Credit Union Achieves 280% Increase in Digital Leads, Outpacing 15 Branches
Overview
A $1 billion East Coast credit union transformed its digital presence, resulting in a remarkable 280% increase in digital leads. Starting with an initial website secret shopping study, the credit union courageously applied the lessons learned to overhaul their online approach.
Challenges:
- Initial website scored poorly in secret shopping studies for key product lines.
- Needed to transform an underperforming online brochure into a robust sales tool.
Solution:
- Website Overhaul: Optimized their website as part of their Digital Growth Engine, leading to a 280% increase in website leads for retail products.
- Lead Nurturing: Implemented a digital sales team to nurture and convert these leads.
- Inbound Marketing: Launched an inbound digital marketing strategy for commercial accounts, increasing commercial leads by 33%.
Results:
- The website became the number one source for loan growth within 24 months, outperforming 15 physical branches.
- Significant increase in commercial loan portfolio through enhanced lead generation and nurturing.
Impact:
- Loan Growth Leadership: By transforming their digital presence, the credit union's website became the leading source for loan growth, significantly impacting overall business performance.
- Enhanced Efficiency: The digital growth outpaced traditional branch performance, demonstrating the efficiency and scalability of their new digital approach.
- Customer Acquisition: Successfully captured a substantial number of new contacts through their optimized digital strategies, strengthening their market position.
- Sustained Growth: The strategic application of digital marketing and sales techniques led to sustained growth in both retail and commercial sectors.
Steps to Success:
- Identify Blindspots: Conducted secret shopping of key product lines on their website to uncover blindspots and growth gaps.
- Team Alignment and Diagnostics: Held a Team Alignment Workshop and Digital Growth Diagnostic, which provided strategic recommendations within their Digital Growth Blueprint.
- Execution and Coaching: With ongoing coaching, guidance, and education, the credit union implemented their Digital Growth Blueprint, starting with building a website that sells.