Check out the Filene i4 Test Results:
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Originally developed by i3 innovators under the concept name CU Toot.
One-to-one referrals from existing members remain the most cost-effective and productive way to grow membership or gain product adoption. "Refer a Friend" campaigns can be cumbersome to manage and track -- and the same holds true for programs to reward employees who are selling products to meet incentive goals.
Member Megaphone is a referral app designed to help credit unions seamlessly tap into the power of organic growth through member and employee referrals, while tracking results and assigning rewards at the tap of a finger. The app assigns a unique code and tracks the referrals, including who referred, number of referrals, and who accepted the offer.
Filene i3 Test Results:
A two-phase approach was used to determine the viability of Member Megaphone. In the first phase, a survey asked if credit unions would utilize a referral app for membership growth and employee referrals. The survey was completed by 167 individuals from the credit union community who evaluated the Member Megaphone concept for functionality and likelihood of use, and determined whether the prototype either lacked or needed to modify its functionality.
The second phase tested a working prototype (http://cutoot.horsetailtech.com/) created by Horsetail Technologies, Inc. Three credit unions initially signed up to pilot the app: Alabama Credit Union, Cy-Fair Federal Credit Union and TwinStar Credit Union.