There are dozens of reasons credit unions run marketing campaigns. Your board of directors could be having you focus on increasing current member engagement, introducing new products or services, and overall growth.
Many credit unions are focusing on a growth-driven marketing track as we move through 2022. Now that businesses, suppliers, and global economies are slowly recovering as we get further and further from the worst days of the coronavirus pandemic, we can focus on recouping some of that growth and expansion time that we lost over the last two years.
In that spirit, our team here at IMS wanted to share some growth-driven marketing ideas and strategies for credit unions to use before the year is up.
Break Down Silos & Create a Holistic Marketing Strategy
In a recent episode of the CUNA News Podcast, James Gilbert shared his thoughts on the importance of using your data and assets to create a unified front when it comes to growth-driven marketing strategies.
When it comes to creating a marketing strategy, many credit unions use a top-down approach, where the board of directors or executive staff share their plans and goals. While this is a great start, certain initiatives will take priority over others, and that means the resources used to successfully market your credit union will be divided unevenly.
This is a good thing! If you are focusing your credit union marketing on increasing the number of loans, there should be efforts from other sectors within your CU that are also supporting that. Your social media and credit card usage personnel will need to create cohesive messaging that speaks to your current goals.
In a perfect world, growth happens across all channels – you increase the number of members, loans, credit cards, savings accounts, etc. all at once. But because trends in personal financial management change rapidly, your marketing strategy must account for those things too.
Embracing Omnichannel Solutions
In today’s vastly connected digital landscape, omnichannel communication is crucial to your growth-driven marketing.
Omnichannel marketing means your credit union brand is reaching members and prospects through multiple communication channels, which can include text, social media, phone calls, email, print ads, and video assets.
Giving your members access to you via multiple touchpoints can help you reach a more diverse crowd – they’ll feel comfortable using their preferred methods to interact with your brand, rather than having to go out of their way to download new apps or create new user accounts on separate platforms to enjoy your content and services.
Focus on Personalization
Today, consumers – whether they’re shopping for a pair of shoes or a new home – are looking for solutions that fit them – personalization is a great way to take your credit union marketing to the next level and reach more people.
Think of marketing your credit union the way you’d market a home – every home has unique offerings, and every buyer is looking for certain features in the home they want to purchase.
The same is true in any B2C relationship – your credit union has to show each member that you are here to solve their specific problems and offer personalized products, services, and assistance.
Personalization can also be automated – you can create campaigns just for those members who are looking for a car loan, or who recently opened a checking account or signed up for your credit card. Rather than a generic “Thanks for doing business with us!” message, you can tailor print materials, emails, and chat messages to include specific details and insights about where they are in their personal financial journey.
Cross-Promotion, Not Cross-Posting
Your credit union marketing might include a host of different platforms, tools, and social media accounts. And each of these platforms should be seen as unique, just like your members are unique. When your members log onto their social media accounts and apps, they have different goals with each one.
And your growth-driven marketing campaigns should take this into account. Cross-promotion is the act of taking similar marketing content or messages and tailoring them to the platform you are featuring them on. Many credit unions and other businesses make the mistake of posting the exact same things across all their public platforms – this is called cross-posting.
And while cross-posting does get your brand out there and on people’s feeds, it’s not serving each platform effectively.
An in-depth LinkedIn post about how to prevent credit card fraud, for example, should be created with a much different message than an Instagram or Twitter post. Though this seems like it should be common knowledge, social media marketing is time-consuming, and it will often feel easier to create one message and one graphic, and then share them across your CU’s accounts.
But if your credit union marketing strategies are aimed toward member growth, cross-promotion can make each post on each platform that much more powerful!
As Your CU Grows, So Does Your Data – IMS Data Discovery Solutions Can Help
With credit union growth comes the growth of your data as well. But storage is only half the battle because the data you collected has significant value. It can help you understand your members and your business operations more comprehensively.
Many growth-driven marketing strategies rely on data and analytics to create targeted campaigns intended to reach the best audience for your business while offering your members and prospects content that they view as valuable.
The IMS DataArchiver is a great tool for managing and storing your data efficiently without breaking the bank. This SaaS solution can save up to 80% of primary data storage costs while still protecting your data from ransomware and other threats, giving you built-in data comprehension, deduplication, and visualization tools.
Anyone at your credit union may access the DataArchiver through a secure portal that includes full-text search capabilities, audit trails, and more.
Use your data and IMS’s private cloud solutions to work smarter, not harder this year.