How Credit Unions Can Use Technology to Empower Their Marketing
Credit unions are in a unique and often disadvantageous position where they need to work hard to compete with national or regional banks. As such, it’s more important now than ever for credit unions to use the ever-expanding realm of technology to their advantage.
The most effective advertising campaigns today are digital. If your credit union is only advertising in local papers or on local television channels, you’re already at a disadvantage compared to other banks and credit unions. To keep your current members happy and entice new members to join, it’s essential to focus on digital advertising campaigns.
Creating an Effective Digital Marketing Strategy
It’s not enough to just have digital marketing campaigns. Too many businesses waste thousands on ineffective campaigns that aren’t targeted to the right consumers or reaching enough people. When creating your digital marketing approach, keep these tips in mind.
- Have an established strategy. Before you even begin creating your campaign, decide the exact message you want to send to customers. Tell them upfront why they should choose your credit union over others and what unique benefits you can offer them.
- Know who you’re targeting. Are you looking for high school or college students who want to open their first bank account? Or are you more interested in established individuals who want to take out a loan? Understand who your target audience is so you can consider their needs when creating targeted advertisements.
- Use all appropriate digital channels. If you’re looking for younger customers, you might want to advertise on social media sites like Instagram or Twitter. But if you’re looking to recruit older members, your efforts should probably be more focused on news sites and platforms like Facebook. Whatever the case, remember not to put all your eggs in one basket and advertise on several different platforms at once.
Make Your Website User-Friendly
A successful digital advertising campaign will drive traffic to your website. However, this could all be for nothing if potential members cannot easily navigate it! If needed, revamp your website to make it easy for members to understand how to take basic actions, including applying for a loan, becoming a member, or learning about different account types.
Your credit union’s approach to digital marketing needs to be strategic to work. Know who exactly you’re targeting, what online platforms they’re most likely to use, and the exact message you’d like to convey to entice members to click.
About the Author
On The Mark Strategies is a team of trailblazers guiding financial institutions in the areas of speaking, branding, strategic planning and marketing services. Technically, they are a consulting firm, but their clients prefer to think of them as trail guides. Their experience as former credit union employees, combined with the customized programs they create in-house, enable them to lead financial institutions through the great unknown. On The Mark Strategies stands ready to guide financial institutions looking to chart a new course or navigating their current path.