Credit unions, just like any organization or financial institution, need to have a marketing strategy in place in order to survive and to attract additional members. Marketing might not seem like something that is as crucial to credit unions as it is to other businesses and companies. However, with the competition that’s getting tougher and with bigger banks being more aggressive in the market, credit unions are now in a place where they have to invest in marketing.
While credit unions have a huge potential when it comes to their selling platform because of the several advantages they offer compared to banks, the next important thing you need to do is to get the word out and make more people aware what you have to offer.
You’re probably wondering now: how to do this? Here are some helpful tactics to market your credit union.
1. Leverage on Facebook
Many people, especially millennials are spending a lot of their time on Facebook, therefore this social media platform is an excellent venue for you to do your marketing. Check existing credit union pages on Facebook, especially the ones that are most popular and followed, and observe some good practices. Try to check how yours can be as good as theirs or, more importantly, what you can do better than others are already doing.
Of course, Facebook is just one of the platforms you can use to engage your audience. There are many channels out there, so you can use Instagram and Twitter, if you figure out that that’s where your audience is. When you have an active profile on each of these platforms, it will be a lot easier for you to increase the visibility of your credit union, and it will also be easier for you to reach out to your members and target members.
2. Focus on your niche
Yes, you are a credit union and you are expected to be an expert when it comes to savings, loans and the rest of your services. But, you do not have to try to provide everything to your audience. Choose a niche and focus on it. And to make it easier for you to decide, choose a specific set of audience and then determine what their needs are. Think about the things and information that they will find interesting and useful: this is what you are supposed to work on.
3. Take the time to get to know your members and potential members
In order to be successful in your marketing, you need to know and understand your members and even the potential ones. You can’t just have any marketing plan in place if it’s not going to work for your particular set of audience. You need to know what will engage your audience and that is what you need to give them. You must also take a time to track, monitor and measure the results so that you can have the visibility on whether your efforts are translating into your desired outcome.
4. Use videos
More than half of the entire population around the world are visual learners. It means that you need to give them more than what they can read. Give them something to watch such as engaging and interesting videos. Use YouTube and other video platforms to share content. This will also make it easier for people to share it on their end.
5. Encourage your members to help
Another powerful way to market your credit union is to ask help from your own members. One of the reasons why many people don’t consider credit unions is because they are not aware of the services or they do not understand the benefits of joining one. It is why it is important to reach out to your members to become your brand ambassadors. You can ask them to share on their social media accounts the posts that you have. You can ask them also for their testimonials about their experience with your credit union.
Aside from being able to share to the world the beauty of being a part of a credit union, it will also give people a glimpse of the kind of culture that you cultivate in your organization. And that is one way to attract more members to join.