With declining traffic in branches, fewer SEG relationships, and more fintech competition, many credit unions are looking to digital as a way to recapture interest, lead and more business. There has been a proliferation of credit union investment in mobile banking and updating websites which is key to competing. However, there needs to be a focus on offering a seamless omni-channel member experience which flows from mobile to online to branch. A lot of this member experience management is done through marketing by creating the brand messaging of how easy it is to manage finances with the credit union.
For a marketing plan to be effective in this hypercompetitive market with a digital landscape, here are 4 recommendations:
- Living Document for Tracking Marketing Results – Senior management teams are getting more determined to see results from marketing expenditures. This document should not just be saved on your computer. Use it as a guide, tracking results to determine if changes are needed. Key is making the marketing plan trackable and more valuable than sitting on a shelf.
- Balance of Digital & Traditional Advertising – Some marketers feel digital media is the only way to get attention. The human brain needs to see something 7 times to imprint the message. So, for maximizing the marketing budget, digital/social media campaigns are one channel that need to be balanced across several other channels for more touches. Email campaigns with quality content, targeted direct mail and media advertising need to be considered for promotion strategies. Do not assume digital will touch everyone you need to target.
- Functional Web Site with Funnel-Style Landing Pages – When using digital or media ads to drive visitors to a website, often these ads provide links to the website homepage or a current services page. Key is to create special landing pages that introduce the visitors to the organization, increase engagement and provide paths to establishing accounts.
- Attention to Youth – Recently a research study noted that 50% of millennials started their CU relationship from a parent’s recommendation. Since they are always on their smartphones, it’s hard to get their attention so parents become your ambassadors. Key is to provide children’s savings programs, teen money management and young adult first services packages to help make it easy for parents to engage their kids.
If you want to a partner to assist in the review and building of a strategic marketing plan, contact us at email@example.com or call us at 480.967.1405.