4 Ways You Should Incorporate Marketing Goals Into Your Credit Union Strategic Planning

by Ida LaBella for Social Stairway

Marketing plays an essential role in any credit union strategic planning session. It’s the marketing that gets your message to the masses. Have an innovative new product or service? If nobody hears about it, nobody will care. That’s failure, and it’s not an option. If you want your credit union to lead the competition, make sure you incorporate these successful marketing techniques into your yearly strategic plan.

1. Hire a Tech Specialist

It’s not enough anymore to slip an ad insert into an envelope alongside your member’s monthly statement and drop it in the mail. According to American Banker, as far back as 2013, nearly fifty percent of all banking customers had opted to receive paperless statements. Online banking is quick. It’s convenient. And members can now perform nearly every banking task needed from the comfort of their laptop or mobile phone.

The marketing trends that are a part of your credit union strategic planning today must be tech-friendly or nobody will ever hear, see or experience them. This means hiring someone who’s experienced in creating engaging Web content such as e-inserts, re-targeting campaigns, electronic surveys, electronic newsletters and more.

2. Target the Right Sites

It’s not all about Facebook anymore. The social media channels that your target audience frequents is dependent upon various factors that include age, race, and gender. According to the PEW Research Center, 72 percent of all Americans regularly use social media. That’s a huge audience for your message. But you’ll gain more return on your marketing dollars if you understand who your members are and where they play.

You should know, for instance, that 18 to 29 year-olds are the ones using social networking sites the most, and that while Facebook is still tops, it hasn’t actually shown significant growth in the number of users since 2012. Instagram, meanwhile, has grown 13 percent and Pinterest has grown 15 percent in the last four years. Check out our Blog: Is Your Credit Union Appealing to UnBanked Millennials?

It’s essential to know where your audience is headed, not where it’s been, and channel your ad dollars accordingly.

Click here for the rest of the story on the Social Stairway blog.

Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of collective action to provide the Association’s member credit unions with exclusive, high-quality, competitively-priced products and discounted services. Try our new CU Match Up tool to find the right partner for your credit union’s business needs. Contact Director of Strategic Partnerships Craig Reed at creed@nwcua.org today to find out how Strategic Link can help your credit union save money while meeting its goals in 2016 and beyond.

Posted in Industry Insight, Marketing & Communications, NWCUA.