Are you looking for new ways to acquire and retain credit union members? It’s never been more difficult for credit unions to grow their membership. People have a wide range of options for banking these days. There are local banks and credit unions, but there are also online options that can acquire customers nationwide. For credit unions, the competition has never been more robust.
Finding innovative marketing strategies is more important than ever. Both digital marketing and offline marketing can help you attract and retain members. Below are seven marketing strategies you can implement to engage your members and increase loyalty.
Educational Seminars
Educational seminars can be an excellent way to connect with your members and help them solve serious financial issues. You can offer seminars on various topics, from lending to cash flow management to retirement planning. These seminars can demonstrate your credit union’s knowledge and experience and your genuine desire to help.
To provide these seminars, you can partner with financial advisors or other experts in the community. You can even use a webinar platform to offer them online. Collect email and contact information during the registration process, and you have a whole new list of prospects for ongoing outreach. Additionally, you can record and archive these seminars for future viewing, allowing members to access the information at any time.
In-Person Events
In-person events are a great way to foster relationships with current members and connect with potential new members. Examples of in-person events include seminars, charity events, community open houses, business networking events, and more. Your community also probably has big events like business fairs where you could rent a booth. Another option is to sponsor local events like a fair or carnival. Your local chamber of commerce can help you identify community events where you can connect with neighbors and potential members.
Digital Marketing
We live in a digital age, and digital marketing has to be a part of any business’s marketing strategy. There are two ways to use digital capabilities to grow your business. One is on the marketing side. You can use everything from email to social media, paid ads, and even search engine optimization to attract new customers online. Visit DigitalSpotlight AU for more information about digital marketing.
The other aspect is digital functionality for your current members. Bank and credit union customers expect to be able to access everything online. At the very least, you should have a functional website for banking and an app that is easy to navigate. The more online functionality you can offer, the more your members will be satisfied.
Personalized Marketing
Marketing is often more effective when it is personalized to the audience. With today’s digital capabilities, getting very specific with your personalization is possible. Personalized marketing is a powerful way to engage members and build relationships. You can use data analytics to segment your members and send targeted marketing messages based on their preferences and needs.
For example, say a member has recently applied for a home mortgage. You can send them targeted offers for home insurance or home improvement loans. Tailored messages show your audience that you understand their needs and want to offer solutions.
Referral Programs
Referral programs are an excellent way to leverage your existing membership to attract new customers. You can incentivize members to refer their friends and family to your credit union. You could offer free checking or another incentive for every referral that converts to a member.
Community Involvement
Finally, community involvement is a critical marketing strategy for your credit union. You can demonstrate your commitment to the community by sponsoring local events, donating to charities, and supporting local businesses.
Community involvement not only helps you build a positive reputation in the community but also helps you attract new members. By supporting local businesses and organizations, you can demonstrate that you are invested in the community’s success and are not just a financial institution looking to make a profit. This can help you build a positive brand image and attract members who value community involvement and social responsibility.
It’s a competitive landscape for credit unions. Your members have more choices than ever, so you must stay proactive in your marketing efforts. Develop a multi-pronged strategy to reach out to your current and prospective members consistently. Use that outreach to demonstrate your knowledge and expertise in banking and financial topics. Also keep a segmented list of contacts so you can continue to connect with them both online and in-person. These tips and more can help you steadily grow your membership base.
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