Transcript League/LSC Quarterly IIA Update

Wednesday October 15th, 2014
1. Credit Union Participation
2. LMCUR Stats
3. What’s New
4. Partner Updates
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GM
Credit Union Auto Club
Sprint
TurboTax
5. Wrap-Up and Questions
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Love My Credit Union Rewards
Program Participation
As of September 2014
Love My Credit Union Rewards Overall
3,410
Auto
2,869
Credit Unions
Sprint
1,908
TurboTax
1,335
Credit Union Auto Club
Bundle Enrollment Participation
ALL Bundle
440
As of September 2014
145
Home Bundle
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Auto Bundle
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IIA Bundle
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Sales (thru 09-30)
Total Sales
Member Savings (thru 09-30)*
3,680,549
Total Savings
> $1 Billion
1,253,911
Sprint Savings
> $485 million
Auto Sales
713,794
Auto Savings
> $610 million
Turbo Tax Returns
1,806,527
TurboTax Savings
> $9.5 million
Sprint Activations
Credit Unions
*Sprint numbers through August
Credit Union Auto Loans (thru 9-30)
Auto Loans Funded
353,740
Auto Loan Value
> $7.9 billion
Check on the status of your credit unions with the League Reports at:
http://www.lovemycreditunion.org/Additional_Invest_In_America_Reports_for_Leagues_272.html
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WHAT’S NEW?
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• Love My Credit Union Rewards Webinars
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• ALL Bundle Marketing Materials Available
• Updated League Sales Kit
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• Home, Auto, and Invest in America Bundle Marketing
materials
• Marketing Materials Order Page: Until this page is posted,
email all orders to [email protected].
• Custom Web Banner Request Form: Until this page is posted,
email all requests to Client Support.
• Partner Center Revamp Project: Task force sessions
completed, mapping out new and improved features
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Cadillac
Cadillac rejoins LMCU Rewards!
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November – December pilot
Cadillac Sales
Car
Truck
Total
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2013
69,665
80,117
149,782
103,253
79,290
182,543
2014 YTD
64,727
63,110
127,837
Marketing Support
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2012
Dedicated GSTV spot
Inclusion of Cadillac in rotation of GM banner
Unique static Cadillac banner tying to a TBD holiday promo
Home page banner welcoming Cadillac back
Save page banner welcoming Cadillac back
B2C email copy for CUs
B2B email copy for Leagues
B2C Newsletter copy for CUs
Success means Cadillac may rejoin LMCU Rewards permanently!!!
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GM
Program Growth Continues to Accelerate
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76% increase in sales September 2014 YTD vs. September 2013 YTD
– September fifth best month all-time
– May, June, July, august and September all best months since 2009
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Since September 2013 instant auto loan lead launch:
– Potential for 150,000 instant auto loan leads
– 264 new CU Premium enrollments or upgrades - 649 total Premium CUs
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CU member discount sales represent 3.7% of total GM retail sales
– Up from 3.0% full year 2012
Action Requested – Participating Leagues
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Assist CUs marketing support of Cadillac
Follow-up with enrolled CUs to ensure marketing requirement compliance
Continue to work with non-premium CUs for enrollments and upgrades by promoting the
value of instant loan leads
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Credit Union Auto Club
League Participation
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Non-participating leagues forfeiting marketing reimbursements of $5 to $9
440 enrolled CUs nationally – over 100 new since we last met
Q4 2014 Product Enhancements to Differentiate Offer
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$500 auto insurance deductible reimbursement (ADR)
50 or 100 mile supplemental towing radius option
Q1 2015 Actions to Increase CU Engagement and Awareness
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Webinar based CU training on how to promote program internally to members
Contests focused on exceeding enrollment benchmarks based on CU size
Action Requested – Participating Leagues
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Follow-up with enrolled CUs to ensure marketing requirement compliance
Continue with efforts to enroll CUs in the program – drive your marketing
reimbursements
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Sprint Contract Year & Marketing
Contract Year Updates
• 2013-2014 Contract Year Marketing Reimbursement - Paid out in December 2014
• 2014-2015 Contract Year: October 2014 – December 2015
• Marketing Reimbursement to be paid in Q1 2016
• Beginning in 2016, the Contract Year will move to Calendar Year (January 1 –
December 31)
2014/2015 Contract Year: October 2014 – December 2015
Ongoing Marketing Requirements
Must be continuously displayed for as long as the credit union is enrolled in the program.
Website Promotion
Place program banner/link on credit union website, preferably home page, within 30 days of
enrollment.
Lobby Promotion
Place program materials (paper or digital) in all credit union lobbies within 30 days of enrollment.
Employee and SEG Communication
Include program information in human resources new hire and member employee group packets
within 60 days.
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Sprint Quarterly Marketing Requirements
2014/2015 Contract Year: Along with the Ongoing Marketing Requirements, credit unions
must complete at least one (1) member Quarterly Communication Tactic in at least three (3)
of the five (5) quarters to be eligible to receive the Sprint Marketing Reimbursement.
Approved logos and program discount information MUST be included. Credit union will
need to fulfill all ongoing and quarterly marketing requirements each contract/calendar
year to receive the marketing reimbursement for that contract/calendar year.
Quarterly Communication Tactics
• Quarterly paper statement inserts or e-statement onsert. Text only statement messaging
is not acceptable. Must reach at least 95% membership.
• Direct mail promotion. Must reach at least 75% membership.
• Quarterly newsletter article/ad. Must reach at least 95% membership.
• Email blast. Can be used to fulfill one (1) quarterly requirement if credit union reach is at
least 50% membership. If reach is 75% membership or greater, tactic may be used
multiple times.
• Program banner and URL link on home banking/online banking pages for at least one (1)
quarter. May only be used to fulfill one (1) quarterly marketing requirement. This
banner option is in addition to the home page banner requirement.
• Invite Sprint (through CUSG) to participate in a lobby event at the credit union - providing
Sprint space to set up information. (Must have at least 5,000 members). Can be used to
fulfill one (1) quarterly requirement.
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Additional Marketing Suggestions
Additional Banner Locations
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Member Discount Page
Member Benefits Page
Home Equity Loan Page
Home Mortgage Page
Home Banking Page
Additional Communication Tactics
Utilize social media to enhance quarterly marketing requirement: Facebook,
Twitter, blogs, mobile app marketing…
All marketing materials are provided FREE of charge!
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Sprint Marketing Reimbursement
2014/2015 Reimbursement Schedule
NEW participating credit unions in their 1st Contract/Calendar Year will be paid a percentage of their
reimbursement pool portion based on the first quarter that the credit union completes their initial
quarterly communication tactic of the credit union’s choice.
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October 2014 = 100%
November 2014/December 2014/January 2015 = 80%
February 2015/March 2015/April 2015 = 60%
May 2015/June 2015/July 2015 = 40%
August 2015/September 2015/October 2015 = 20%
After October 2015, they will be eligible for 100% of the 2016 calendar year
In following Calendar Years, assuming all requirements are fulfilled, participating credit unions will receive
100% regardless of what month(s) they complete their quarterly communication tactics.
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Benefits of TurboTax
TurboTax can help credit unions achieve their strategic goals
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Enhance Online Banking Services: 81% of TurboTax users also use online banking
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Build Member Loyalty: 95% of members felt favorable toward their credit union for making a
TurboTax discount available
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Retain Members: 64% of credit union members would go to Turbo Tax direct or go to another
financial institution if it was no longer offered by their credit union
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Provide a Member Appreciated Discount: 52% of members purchased TurboTax through
their credit union instead of another source due to the discount
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Increase Assets: Over 90% of customers used the direct deposit feature in TurboTax; 88%
deposited on average a $2,700 tax refund with the host financial institution
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Cross-Sell Products & Services: Drive traffic your website to increase awareness about your
other products and services . . . cross-sell IRA’s financial planning, CD’s, etc.
TY14 Program Overview
• Member Discounts
Promoter Level
$5 off Federal Deluxe Edition
Participant Level
$5 off Federal Deluxe Edition
$10 off Federal Premier Edition
$15 off Federal Home & Business
• Co-branded Cross Promotional Microsite
– Credit unions have the opportunity to co-brand and cross-sell their
products and services on the tax microsite
• Cross-sell banners have a 3% click through rate and IRA links have a 6% click rate
• Sweepstakes
– Promoter Level enrolled credit unions and members
– “$25,000 Giveaway”
• $15,000 Grand Prize and 10 first prizes of $1,000 each
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2014 Marketing Strategy
• The focus for TY14 is growing member use and credit
union participation
– Client managers working with high value CUs to develop
marketing strategies and implementation timelines
– Need League assistance to connect to all enrolled credit
unions to encourage and support more marketing and
communication of the program to members
– TY14 the incentive to Leagues is being enhanced to 20% of
sales from all enrolled credit unions in your state
• Previously Leagues earned 20% of sales from only new CUs
enrolled in the program
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Co-Branding & Cross-Selling
Credit
Union
Logo
New microsite design
• Improved co-branding
placement
• Elevated offer message
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Co-Branding and Cross-Selling
Credit Union Logo
120 x 90 CrossSell Banner on
every tax page
Credit union logo and cross-sell banner are present on
every screen in the TurboTax Online products.
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Exit Page Cross-Selling Banners
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New Credit Union Enrollment
• We are targeting to add 200 new credit unions to the TurboTax program
this year
• A direct mail piece was distributed the week of 9/29 to credit unions not
enrolled in the TurboTax program that have greater than 10,000 members
– A follow-up email campaign will begin the week of October 13th
• Webinars are scheduled each week to present the benefits of the
TurboTax program to new and enrolled credit unions. Below are the
webinar links:
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Thursday, October 16th - 3:00pm Eastern Time
Thursday, October 23th - 3:00pm Eastern Time
Wednesday, October 29th – 11:00am Eastern Time
Wednesday, November 5th – 1:00pm Eastern Time
We need assistance from the Leagues to increase credit union
participation in the TurboTax program
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MARK YOUR CALENDARS!
Upcoming League Update Webinars
Wednesday January 21st 2015 – 3pm EST
Wednesday April 15th 2015 – 3pm EST
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WRAP UP & QUESTIONS
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