Digital Marketing Strategies Help Credit Unions with Valuable, Targeted Outreach
July 9, 2019
One of the most difficult challenges that credit unions face is how to increase membership without breaking the budget. Consumers have many options when it comes to managing their money and competition for credit unions is increasing every day.
Strategic Link partner, Vetter, has a solution. Its Turnkey Strategic Growth Platform can help credit unions stretch their marketing budgets through creating a strategic digital marketing campaign.
The benefits of digital marketing campaigns for credit unions are numerous. Generally, they can be less expensive than traditional avenues for marketing, such as print and broadcast media. Additionally, as the country—and especially its younger generations—depend more and more on smartphones and tablets, digital marketing ensures that everyone’s phone doubles as a mobile advertisement space.
Another important aspect to consider is that digital marketing campaigns can leverage the wealth of information available in online databases to better target potential member prospects.
That’s not to say that billboard advertisements, radio spots or TV commercials shouldn’t be part of your credit union’s marketing campaign, but those strategies won’t always reach your target demographic and can be high in cost. For credit unions, digital marketing can help target specific people or groups, so you don’t have to worry that your efforts don’t fall on deaf ears.
“There are many ways to create a digital marketing strategy, and hiring a consultant like Vetter can make all the difference in a successful campaign,” said Jason Smith, Northwest Credit Union Association Vice President of Strategic Resources. “Digital is the way the modern world moves and it is an efficient and cost-effective way for credit unions to compete with other financial institutions for new members.”
Here are a few strategies that Vetter uses to boost marketing efforts and increase memberships:
Email may not seem glamorous but it works. What’s great about email is that it’s extremely inexpensive and can be accessed by anyone, anywhere.
Vetter sees target banner ads as the next step in digital marketing for credit unions. Often, companies use banner ads—like those you see on Google—the same way they use a traditional billboard.
Another effective digital marketing technique Vetter employs is geofencing. Any credit union that has a community field of membership can target specific geographies for marketing engagement. By narrowing or specifying marketing efforts to hit a specific geographic location, you can better pinpoint potential members. Geofencing strategies can help your credit union show up in location-dependent Google searches such as, “credit unions near me.” Conversion rates for geofenced clicks are much higher and less costly than for non-geofenced clicks. Due to the geographic nature of NWCUA members, this strategy works particularly well.
Any digital marketing strategy you employ will perform better if you know who you’re marketing to. One of the best first steps your credit union can take is to identify who it wants to reach—or target. From there, your marketing team can help you zero in on qualified prospective members.