first_img continue reading » The calculation is not a complex one: credit union growth is imperative for long term survival. Retain your current members while at the same time adding new ones. While marketing budgets often focus on the amount of money you are willing to spend to build your member base, how do you actually determine that number?  When budgeting for member acquisition, the options for marketing programs are endless – print, digital ads, social media, email campaigns. Where are marketing dollars best spent? What is the “right” amount to spend on each medium? To begin to answer that question, you must determine how much it costs for you to earn a new member.How Much Does a New Member Cost?Unfortunately, there isn’t a universally defined way to calculate this number. It can vary greatly depending on how credit unions decide to categorize costs. Acquisition certainly should count all marketing, advertising, and other awareness-building activities. Most business strategists believe in the philosophy of also adding more general overhead costs as well, such as salaries, rent and labor expenses. Calculating your fixed costs and your variable costs is a logical first step in the equation. Then, having a set goal for revenue and member growth will assist in determining your current position versus where you want to be. Depending on your risk tolerance and aggressive growth goals, you can elect to spend a percentage of your revenues on new member acquisition.  Generally speaking, and highly dependent on methodology and accounting type, according to a study by market analyst firm Vetter, the average cost of acquiring a new member for US credit unions is somewhere between $400 and $700 per new member. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

first_imgThe American won her first LPGA Tour title in nearly three years along with a confidence boost ahead of the British Open. The 35-year-old Lewis took a swig of champagne beside the 18th green on Sunday after securing a 13th victory on the LPGA Tour. It’s her first win since the birth of her first child, Chesnee, in October 2018. The former top-ranked Lewis started the final round a stroke off the lead held by Azahara Munoz. She shot 1-over 72 to join Munoz, Cheyenne Knight and Emily Kristine Pedersen in a four-way playoff.F1-SPANISH GPNo worries: Hamilton wins Spanish GP for 88th victory in F1MONTMELO, Spain (AP) — Lewis Hamilton has coasted to victory at the Spanish Grand Prix to extend his championship lead. Hamilton clinched his 88th career victory on Sunday to move within three wins of Michael Schumacher’s Formula One record. The Islanders are up 3-0 in the series, putting Washington on the brink of being eliminated in the first round for the second straight year after hoisting the Stanley Cup in 2018.New York’s Anders Lee broke a scoreless tie late in the first period. Evgeny Kuznetsov (kooz-NET’-sahv) pulled the Capitals into a tie with a power-play goal early in the second.Semyon Varlamov (SEHM’-yahn vahr-LAH’-mahv) stopped 22 shots for the sixth-seeded Islanders. Braden Holtby had 32 saves for the third-seeded Capitals.Game 4 is Tuesday night.NHL-FLYERS-LINDBLOM The NCAA has no jurisdiction over major college football, so the conferences have been left to make their own calls. At the highest level of college football, four conferences — including the Big Ten and Pac-12 — have postponed fall sports and are hoping to make them up in some fashion in the spring. Six leagues, including the Atlantic Coast Conference, Southeastern Conference and Big 12, are moving forward with plans to play in the fall.On Sunday a group of Big Ten football players including Ohio State quarterback Justin Fields posted an online petition on Twitter asking the Big Ten reinstate the schedule the conference released six days before it pulled the plug. Player parent groups from Iowa, Ohio State, Penn State and Nebraska have sent letters to Big Ten Commissioner Kevin Warren asking for the conference to reverse course.VIRUS OUTBREAK-NISHIKORI2014 US Open finalist Kei Nishikori tests positive for COVIDNEW YORK (AP) — Kei Nishikori (kay nih-shih-KOHR’-ee) has tested positive for COVID-19 and will pull out of the tune-up tournament at Flushing Meadows that starts next week. Share This StoryFacebookTwitteremailPrintLinkedinRedditNHL PLAYOFFS-SCHEDULEIslanders beat Capitals 2-1 in OT, take 3-0 lead in seriesUNDATED (AP) — Mathew Barzal scored 4:28 into overtime, lifting the New York Islanders to a 2-1 win over the Washington Capitals in Game 3 of their Eastern Conference first-round series Sunday. UNDATED (AP) — Quarterback Alex Smith has been activated off the physically unable to perform list by Washington’s NFL team. It is the latest step in a remarkable recovery after his right leg was broken in two places during a game nearly two years ago. Sunday’s move means that Smith now is allowed to participate in Washington’s padded practices when the team can move to that phase of training camp Tuesday. It could make for an interesting dynamic at QB, where Washington also has Dwayne Haskins and Kyle Allen. The 36-year-old Smith is signed through 2022. He hasn’t played since November 2018.In other NFL news:— The New York Jets have agreed to terms on a contract with veteran Chris Hogan to boost their banged-up wide receiver corps. Hogan spent last season with Carolina but caught just eight passes for 67 yards in seven games while missing a large chunk of the season following arthroscopic surgery on his left knee. The Jets were in need of a veteran receiver with rookie Denzel Mims missing the first few practices with a hamstring injury and Vyncint Smith also sidelined Sunday. — The Carolina Panthers have signed tight end Andrew Vollert and wide receivers Tommylee Lewis and Marken Michel. Vollert earned national attention when he was shown on “Hard Knocks: Los Angeles” telling Chargers coach Anthony Lynn to his face “you’ve got to be (expletive) kidding me” after learning he was being released on Aug. 1. The undrafted 25-year-old tight end suffered a torn ACL in the 2019 preseason and was placed on injured reserve by the Chargers and was hoping to battle back and make the roster this season. The 2014 U.S. Open runner-up is withdrawing from the Western & Southern Open but he did not say what his plans are for the Grand Slam tournament that begins Aug. 31.The 30-year-old from Japan said he is in Florida, where he is based, and had planned to fly to New York on Monday. But that plan was scrapped. He will offer an update on his status Friday.LPGA-LADIES SCOTTISH OPENLewis wins Ladies Scottish Open title after 4-way playoffNORTH BERWICK, Scotland (AP) — Stacy Lewis holed a long birdie putt to see off three rivals at the first playoff hole and win the Ladies Scottish Open. MLB-SCHEDULERays top Blue Jays 3-2 in completion of a suspended gameUNDATED (AP) — Brandon Lowe hit a solo home run in the ninth inning to keep up his power surge and lift the Tampa Bay Rays over the Toronto Blue Jays 3-2 in the completion of a suspended game. A seven-inning game will follow.Saturday night’s game was halted in the fourth inning because of rain with the Rays leading 1-0.Lowe homered in his fourth straight game, connecting for a tiebreaking drive off Jordan Romano. He also doubled in the seventh. The talk before the race was whether Mercedes’ tires would be vulnerable in the searing summer heat of Spain, after experiencing problems in the last two races at Silverstone. But there were no such issues as Hamilton finished a sizable 24 seconds ahead of Max Verstappen, who has eight podiums in the past nine races. Hamilton leads Verstappen by 37 points. Valtteri Bottas placed third to fall further behind Verstappen in the standings.INDYCAR-INDY 500An Andretti wins first Indy 500 pole for family in 33 yearsINDIANAPOLIS (AP) — Marco Andretti has won the pole for the Indianapolis 500 in a lightning-fast first step toward snapping the infamous “Andretti Curse” at Indianapolis Motor Speedway. Andretti logged a four-lap average of 231.068 mph in qualifying, and an Andretti now will lead the field to green for the first time in 33 years. Mario Andretti won his third and final pole for the Indy 500 in 1987, when his grandson Marco was an infant. Associated Press LeMahieu was sent for an MRI and CT scan on Saturday night. Slowed by COVID-19 when training resumed in July, he returned for opening day and is hitting .411 with two homers and eight RBIs.Stanton hasn’t played since Aug. 8 because of a strained left hamstring and Judge hasn’t played since Tuesday because of strained right calf. Stanton has been on the DL/IL in six of nine seasons and Judge in three straight seasons and four of five.NBA-JAZZ-CONLEYJazz guard Mike Conley leaves bubble for birth of sonLAKE BUENA VISTA, Fla. (AP) — The Utah Jazz said guard Mike Conley left Walt Disney World on Sunday to return to Columbus, Ohio, for the birth of his son. August 16, 2020 VIRUS OUTBREAK-COLLEGE SPORTSNCAA’s top doctor: COVID-19 testing needs to improve to playUNDATED (AP) — The NCAA’s chief medical officer says there is a narrow path to playing college sports during the coronavirus pandemic and if testing nationwide does not improve, it cannot be done.Dr. Brian Hainline told CNN late Saturday that “everything would have to line up perfectly” for college sports to be played this fall. Testing of athletes will need to increase when competition begins. The availability and turnaround times of COVID-19 tests is still a problem in parts of the country. Hainline told CNN: “Right now, if testing stays at it is, there’s no way we can go forward with sports.” Lowe, an All-Star last season, became the third player in Rays history with a streak of at least eight games with an extra-base hit, joining two players who had nine-game strings: Evan Longoria in 2009 and Wilson Ramos in 2018. Lowe’s 16 extra-base hits lead the American League.MLB-YANKEES-LEMAHIEU Yankees’ LeMahieu on injured list with sprained left thumbNEW YORK (AP) — American League batting leader DJ LeMahieu (leh-MAY’-hyoo) was placed on the 10-day injured list by the New York Yankees on Sunday because of a sprained left thumb, joining Aaron Judge and Giancarlo Stanton on the sidelines.LeMahieu was hurt during an awkward swing in the fourth inning of Saturday night’s 11-5 victory over Boston and left the game two innings later. LeMahieu hurt the same thumb in 2018 while with Colorado. Lindblom joins Flyers for playoffs after cancer treatmentTORONTO (AP) — Oskar Lindblom has joined the Philadelphia Flyers in the NHL playoff bubble in Toronto. Lindblom is with the team for the first time since he was diagnosed with bone cancer in December. There is no timetable for a return to the lineup.The Sweden native was off to a career season when he diagnosed in December with Ewing’s sarcoma, a tumor that grows in the bones or in the tissue around bones. He completed radiation treatments July 2 and weeks later signed a $9 million, three-year contract extension.Lindblom turned 24 on Saturday and a day later he received a rousing applause from the Flyers hours before they prepared for their playoff game against Montreal. Lindblom had 11 goals and 18 points in 30 games this season. Update on the latest sports The sixth-seeded Jazz begin a first-round playoff series against No. 3 seed Denver on Monday. Players who leave the bubble are subject to a quarantine upon their return, though the length won’t be determined until then. It’s a blow to a Jazz team already missing Bojan Bogdanovic (BOY’-ahn bahg-DAH’-noh-vich), who underwent right wrist surgery in May. Denver and Utah are also scheduled to play Wednesday, Friday and Sunday.The 32-year-old Conley is averaging 14.4 points and 4.4 assists in his first season with Utah. He was acquired as part of a deal with Memphis on July 6, 2019.NFL-NEWSQB Alex Smith activated by Washington, cleared for practice The third-generation driver was greeted by his Andretti Autosport teammates, then shared a strong embrace with his father, Michael, the team owner. Mario Andretti scored the only Indy 500 win for the family in 1969; Michael Andretti fell short in 16 tries and the Aug. 23 race will be Marco Andretti’s 15th attempt.last_img read more