Credit Union Marketing Strategies

Customers choose credit unions over large national banks because of a local, personalized touch and friendly service. Are you living up to the hype? Check your online reviews and ratings and, if necessary, work with an expert partner to give them a boost.

For customers looking to switch banks, open a new account or leverage a specific offering (an auto loan, for instance), search engines are usually one of the first research tools. Make sure you're showing up not only for broad terms, but also specific offerings (auto loans, personal loans, savings accounts, etc.)

When it comes to your branches, there's one that could be the most important: your website. That's because most of today's customer credit union research starts online. Get things polished up and make sure the site is inviting, fast and easy to use. And don't forget strong, prominent calls to action and pertinent offers!

In many local communities, credit union competition can be intense. Before beginning any marketing plan, it's wise to do a complete competitive audit. You'll want to see what your competitors are doing in terms of messaging, offers, advertising and organic search result rankings to devise the perfect strategy to beat them. This can be tricky, so engage with a marketing professional from the get-go.

Today's banking and credit union landscape is increasingly digital. Some of your competition in the banking world, in fact, may be almost completely online! Make sure your online banking options are easy, intuitive and convenient for members to use. This also applies to your marketing—you'll want to build a strong digital presence to better compete (more on that in the next steps!).

If your lead landscape has plateaued, it may be time to amp things up—and find better ways to nurture and eventually close new prospects. You'll need an expert marketing partner that can guide you on the right channels and tactics for every stage of the funnel: digital media to promote high-funnel content offers; rich online content to engage; and marketing automation (like emails and SMS) to convert.

You'll never compete with the money that big national banks spend on their branding. But that doesn't mean you can't build a strong name for your credit union in your local community. But to do it, you'll need a laser-targeted approach and strong, unique messaging. An expert can help you identify brand-friendly channels like connected TV, radio, social and online display that will reach the right prospective members at the right time—but won't break the bank.

Getting a new member on board can be a longer sales process, with many online and traditional marketing touchpoints. To get a strong handle on which tactics are doing the heavy lifting—you'll need strong analytics in place. Working with an expert partner to set this up and provide ongoing interpretation will help you optimize your strategy—and boost ROI—over time.