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Digital Tactics to Help Credit Unions Succeed in 2018

Shane Davis
Shane Davis
Write to Shane

Ensure you achieve your membership goals this year with these activities.

Digital automation and social integration of referral programs

Credit unions often attribute referrals as the most effective way to acquire new customers, but many fail to implement a formal digital process to help this happen. An integrated approach to referral campaigns, hosted on your website and promoted via email and social, can help boost your customer base quickly and inexpensively – with a variety of tactics available to maximize  success. Take it from Samantha Paxson, chief marketing and experience officer for CO-OP Financial Services

“Credit unions need to be digitally focused, so they can serve their members on an ecosystem level. Members need to be able to engage with their credit union from anywhere.” – Samantha Paxson

Tactics could include creating a pop-up banner on a blog article inviting customers to send a referral link to friends and family to gain rewards. This pop-up can also be added to your email campaigns. Another option is promoting the campaign via social media, incentivising customers to share or invite their friends to join. Or, consider enabling SMS notifications for select customers who cite texting as their preferred method of communication.

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Create Personalized Journeys

We consistently discuss the need for website personalization, and this is particularly relevant in the financial services space. If you tailor your content, products and services directly to your target demographic(s), addressing the needs of everyone from millennials to more traditional clientele in an inclusive space dedicated to each age group, you can create more opportunity for conversions. It will also enhance your ability to upsell additional products, such as credit cards, insurance, mortgages, to those who need it, when they need it.

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Unique Monthly Campaigns

Being nimble and creative in your marketing and digital efforts will get you the best bang for your buck. Credit Unions who engage in creative campaigns throughout the year will consistently have the advantage. Try a digital contests combined with face to face interactions, giving away free money, community building, or free mobile calculators. The goal is to increase your visibility as an active, youthful and fun business, and increase the level of activity between you and your existing and prospective customer base.

Youthful Thought Leaders

The best way to understand your demographics is to ask them! Tap a younger collective of staff to influence your content, and truly understand their wants, worries, and how your business can ease their pain points. Knowing this information will allow you to structure articles and campaigns around addressing their needs and creating added value for them as a consumer, versus your competitors. Next, make sure you are delivering that content on the right platform at the right time. Try Facebook for an audience aged 40+, or publish on Medium or Flipboard to connect with Millennials. If you distribute your content via email, ensure that the content is personalized and segmented by age.

Be Where Your New Audience Is, Digitally

Customers should be able to create preferences on where they want to receive specific information. Some may choose SMS, others may choose email, but if you tailor your customer service to the individual’s digital preference you will get better response rates, sell more products, and overall have a more engaged audience. Most financial institutions ignore this simple set up and end up expending more energy trying to hit their customers everywhere.

Whether your objective is to reach potential new credit union customers or promote additional products and services to your existing member base, it’s integral that you communicate the advantages of banking with you, and make it as easy to do as any of your competitors – including the big banks. That’s where digital comes in…

Interested in learning more? Contact us!


Author: Shane Davis

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