Gaining new members is the lifeblood of any credit union, but member acquisition is a huge problem for many credit unions today. That is a fatal combination, and if you can’t acquire members…you’re on a slow march to institutional death.
It’s time to solve this problem.
In many ways, member acquisition is akin to digital dating. You want potential members to swipe right on your credit union much like users of dating apps swipe right on partners. So, how do you achieve this?
Let’s dive into five credit union branding initiatives necessary for your institution to attract new members.
1. Tell Your Brand Story
Before you dive into digital tactics – SEO, SEM and all the technical details – you need to start with your brand story. Branding isn’t just about your logo or color scheme. It’s about who you are, who your members are and who you’re trying to reach.
Branding is essentially what people say about you when you’re not in the room. It’s cultural rather than collateral. And strong credit union branding ensures everything else falls into place.
Before moving on, there are some key components to make sure you include in your brand. Your brand story needs to be:
- Clear in its messaging and visuals
- Consistent across all interactions and across all platforms
- Constantly present and top-of-mind for consumers
2. Get Real with Your Website
In today’s digital age, your website is often the first point of contact potential members have with your credit union branding. Recent surveys indicate banks are now outperforming credit unions in service, largely due to digital platforms. Your website needs to be fast, user-friendly and mobile-optimized.
Simplicity wins. Ensure it’s easy to apply for loans and join your credit union online. An attractive, up-to-date website can significantly enhance your credibility and member acquisition efforts.
3. Hyper-Personalization Wins
Generic emails are a thing of the past in credit union branding. Today’s consumers want personalized communications that are relevant to them.
Use the data you have on your members to send targeted messages. This approach (like the old TV show “Cheers” where “everyone knows your name”) involves marketing specific products to specific members at the right time. Hyper-personalization, or niche marketing, leads to greater engagement and satisfaction…ultimately driving growth.
4. Implement a Comprehensive Content Marketing Strategy
Content is king in the digital realm of credit union branding. Develop a robust content marketing strategy that includes various formats—blogs, videos, infographics and social media posts. Use a hub-and-spoke model where one content piece serves as the hub and you repurpose it across multiple channels.
This approach maximizes your reach without the need to constantly create new content. A well-rounded content strategy linked to your digital marketing efforts can significantly enhance member engagement and acquisition.
5. Assess Your Marketing
Sometimes, the problem isn’t with member acquisition but with the marketing strategy itself.
Conduct a marketing assessment to identify strengths, weaknesses and blind spots. This outside perspective provides actionable insights to improve your marketing efforts. Effective marketing touches everything from the boardroom to the breakroom, so it must be on point. A thorough marketing assessment leads to better strategies and tactics, leading to better member acquisition.
These five credit union branding strategies are designed to help you tell your story, enhance your digital presence, personalize member interactions, create valuable content and continuously improve your marketing efforts. By focusing on these strategies, you’ll be better equipped to attract new members and sustain your credit union.
Remember, persistence is key. Consistently applying these strategies will eventually lead to success and lifelong members. But before you get to the lifelong commitment…make sure potential members swipe right on you.
napkin marketing and On The Mark Strategies, a Texas-based marketing agency specializing in credit unions and community banks, have partnered to provide credit unions with comprehensive digital marketing strategies and consulting services. To learn more and improve your credit union’s online presence, book an SEO consultation with napkin using our online scheduler or reach out to On The Mark Strategies through their Consultation Request Form.
