Nuts & Bolts - Case Study: Creating a Membership Quorum
Neil Feinstein, director of brand and creative strategy for True North, says the month-long effort began when members received referral e-mails with buttons linking them to a landing page where they could list family members and colleagues they thought should join Quorum. After members submitted the referrals, auto-generated e-mails landed in the inboxes of those family members and colleagues.
To give the campaign that personal touch, Feinstein says, the referee e-mail was personalized—both with the recipient’s name and that of the referring colleague or family member.
“The initial ‘member’ e-mail resulted in a unique click rate of over 20 percent,” Feinstein says. “A total of 733 auto-generated referral e-mails were delivered and resulted in a clickthrough rate of over 60 percent. Approximately 20 percent of those who visited the ‘member’ landing page sent a referral e-mail.”
Clicking through the e-mail, prospects arrived on a customized landing page complete with details on Quorum, the offer and a sign-up form. There, potential members learned benefits Quorum could provide—in addition to the promotional offers of a $50 bonus for signing up and a 5.5 percent interest rate on a four-month CD.
Quorum let its members choose their referral channels, immersing them in the $100 per friend or family member offer via in-branch posters, referral cards available from branch employees and a direct mail piece—loaded with referral cards—that was in members’ mailboxes one week after the e-mail promotion had been in their inboxes.
By the time the offer expired on Oct. 12, 2007, the campaign had surpassed Quorum’s expectation of 2,500 new members by 3,043. With those 5,543 new members, Quorum’s total membership base grew by more than 13 percent. With lucky numbers like that, Schade says Quorum’s first member referral campaign probably won’t be its last.