Are You Making These 4 Credit Union Marketing Mistakes?
We see many credit union marketing plans that are failing to account for important recent shifts in consumer behavior. Don't make these 4 marketing mistakes at your financial institution:
1) Speaking Through the Wrong Channels
As many of us know, the daily life of the average person has drastically changed in the past decade. Why are so many marketers stuck in the old way of marketing? People spend so much time on their mobile devices and online, your credit union needs to take advantage of this! If the only time you're reaching members in this new world is through email or traditional ad placements, you're missing out on a lot of invaluable touch points!
Having fully optimized social media platforms and a mobile responsive website is just as valuable as having a spiffy new branch located on a busy intersection. People use the internet to find information and solve problems in the comfort of their own homes. In other words, YOU need to go to your members/potential members, they are no longer coming to you before they make a decision!
If someone in your area "Googles" free checking account is your credit union's website on the top of the page? Even on the first page? Try it and see...
2) Selling Too Much
The key to your Credit Union growth is to stop selling and start nurturing. The way consumers shop for new products and services has evolved. Consumers have learned to tune out the endless ads and commercials and now they make purchase decisions based on brand loyalty, research, and trust.
By providing useful, educational information to members who are not quite ready to make the leap, you can learn more about them and their needs and more importantly, build a relationship with these members or potential new members.
Instead of spending a all your time selling, try LISTENING. What pain points do they have and how can you guide them to their personalized solution? Encouraging branch visits and broadcasting rates and fees is just not going to cut if for the Credit Unions of the future. Buying has evolved, marketing and Sales has to evolve with it!
3) Not Showing Your Human Side
Go Social! Not only is it a great place to show off your personality, but social media is the BEST place to interact with your members on a regular basis since they're already there!
What sets you apart? How do you interact with your members? Let your personality shine through in all of your online marketing efforts and communications to authentically differentiate yourself and show potential members what they can expect from your Credit Union.
Many companies are using social media to help their customers and increase brand awareness and seeing great results! The world is becoming a very social place, if you’re not embracing this change you’re falling behind.
4) Failing to Set REALISTIC Goals
ALWAYS begin a campaign with the end in mind! How do you know what is working if you don't know what you're trying to achieve? How do you know if you're on track if you're not measuring small successes along the way?
At the beginning of every campaign, we fill out a SMART goal worksheet. In this worksheet we, very clearly, write out our big picture goals. From there we figure out how we will measure success and then we brainstorm what we need to do to meet these identified objectives.
BIG GOAL: Create a list of 50 Auto Loan sales qualified leads for member service to follow up with
HOW: Create Blogs around car shopping keywords, create eBook about purchasing car
WHAT: At the end of campaign have 1,000 blog views, 150 eBook downloads and 75 New Contacts
Once you have your big goal written out, break it down to a quarterly or even a monthly goal. This sounds like common sense but so many marketers get discouraged by a huge goal that seems impossible to reach.
About Ida Burr
Ida is the Inbound Marketing Manager at Social Stairway, LLC, which provides Digital Marketing services to Credit Unions and Affiliates. She has been with Social Stairway since 2014 assisting Credit Union staff with their social media platforms and campaigns. Ida has experience in the banking industry as well as digital marketing, communication and content development.