Credit Union Marketing Guide

DeepTarget’s unique, multi-channel and full-service digital cross-selling and engagement solutions are generating member loyalty and growth for credit unions of all sizes.

Why Credit Unions Need Marketing in 2022

The Credit Union Times states that “with the amount of data and technology available to credit unions, marketing is becoming increasingly valuable and highly targeted. Marketing is much more than designing and distributing flyers to your members – it’s about connecting with them along their financial journeys and sharing compelling messages about your credit union.”  

DeepTarget aims to do just that with our highly rated digital marketing technology and managed services for credit unions.

Focus Areas for Credit Union Marketing

The fundamental objective of marketing for credit unions is to speak to the members’ needs. Credit Unions should aim to seek out what their members need and show them how they can provide the solution to fulfill that need – they can do so with effective communication using multiple touch points. Members’ needs are unique to individuals, and they change over time. It is imperative that marketing be relevant and personalized for it to be impactful.

Financial institutions need to move away from a one size fits all mentality towards marketing, according to Drive Research. Instead, those in the financial industry are focusing on marketing relevance and making products and financial services more accessible in order to grow their membership.

Utilizing Member Data to Grow Business Intelligence

Credit unions already have a great deal of information about each of their members in their database. The data credit unions currently have on their clients is a wealth of information that can be leveraged to create strategic marketing strategies.

Using that information to target their members is a proven method that generates higher response rates from their members when compared to generic mass marketing methods.

Credit Union Marketing Guide Table of Contents

Why Credit Unions Need Marketing in 2022
- Focus Areas for Credit Union Marketing

8 Marketing Channels for Credit Unions
1) Email Advertising (Digital)
2) Personalized In-App Banking Ads (Digital)
3) Social Media Marketing (Digital)
4) Display and Retargeted Ads (Digital)
5) SMS Text Marketing (Digital)
6) Local TV and Radio
7) Billboards and Out-of-Home Ads
8) Partnerships with Local Businesses

How Can DeepTarget Help with Credit Union Marketing?
-
Utilizing Personalized Marketing Plans
- Our 3D StoryTeller and DXP Platforms
- Online and Mobile Banking Integration

Contact DeepTarget for More Information on Marketing For Credit Unions

Tailoring Your Brand's Online Presence

In the past, credit unions who focused on being more community-based have overlooked developing their online presence, thinking that their in-person interactions with their members was enough. But an online marketing presence is no longer a frill, it is a necessity!

Focus on Digital Banking

Consumer digital experience expectations have never been higher. Financial institutions that incorporate data insights and artificial intelligence into their marketing campaigns can stay ahead of the curve. Consumers will more likely gravitate to your institution if they have better digital experiences with your brand – and with more relevance, the credit union’s offers and messages will resonate!  

Fostering Relationships with Existing Members

There is great power in fostering and building relationships with current credit union members. Developing connections is essential in maintaining strong member bases and encouraging repeat customers. By preserving these relationships with the current member base, credit unions remain relevant in the member’s life.

Common Marketing Channels for Credit Unions

Credit unions need to set themselves apart from other financial institutions, many of which tend to offer similar services and products.  They can do this by effective member communication that is relevant and personalized.  Member experience with the credit union, whether in-person or increasingly in a digital setting, matters. With a focus on digital experience, credit unions have advantages  in attracting new members, building brand awareness, and staying ahead of competitors.

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.

How Can DeepTarget Help Credit Unions
with Their Marketing?

Credit union executives have a problem - technology makes it hard to deliver consistent messages across multiple channels to all their members. There is no way to be certain that they are hearing the same message across mobile, web, the teller line, and in their statements.  

Each delivery point - mobile, web, call center, teller platform, etc. must operate in harmony to deliver a coherent message to the member. There is a great need for a connected, consistent experience, both internal and customer facing. This has led to the rise of DeepTarget’s agile DXP solutions!  

DeepTarget’s solutions were designed with an open platform that easily integrates with other disparate systems, applications, and departments, enabling credit unions to coordinate, focus, and craft truly personal experiences for their members. DeepTarget enables thousands of concurrent conversations with your customers using data-driven automation - all at the click of a button!

Personalized Marketing Plans to Help
Grow Your Credit Union

By using a combination of patented AI and Machine Learning technology, DeepTarget addresses three of the biggest marketing challenges credit unions deal with today. These challenges include having all their member data in different silos, which prevents credit unions from being able to connect the data in a way to deliver personalized offers and messaging at scale – a key to greatly enhancing the member experience. Most credit unions are frustrated with not having the ability to accurately measure the results of their marketing campaigns.  

DeepTarget can pinpoint these metrics with almost 100% accuracy with its back-end reporting. With the loss of branch traffic, many credit unions struggle with growing cross sales and the DeepTarget solution is providing up to a 10x lift in cross sales!  

DeepTarget’s “intelligent banners” personally market targeted offers to your account holders 24/7 and receive excellent results. It allocates mined member data for the perfect consumer product and services mix, so credit unions don’t waste valuable marketing dollars with experimenting.  

Our 3DStory and DXP Solutions

Technology is fast paced and ever changing. If you’re not ahead of the curve, you’re actually behind, so it’s crucial to stay current with technology growth!  

According to Salesforce’s State of Sales, artificial intelligence is expected to grow faster than any other technology. Salesforce finds that the highest performing sales teams are almost five times as likely to be using AI. Because of AI’s ability to automate the sales process, it increases leads and credit unions who are utilizing AI are seeing huge ROI.  

DeepTarget DXP is an intelligent digital marketing and sales solution: a hosted app with an open API enabling financial institutions to engage and cross-sell to their customers from thousands of concurrent customer touch points, consistently and intelligently. With DeepTarget DXP, financial institutions can expand to multiple digital channels, designing campaigns to engage their customers across all digital channels including online banking, mobile, email, bill pay, lending PFM and more.  

Customer intelligence and automation make the platform easy to set up and deploy, while macro and micro performance analytics provide deep insights that financial institutions can use to achieve optimum results from their campaigns. DeepTarget’s DXP leverages DeepTarget's successful, intelligent solutions giving credit unions one platform that easily integrates across all digital channels. This delivers results by making the credit union's marketing smarter and easier than ever before!

Online and Mobile Banking Integration

DeepTarget online banking powers the credit union’s online banking app with an intelligent marketing and sales platform to drive new leads and revenue. Utilizing member intelligence, it helps target and personalize offers that drive great results for your financial institution.

Credit unions can take advantage of DeepTarget’s marketing tools to drive their online banking app. By using member intelligence, they can target and personalize offers to their members that will drive outstanding results and brand loyalty. DeepTarget’s marketing software allows credit unions to, efficiently and seamlessly, deploy the same campaign on multiple channels while staying within budget and saving time.

Trusted Digital Marketing Services

Targeted marketing through contemporary channels can make a big difference to the top line (and bottom line) of credit unions. With a greater customer focus, increased emphasis on targeted marketing and effective customer retention plans, credit unions can benefit from greater profitability within their existing member base. Ultimately the credit union’s investment in technology will result in a positive ROI because customer engagement will increase, as will qualified leads and revenue.

Not only does DeepTarget have the technology and tools, they offer a full-service managed service to execute campaigns, monitor performance, and report results for resource-strapped credit unions. This makes cross-selling a breeze, which in turn also leads to a boost in member retention and growth.

It's So Easy, You Can Try It For Yourself!

See how your digital engagement and cross-selling can be transformed to drive member loyalty and new recurring profits from over 15 loan and fee-based products and services. Try it out for yourself!

Our Story
×
Your Story
×
Our Story
×