Top 10 Credit Union Marketing Trends to Increase Customers and Get More Business
Are you looking for the latest credit union marketing trends to help your business grow? If yes, you have come to the right place!
It can be hard to convince people to change their financial services because they are often associated with these firms for several years. You require a reliable foundation to build upon and show customers that you can offer better benefits and features.
This blog discusses the top ten credit union industry trends you may follow to improve your brand reputation and get more leads!
Let us get started!
Top 10 Credit Union Marketing Trends in Australia
Credit unions and similar financial institutions cannot rely on their existing customers alone to keep them in business. They must employ top-notch strategies that help them grab the attention of prospects and retain current customers.
Below is a comprehensive list of credit union marketing ideas they can use:
#1 Collaborate With Local Realtors and Auto-Sellers
An extensive network of genuine contacts is one of the most evergreen credit union marketing plans. You can associate with local business owners, like auto-sellers and real estate agents, that regularly get customers in need of financial aid.
They can forward these leads to your credit union in exchange for a commission, benefiting all parties. Try contacting them with a compelling offer and develop personal connections to make this collaboration work efficiently.
By employing such credit union marketing ideas, you can get automatic leads for your sales pipelines throughout the year without putting in additional effort.
#2 Highlight Your Values
Some credit unions make a giant mistake by mentioning their fees, rates, and other statistical data too much. They forget customers make purchase decisions based on several aspects, like a company’s values, personal connections, community engagement, etc.
One of the best credit union marketing campaigns is the one that communicates your brand values with your target audience. Discuss your personalised experiences with customers, use cases, shared ownership, value-added services, etc., to make your marketing correspondence more effective!
Moreover, advertise your advantages more than the features to make your credit union marketing more authentic and result-bearing. People like to hear exactly how they can benefit from using your services, not a list of technicalities they might not understand.
#3 Encourage Referral and Loyalty Programs
Your referral bonuses must be exciting enough to make your partners take action. Most businesses already have some financial services agencies they refer to; you need to make them change their preference and choose you instead.
Introducing new referral programs is one of the most thoughtful credit union marketing trends to reward your partners. They also motivate them to recommend your institution to more people, boosting your business.
Similarly, you can also bring in customer loyalty programs as part of your credit union marketing activities. Ask your existing clients to refer you to their friends, family, colleagues, neighbours, etc., with a code. Offer something in return that keeps them going and allows you to keep your revenue cycle flowing all year round.
Here are some ideas for your credit union marketing referrals:
- A pizza or cocktail party for the clients’ families.
- An impressive cash bonus.
- Tickets to a local play or sporting event.
- Free meal at a popular restaurant for a few days, etc.
#4 Sponsor Local Events and Enter Your Employees In Volunteering Programs
The best way to engage a community is to get in between them. It is why- sponsoring events is among the most effective credit union marketing campaigns for your company’s growth!
Make your target customers feel that you think about their betterment and are willing to return to the community. Choose an event that best represents your company’s mission and highlights your message. You can tie up with a charity or partner with different local communities to sponsor their events.
Donating directly to these charitable organisations is also among the top credit union industry trends that work. People take note of such CSR efforts and consider these credit unions as public-serving companies offering top-notch quality services.
Consider employee volunteering if your budget does not allow sponsoring events or donating. It is also an excellent CSR activity to get your audience’s attention and showcase your brand in a positive light! However, combine these credit union marketing campaigns with other channels for added impact.
For example, you can share pictures from your volunteering activities for credit union marketing on social media and write articles on them. It gives you enough content for all your marketing channels and lets you acquire new leads effortlessly.
#5 Direct Mail Marketing
Direct mail has an open rate of 66%, making it one of the most productive credit union industry trends you may use. It is a versatile advertising tool that helps you achieve several objectives, like:
- Create brand awareness.
- Expand your reach and connect with fresh prospects.
- Establish connections.
- Provide adequate knowledge to potential clients to help them make decisions.
- Generate demand and convince people to change their financial services agency.
You can add tidbits of information about your brand in your mailers or redirect them to your website. Remember that your credit union direct mail marketing campaigns must guide customers and not act as a full-blown sales strategy.
If you need assistance with organising and executing a credit union direct mail marketing campaign, use PostGrid’s direct mail services! Our automated solutions help credit unions and finance companies create eye-catching and appealing direct mailers. PostGrid also takes care of the printing and shipping processes to help them save time and money!
#6 Utilise Big Data to Personalise Customer Interactions
Almost all credit unions have all the data they need to personalise their credit union marketing campaigns in-depth. But they do not use their database because they do not know how or lack the necessary resources.
However, compiling and utilising customer data must be one of your top credit union marketing trends to improve customer communication and produce more leads. It helps you provide more tailored products and services to the correct people, improving customer experience!
For instance, you can use automation algorithms to identify your audience’s preferences and online search history. It would help you recommend personalised services that customers want to avail of from your credit union. You may also auto-approve businesses and individuals for mortgages and loans, so they can know their eligibility and interest rates before applying.
Organisations can use credit union marketing personalisation to put their databases to work and filter valuable leads.
#7 Improve Your Social Media Marketing Programs
Over 20.5 million Australians are active on social media platforms! Hence, social media marketing is among the most commonly used credit union industry trends to connect with audiences at affordable costs.
Credit unions can use location-based marketing or geocoding to target people according to where they live. For example, their best bet is to reach customers living in their neighbourhood and advertise their services. They can also use social media marketing to contact people matching their buyer persona using advanced geo-demographics.
Remember to follow the relevant social media platform rules if you want your credit union marketing trends to succeed. For example, if you use Twitter, you can focus more on small pieces of written content. Alternatively, Instagram marketing would demand you to post more images and short videos than texts.
#8 Develop Ebooks and Blogs
Content marketing is also one of the best credit union industry trends that help you create brand recognition. Create ebooks that can answer your customers’ queries on Google. For instance, you can send a guide to people who search “how to open a savings account.” Or you can ask a customer to call you when they look for an answer to the question- “how to get a second mortgage on my house?”
Similarly, your credit union marketing trends can include starting a blog section on your website. Think about the topics that depict the value your credit union offers to its clients and can generate high traffic to your website!
Use trending keywords and headlines for your articles to increase click-through rates. Your blog posts must demonstrate your industry expertise and show people you can hear and solve their enquiries effortlessly!
#9 Curate Credit Union Marketing Campaigns for Customer Retention
Though marketing strategies concentrate more on customer acquisition, you must draft separate retention plans to get repeat business. Existing customers make up most of the credit union’s business, so they deserve your appreciation and gratitude.
PostGrid’s direct mail API can help you send thank-you letters and postcards to your customers to make them feel valued! You can also trigger credit union direct mail marketing campaigns with every action, like
- A customer who completes one year with your business.
- Leaving a positive review on Google or social media.
- Paying their premium or interest successfully, etc.
These small actions help garner positive reputation and customer referrals without much investment.
#10 Target New Parents and Young Students
Identifying and contacting the relevant target audience is among those credit union industry trends that let you grab the right opportunities at the right time! If you have adequate demographic data, you can use it to your advantage.
Targeting new parents or those whose children are off to college soon is an excellent credit union marketing strategy to boost your business. These are two crucial stages when people actively plan their children’s education and want to make the necessary financial arrangements. Offering them a robust solution during these times can help you sign them up as your clients in no time!
You can also target students directly because they contribute equally to their studies and career-related plans. Also, students do not get many credit union marketing items in the mail. So you can be the first company to get them a loan offer, helping you differentiate your business and onboarding customers from a young age.
Tips to Help Your Credit Union Marketing Campaigns Become Successful
Here are some tips and tricks to help your firm make the right choices throughout your marketing programs:
Use Simple Language
Your copywriting style should be natural and easy-flowing, not complicated. Try taking complex ideas and converting them into easy-to-read content for your audience.
Your credit union marketing trends must work around the idea that your customers are a layman. Try using short words and sentences to deliver your message and not complicate your content!
You can include a glossary on your website or encourage readers to contact you for further explanation. Some credit unions add personalised links to explanatory videos, news articles, step-by-step guides, etc., to help their audience.
Create Local Content
Always keep your credit union marketing campaigns local and talk to people at a 1:1 level. You cannot discuss your branches in Sydney with people living in Melbourne. Discuss what best appeals to the local people, inform them about the credit union industry trends and news, and build genuine relationships.
Combine Offline and Online Marketing
Integrated, multi-channel marketing campaigns are always better than one-off, standalone programs that generate temporary results. Try combining your online and offline efforts to expand your outreach and reach more people.
Work On Your Visuals
Like other industries, financial institutions must work on using better graphics and imagery, irrespective of which credit union marketing trends they use. People are attracted to eye-catching images and marketing ads, making them grasp the content faster.
Moreover, use bright colours that represent your brand with a catchy tagline. You can also add campaign-specific QR codes and landing pages to record responses and draft reports.
How Does PostGrid Direct Mail Solutions Help Credit Unions With Their Marketing Plans?
PostGrid’s direct mail API helps organisations automate their credit union direct mail marketing plans and increase efficiency by five times. Here is how we helped one of the leading players in the industry recently:
Our client required 4,000 mailers to promote their new financial products for people over the age of 30 years. They planned to distribute them over three weeks, immediately before their product launch event.
These mailers were for advertising and inviting prospects to the event. PostGrid’s automated credit union direct mail marketing services helped them design the items quickly. Our solutions also allowed the client to produce and ship these items in the said time frame at much lower rates than they anticipated!
Thus, they could generate enough buzz about their event and get more than 2,000 people to RSVP. Finally, 1,500 people visited, and the launch was a grand success.
But it didn’t stop there! The client also got over 1,000 enquiries and nearly 650 conversions, which was enough to give their new service range an excellent head start.
Here are some highlights of how PostGrid helped in this credit union marketing program:
- It helped the credit union to produce bulk volumes of mail items in only two business days through a reputed network of printers.
- It completed daunting talks, like assembling, labelling, and stuffing the maillers in one go, saving the staff hundreds of hours of manual labour.
- Its credit union direct mail marketing API helped the company save on postage by following the Australia Post rules and regulations.
- It verified mailing lists to prevent mail returns and helped the client compile some custom ones for the campaign.
- It allowed the client to ship the mailers using an affordable and quick mailing class at all-inclusive rates.
- It helped them access accurate campaign results using trackable features, like QR codes and dedicated email addresses for RSVP.
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