Top Credit Union Marketing Ideas
Most credit unions are great at what they do – managing member finances and keeping interest rates low. What a lot of CUs have not quite mastered though is marketing. There are endless avenues to market through, but below are the top credit union marketing ideas we have found to be the most effective.
Monthly Email Newsletter
Many members do not set foot in a branch each month, so stay in touch with a regular email newsletter. In this newsletter include both sales elements and pieces solely for the benefit or enjoyment of your readers. The newsletter’s primary goal is to maintain a relationship with your member, not just to sell more products to them.
For the sales elements of your newsletter, keep it a soft sell. This means mentioning promotions or how types of accounts can benefit your members, but stay away from verbiage like “Buy Now!” or similar strong calls-to-action. You can lose readership if members feel your newsletter is only an advertisement.
The bulk of your newsletter should be to inform and entertain. Let members know about CU news and include human interest stories, like spotlighting an employee or member. Share local events, financial tips, and anything your readers might have missed if they haven’t been into a branch in a while.
Targeted Emails
You don’t have to be afraid of doing any blatant sales emails, just keep them relevant and transparent. Sending a targeted sales email periodically can increase account openings and loans applications. Break your membership list into segments – a few ways to do this would be by age, income, account types they already have, etc. Send them emails that relate to them – such as retirement account information for middle aged members, auto loan information to young adults, and so on.
By saving your deliberate sales pitches for your segmented lists you will keep your unsubscribe levels low and gain trust with your members. If you are transparent when you are trying to sell and only sell products that relate to each member, they will listen when you speak and not ignore you emails all-together.
Social Media
Maintaining a social media presence is a good idea for any type of company, and credit unions are no exception. It is a way to keep in touch with members, build the personal side of your brand, and share promotions or events in real time. Having a social media presence also builds awareness of your credit union and gives you a great platform to market on.
Advertising on social media is a cost-effective way to get both members’ and potential members’ attention. Use the demographic information on social media to show content and promotions to those that would be interested in your services. Use a similar strategy to your targeted email segmentation, but with social media, you can reach those who are not yet members of your CU in addition to existing members.
Credit Union Marketing Ideas
With well thought-out marketing, your members won’t tune you out, but instead perk up when your emails or social media posts reach them. Use the top credit union marketing ideas to grow your existing member accounts and expand into new territories.