Tuesday, October 11, 2016 / #CaseStudySummit / – What a great case study of UMassFive College Federal Credit Union’s implementation of the Buzz Points program to really connect and gain buzz within the communities they serve. On the session was Greg Schultz – Program Manager from Buzz Points, Susan Moran – Regional VP from Buzz Points, and Craig Boivin – Marketing Manager from UMassFive College Federal Credit Union. The gist of it all – a great rewards program can go far beyond creating non-interest income for your bank or credit union. It can also greatly increase interest income as well, it’s very creative and a natural relationship builder with the local businesses and people within the communities/markets your institution serves. Of course let me explain – what I took away from this very informative story was that UMassFive College Federal Credit Union gains massive amounts of buzz by actually sending business to local businesses. Local businesses can gain new customers by joining UMassFive’s Buzz Points rewards program, earn income, and gain new customers by creating increased rewards days, such as “use your UMassFive card and earn 3x points on [date and time]”. What’s really cool about it is that within the Buzz Points app there are location based reminders to use points, and other cool membership perks. What an easy and natural way to increase local businesses as customers and their customers as well. This brilliantly increases interest income organically through powerful local relationships and brand building, just imagine the results of integrating social media effectively, which Craig Boivin from UMassFive College Federal Credit Union discussed they have begun to gain significant results from.
Although there are a lot of rewards platforms – Buzz Points’ Greg Shultz, Susan Moran, and Craig Boivin from UMassFive all agreed how vital it is to have a trusted partner with a powerful marketing platform and support.
My key take away – a rewards program when marketed effectively can BEE (pun intended, haha!) a very simple and easy way for a retail financial institution to build a great local brand both in-person and through digital with retail clients and local businesses. It was a great session!
Learn more about the #CaseStudySummit HERE!