Text Messaging Can Take Your Marketing to the Next Level
May 31, 2022
Effective marketing is founded on effective communication, which means reaching a target audience through their preferred device or platform.
Traditionally, financial institutions have utilized channels such as email, direct mail, or in-person events for their marketing efforts. But today’s consumers spend so much time on their mobile devices and many prefer texting to most other types of communication. According to the Financial Brand, 74% of consumers check their phone within 30 minutes of waking up every morning.
That’s why Eltropy believes the best way to reach those consumers is through text messaging.
For example, if your credit union doesn’t have a VIP Member Program or a Member Loyalty program, this is a great place to start. According to Finances Online, 90% of consumers found value in an SMS loyalty program. Having a dedicated line where members can access special promotions or new products is a great way to increase account utilization and build stronger member portfolios.
SMS marketing can also be used alongside almost all other marketing channels. Email newsletters with relevant links can be shortened and customized to a more concise SMS message with auto-response keywords. Members like concise messaging, and the 160-character limitations to SMS messaging allow for just that.
With SMS marketing growing in popularity among financial institutions, the Strategic Link partner says there are certain elements credit unions should keep in mind before taking the plunge.
Keep it compliant.
Getting “opt-ins” for your marketing communications makes the conversation you’re establishing with the member a two-way street. Text messages have a 98% open rate, compared to 20% for emails, but trying to hide an unsubscribe button or spamming your members with messages will only frustrate them and damage your credibility. More importantly, opt-ins are required by law to ensure TCPA compliance.
Keep it time-sensitive.
Whether it’s a welcome message for a new member or an ad for a new debt consolidation program during the holidays, keeping your messages time-sensitive is highly important. With members checking their phones and texts frequently, it’s critical to ensure you’re offering what they need right when they need it.
Keep it personal.
Keeping your communication complaint is critical, but that doesn’t mean your texts can’t feel like a text from a friend. In fact, to make the strongest connection with your members, personalize them as much as possible, and only send them the information they will find useful.