Credit Unions come in all sorts of sizes, shapes, and markets. That means that there’s no one size fits all solution for all credit unions. Luckily, we’ve assembled a list of best practices and tips to reach your market, most importantly millennials. The first thing to realize is YOU WILL ALWAYS HAVE A MARKET. Unlike polaroid camera factories, VHS companies, and samurai schools, your credit union is not going to obsolete any time soon. However, just because your market will be around for the long foreseeable future, that doesn’t mean everyone is in your market. This brings us to our first credit union marketing tip…
Find your niche.
Every credit union is unique in its own way. Some credit unions are highly differentiated, such as First Entertainment Federal Credit Union for Hollywood movie stars, or the NASA Federal Credit Union for astronauts. Yours is most likely not this specific, but regardless, in order to succeed in the credit union space, you need to carve out your niche! Start with a broad category of people, then narrow it down step-by-step. Use age, demographic, income level, occupation, location and more to narrow down your market into a specific group. Don’t be afraid to create several of these groups! From there, you can begin to develop differentiated marketing strategies for each niche you’re targeting.
Diversify your strategy.
Each group you’ve decided to target is going to respond differently to different content. And of course, they’re gonna be need to be pushed to via different channels. A successful marketing strategy is multi-faceted. By pushing your message through email, landing pages, social media, web ads, and video (we’ll get to that one later!) you can ensure to hit your market where they reside. By incorporating marketing automation into the mix, you can integrate all these channels to market to your leads and track their interactions. If you’re only using one channel, you’re missing out on huge groups of people. Especially the millennials. Which brings us to our next must-do for marketing success….
Get the young guns on board.
You’d be hard pressed to find a blog about credit union marketing that didn’t mention everyone’s favorite buzzword: millennials. But that’s for good reason. Credit Union Times reports that only 20% of 18-24 year olds use Credit Unions as their primary financial institution. That number drops to 10% for 25-34 year olds. That means there is a HUGE number of millennials to market towards, but making a credit union “cool” to millennials is no easy task.
Millennials love flashy, fresh, and fast, and financial institutions have historically been seen as boring or dull. That doesn’t mean you should conform though! Stay active on social media, make your union accessible to mobile users, use many different channels, or even support a cause! Fifty percent of millennials say they are more likely to buy a product if it is tied to a charity or cause. (Source: www.millennialmarketing.com)
Simplify the process.
Multi-channel marketing is not easy, especially if you’re doing it manually. Creating a quality email, entering 10000+ contacts for a mailing list, and following up individually can be a major pain. Not to mention the fact that you can’t track who’s interacting with your content. This is where we can help. You know how we mentioned marketing automation earlier? Yup, that’s us. We make the multi-channel marketing process simple.
Our platform, 366 Degrees pulls contact info from your CRM platform and allows you to put in custom variables to make your email personal. No more “Hello Dear Customer!” You can have your emails say each leads name, company, position and more, automatically! The email creation is also simple as can be. I don’t know a single word of HTML, but luckily, our team does. They’ve coded premade HTML blocks and templates to allow you to make emails in seconds, drag and drop style. Then, you get to sit back and watch the leads pour in with 366’s drip campaigns automated through behavioral cues. Hit the ones who are biting with a follow up, or touch back with those who didn’t read your email. Sounds too good to be true? Try a free month on us or schedule a call. You’ll like what you see, and so will your members.
Make yourself stand out.
You’ve got a world of leads at your fingertips, but your leads also have a world of credit unions to pick from. So make yourself stand out! Don’t be afraid to have a sense of humor on social media. Use gifs on Twitter, or make pop culture references. Millennials love this type of thing.
“When your credit union is killing it on social media…”
Also, VIDEO is king!! Video marketing is the trend for 2017 and is only growing more every day. Check out some statistics here if you don’t believe us. We saw the power of video marketing and linked up with our buddies over at Vidyard to deliver video marketing + automation easier than anyone else on the market. You should also not be afraid to put some free stuff out there, like credit score tools, calculators and even an app if you’ve got the resources. Everyone loves free stuff, not just the hip millennials.
For more credit union marketing tips and tricks, check out our upcoming webinar or shoot us a note. We love serving the credit union space and we think your members will love what our partnership will do for them.