Loyalty Assurance - Cross-Selling to Increase Lifetime Value
Posted on Wed, Aug 18, 2010 @ 12:10 PM
Source Media recently conducted an interview with our President, Ben Waldshan, regarding our customer retention solution, Loyalty Assurance. The results of this conversation were published in the July issue of Origination News [read the full article here].
The article did a great job of demonstrating how the program can be leveraged to identify cross-selling opportunities, which has proven to be a very powerful feature for financial services marketers...especially those in the banking and credit union arenas.
As a quick synopsis - our Loyalty Assurance program cross-references a customer database with a variety of credit inquiries (mortgage, auto, bank card, installment, and insurance) to identify customers who are actively in the market for financial products and services. You can read more about the logistics by reading my post entitled: "Customer Retention is a Sticky Issue".
The program has an impressive track record, with some of our customers achieving up to a 300% increase in retention rates.
No one is in a better position to capitalize on the power of this program than credit unions and banks...as the breadth of their product line allows them to leverage the broadest array of inquiry activity.
By cross-referencing their entire customer base (and by this I mean all account holders - including: checking and savings accounts, personal loans, credit card accounts, mortgage loans, auto loans, etc.), banks and credit unions can use Loyalty Assurance to identify real-time opportunities to cross-sell their customers into incremental products and services...resulting in an overall increase in customer lifetime value.
Credit unions are enamored with Loyalty Assurance, as the program offers them a powerful way of re-capturing mortgage market share (which, according to the MBA, has been on a steady decline since the first quarter of 2009).
Overall, the program really is a no-brainer. It should be the cornerstone of every financial services' marketing plan. But don't take our word for it. Request a FREE Loyalty Assurance ROI Analysis to understand the "dollars and sense" for your organization. You can also request a personal introduction to the program by calling 888-707-7600!