivery channel preferences.
According to Raoust+Partners, the process is leading to breakthroughs in establishing successful market segmentation and communication strategies that meet the emerging needs of consumers and small business.
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