New companies offering financial services are continuously growing in number, and this means that the number of competitors of credit unions is also increasing. This is when credit unions feel the need to adapt new strategies in order to sustain their membership for the long term.
This is not that easy especially for the smaller credit unions. But despite the challenges, and the tough competition, credit unions have found effective strategies which help them in their successful growth.
Here are some of those helpful strategies useful to sustain membership growth in credit unions.
1. Keep the focus on a certain niche
As a credit union, you cannot or you don’t necessarily have to do everything to your members. You need to find a focus and make sure that your products and services are aligned according to your market niche. Your current strategy may not be enough to sustain your growth in the long run and you need to start working on something that will elevate your brand to your consumers.
2. Improve your facilities
It might have taken a long while since the last time you had your branch updated. Try to see if it already looks old and tired, because it might already be time for you make new enhancements. If you want to encourage growth, you need to do something new with your branch and it means that it also needs physical renovation. Your existing members, as well as the potential members, are affected by the way that your branch also looks.
By evaluating your branch, you will be able to see and prioritize the resource allocation for your branch. You will also be able to see if you need to relocate your branch or if it is already in a strategic location in the existing market.
3. Work on improving your online presence
It is not enough that your credit union has a website, and that you update its content every now and then. It is also important that you work on increasing and enhancing your online presence. As a credit union, you need to make sure that you meet the needs and demands of your consumers, regardless of their age. People nowadays always go online if there is anything that they want to check about their products and services, and you should be able to give them that information that they need. The customer experience online is very crucial not only to member retention but also to membership growth.
You have to start by identifying the goals that you want your website to achieve and measure your success based on numbers.
4. Be open to digital marketing
Digital marketing is even more helpful to smaller credit unions. It is a chance for them to keep up with the challenge because it increases their brand awareness based on their target market. With digital marketing, there are plenty of opportunities for a credit union to reach more audience and this is a good venue for them to invest their resources and develop expertise.
5. Reconsider traditional marketing
Gone are the days when ads are just in the newspapers to raise awareness to potential members. In order for you to arrive at strategic marketing methods, consider your audience and your target audience. Ask yourself where do most of them spend their time, what items they usually spend for, and how much they tend to spend. If you want to successfully build your brand as a credit union, you need to know your members and potential members very well.
6. Look for strategic mergers
One of the pathways to growth that many credit unions are looking at is the mergers. If you are able to establish a partnership with another credit union, there is a good chance that your competitiveness of your partnership will be strengthened. It will also help build market efficiency, and it offers many other helpful benefits. Growth may be a bit hard for small credit unions but there could be more opportunities if you consider merging with another credit union. The long-term success of your credit union also relies on your ability to think about your future growth.