Case Study: First Choice Federal Credit Union
First Choice Federal Credit Union was originally chartered in 1963 with a dedication to providing quality service, financial solutions and value, while building trusted relationships with its members throughout the state of Washington. Today, FCFCU has expanded into neighboring states, and serves more than 32,000 members in Washington, Oregon and Idaho. With growth came growing pains, as increased call volume resulted in longer hold times and increased caller abandonment, so when FCFCU wanted to replace dead-silence during hold-time with with custom, informational content and music, they asked the Original On Hold what could be done?
• Reduce caller frustration and hang-ups
• Differentiate the brand from competing financial institutions
• Reinforce specific monthly events and promotions
• Enhance FCFCU members’ customer telephone experience
To solve FCFCU’s needs, here’s how we did it.
While many credit unions think they need to compete primarily on rates and fees, if they market themselves on rates alone, it’s only a matter of time before another bank or credit union outdoes you. For any offer or rate, a prospective member can probably find 1,000 more just like it — or better. You’ll find yourself caught in a losing battle for members’ loyalty.
Original On Hold created custom on-hold content to develop a truly effective marketing strategy for waiting callers. Our skilled, creative copywriters crafted engaging messages on hold to include specific details about the FCFCU brand, community involvement, attract new members, showcase what sets them apart from competitors, retain existing members and build loyalty.
Marketing messages focused on priceless benefits of joining FCFCU: like community connectedness, trust, belonging, neighborhood improvement, personalized experience and shared ownership to make personal connections with prospects and members, and show them why FCFCU and its services are a logical choice.
The credit union on-hold messaging also provides answers to frequently asked questions such as on-line bill pay, mobile banking, branch and atm locations and hours in an effort to reduce caller hold times, caller frustration and abandonment. Additionally, each month the messaging is updated with valuable member information including special promotions and events.
FCFCU’s Marketing Director, Michelle Reyes says: “We receive many compliments about the on-hold messages. They strike the perfect balance of audio branding, while enabling us to differentiate FCFCU and competing financial institutions. Our research data has shown a reduction in caller abandonment by as much as 22 percent and more than 37 percent of our members are telling us tell that they learned of our products and promotions while on-hold. Overall, Original On Hold’s custom phone on-hold messages has improved customer service levels and member satisfaction, while supporting our other marketing campaign efforts.”