Tag Archives: thrivent choice

The Thrivent Community: Loyalty From the Heart

August 16, 2012

We have seen the impact loyalty programs have on consumer participation and retention. Over the years, programs have been successful focusing around offers and rewards that pull the consumer back in for more. Holding the proverbial carrot over their head; enticing them to remain loyal so they can continue benefitting from deals. But is there another way? Can you create deep rooted loyalty without the constant give and take?

A number of organizations believe that you can.  We’ve spent time this week talking about Thrivent Financial, and how they have managed to successfully cultivate this brand of philanthropic loyalty. What’s particularly impressive is how much of an impact they’ve managed to have considering they were founded in 2001. Within this brief time they have managed to develop a devoted membership of more than 2.5 million. How? Through a strong chapter oriented program that is deeply invested in the unique communities of its members.

Thrivent has a broad stretch of influence focused on building, enhancing and maintaining strong communities, thanks to those members’ involvement in local community chapters (1,336 nationwide). And then there are the personalized benefits, like Thrivent Choice, which we discussed as a prime example of ways to directly involve members, and reward them by giving them the opportunity to give back.  With the power to influence the allocation of more than $100 million to benefit people you know in your community, you can imagine the loyalty this can garner.

This concept of developing loyalty at the grassroots level is undeniably gaining traction. Building relationships with members from within a community by personalizing the loyalty experience at its core has its benefits. After all, what solidifies a relationship more than helping build a Habitat for Humanity home in someone’s community, or funding their neighbor’s child as they undergo treatment at St. Jude’s Children’s Hospital? Sometimes the greatest form of loyalty is created through the investment that is made in one’s own community by a complete stranger.

A study by The Center for Philanthropy shows that charitable giving in the United States totaled almost $300 billion in 2011 and is on the rise from 2010. With numbers like these it’s interesting to find only 5% of corporations participate in charitable giving each year. There is a gap in the philanthropic loyalty market that Thrivent Financial has taken the first stab at filling. Clearly there is room for further growth with statistics to back it up. According to Cone Cause Evolution, 79% of Americans say that charitable giving does have an impact on their product choices. When price and quality are close to equal they will likely switch brands if one is associated with a good cause.

In many ways this is an untapped variation of loyalty that has gone overlooked by a vast majority of corporations. It worthwhile to consider including philanthropic benefits to your loyalty program. Just take a look at Thrivent Financial who built their loyalty foundation on this basic principle – “we succeed when our member’s communities thrive”.

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Does Giving Back Pay Off? Thrivent Financial By the Numbers

August 15, 2012

In Monday’s post, we spent some time talking about the qualities that make Thrivent Financial – and their member-driven program, Thrivent Choice — stand out. We love how deeply community-minded they are, both in terms of making their members feel like a part of a tight-knit, care-driven group, and by actively giving back to schools and congregations. In addition to building up an undeniable loyalty among members, Thrivent raises the bar even more by allowing its community to participate in deciding exactly how their dollars will be donated, via Thrivent Choice.

But does it work? This approach is ethical, and admirable, but does it have the numbers to prove that it is, indeed, effective?

thrivent

In a word: absolutely. Thrivent is transparent about their financials, publishing numbers on their website and providing access to their annual reports. And the results that they have to show speak to the success of their loyalty-building tactics.

Thrivent Financial is number 332 on the 2011 Fortune 500 list (released in spring of 2012), based on an annual revenue of $7.8 billion. They have 2.5 million members across the US, and 1,336 chapters nationally. What’s more, they have $75.8 billion in assets under management, and $170 billion of life insurance in force.

This is not a small scale company experimenting with philanthropy and member participation — this is a massive, lucrative operation. The size and strength of this community has made Thrivent the financial force that it is; the continued loyalty of this community has allowed Thrivent to grow over the past 11 years.

There’s more. That promise of giving back? Thrivent delivers on that, too. Thrivent Financial, and their members, donated $175 million donated to communities in need, not to mention the 10.8 million hours members spent volunteering through local chapter projects. And then there’s the $304 million redistributed to members in dividends.

Thrivent Financial builds loyalty among its members in their attitude and approach, and the benefits of this are clear. The numbers don’t lie: Thrivent’s community is as lucrative as it is loyal.

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Thrivent Financial: Understanding the Philanthropic Side of Loyalty

August 13, 2012

We build loyalty programs to make customers feel that they are a part of something. That they are being recognized for their continued loyalty to a brand or organization. We can’t underestimate the importance of this — feeling that you are appreciated, that you belong, is the key mechanism that makes these loyalty programs tick. The rewards are the icing, but this deep-seeded feeling is the foundation.

It’s this belief that has made working with Thrivent Financial such a pleasure. Thrivent Financial embodies the best of loyalty in all of their programs — and perhaps most exemplifies the far-reaching potential that loyalty programs can have with Thrivent Choice.

First, a bit about Thrivent Financial. The organization has its roots in two early 20th-Century community-minded organizations that aimed to provide trustworthy mutual funds and valuable information for members. Self-described as a fraternal benefit society, Thrivent Financial has always aimed to make its members feel like a part of a distinct community — a community that will be a support system and resource in addition to a channel through which to organize your financial goals.

Thrivent provides personally tailored financial solutions, and also organizes volunteer activities and projects through local member chapters. By signing up, you automatically become a member, and receive member benefits. That means access to discounts on prescriptions and legal services. What’s more, Thrivent Financial members are given ample opportunity to have a say about how Thrivent should operate — and where your money goes.

Which brings us to Thrivent Choice. Every year, Thrivent Financial gives a healthy sum (last year, $100 million) to a wide assortment of of schools on all levels, ministries, and other charitable organizations. This alone sets them apart as an organization on the right path — but their implementation of Thrivent Choice takes it a step further. Thrivent Choice allows members to vote on exactly where their Choice Dollars will go — assuming a member is over 16-years-old, he or she can participate in online (or call-in) voting events.

We love that this specific kind of loyalty program allows members to do good while demonstrating that they have a say in the company’s actions. Thrivent members are treated like loyal customer by virtue of joining — they receive the benefits of Thrivent automatically by signing up. Thrivent Choice ups the ante even more, by giving members a real say in where their money goes. What’s more, this philanthropic lean can help loyal customers do good while insuring their own financial security.

It’s the ultimate win-win. Our work with Thrivent Financial has shown us that loyalty can, and should, exist on all levels — and that making your customers feel like a real part of your community brings nothing but more benefits.

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