Digital Marketing for Credit Unions (#1-5)
It’s not easy for businesses to keep up with the rapid speed of today’s digital world.
The credit unions that will thrive in this ever-changing technology realm are those who use the latest digital methods to engage with their members. Here are some common digital marketing channels that credit unions can use to expand and grow their member base.
1) Email Advertising
With most people having an email address, email advertising is a great way to reach members. It’s an affordable way that allows credit unions to build their brand recognition and engage their member base. Credit unions can take advantage of email campaigns to build stronger customer relationships by sending their members relevant content and customizing those campaigns using data insights that are relevant to members. Member data can be used to generate relevant content and offers that go beyond typical marketing strategies to dually serve as high-quality customer service!
2) Personalized In-App Ads
Personalized ads are more than just adding a member’s name to a banner campaign. Personalized marketing takes into consideration each member’s needs and wants. It creates a tailored user experience across all digital channels that speaks to each member’s particular needs. It delivers the precise individualistic experience through the channel that is right for that member, building a deeper and more loyal relationship.
3) Social Media
Social media is a cost-effective marketing method for sharing information promptly and effectively. It allows credit unions to share information with their members about happenings and promotions at the credit union, but to also teach their members beneficial information and materials.
Social media can also increase engagement and reach new potential members. Many companies and financial institutions are also using social media as an alternative to customer service as more and more users are turning to social media to reach out and ask their support questions.
4) Display and Retargeted Ads
Retargeting allows credit unions to market to users who have previously visited their site or interacted with their brand. By doing so, the retargeted ads work to build on each other to cumulatively form an impactful message.
5) SMS Text Marketing
SMS marketing is a straightforward way for credit unions to communicate with their members. It is a direct and immediate way to reach members that allows credit unions to track and monitor the results. It is a highly engaging method to learn more about customers and has one of the highest response rates of any marketing methods!
Traditional Marketing Channels for Credit Unions (#6-8)
Credit Unions employ traditional marketing channels to create brand awareness, generate member trust, build brand integrity, attract new members, and increase revenue.
6) Local TV and Radio
Television commercials and radio advertisements target an audience within a particular geographic region. These genres of advertisement can be an effective way to reach members in a credit union’s specific geographic area. These advertisements can also be used in conjunction with each other to complement each other and create a cohesive marketing campaign, along with other types of advertising, including a digital advertising campaign.
7) Billboards and Out-of-Home Ads
Billboard advertisements are always working; they allow credit unions to target a variety of potential customers in a specific, geographic region. It is also a valuable approach to garnering attention from existing members and building brand awareness.
8) Partnerships with Local Businesses
Credit unions can increase their reach within a community by connecting with local businesses who have the same values as theirs. This helps strengthen a credit union’s commitment to small, local businesses and gives them a better standing in their community while also reaching new potential members.