Similar to that of banks and financing in general, the key to credit union marketing is to always be human and treat your consumers the same.
Anyone looking to craft an effective credit union marketing plan first needs to understand the institutions themselves. So, let’s go over what sets credit unions apart from banks. Every person with an account at a credit union is, in part, an owner. This helps to ensure that each decision and investment is made in the best interest of the customers and not some third-party stakeholder.
Leveraging the internal strengths of a credit union, your branding can empower consumers and employees alike. Ultimately turning them into brand advocates. Let’s take a look at some of the unique aspects that effective credit union marketing should emphasize.
Credit unions are inherently user-focused, as explained. This creates a huge opportunity for creating strong consumer relationships. Humanize your credit union from the inside out by bringing current users together. Plan appreciation events or giveaways to give consumers something to bond over and tell others about. Credit union marketing is about making every participant happy. Loyalty comes from the little things.
2. Lead the charge
Everyone likes to be a part of something. As a credit union, you’re already part of a team, but you need to become the leader. Start the conversation on financing and credit score tips, saving money, or something newsworthy to inform and help out your target market as well as existing customers.
Get active in the shared community, current events, and social movements to get connected to your audience in the genuine, personal way that only credit unions can.
3. Show reinvestment
Credit unions are by the people, for the people. One person’s deposit becomes the next person’s loan, make that known. Your credit union marketing agency should make every part-owner understand the part they play in helping each other. This will build loyalty and a feeling of being part of something bigger. This mentality is a huge draw for Millennial, Gen Z, and Gen X audiences. It can also turn current members into strong brand advocates.
With the more friendly and casual nature of a credit union, you already have a great foundation for building strong consumer relationships. The lack of stakeholders provides a unique opportunity for personalized interaction as well as incredibly low rates. Effective marketing for credit unions build your brand with a relatable personality.
4. Stand for something
Unlike big banks, credit unions are just as the name suggests—a union. This allows you to take a stand, putting your voice proudly behind a local cause. Get the community activated around a mutual concern to show that you’re more than just talk.
Every member is an owner, show them what that sort of power can look like, and the difference each person can make. Effective credit union marketing should address an issue that matters to your target market. This helps to humanize your brand and strengthen the team that makes up your business.
5. Get grass-roots
Capitalize on the audience you have to get your brand making headlines. Big community events and pay-it-forward initiatives engage your audience in fun, effective ways that make a big splash. More than brand recognition and awareness, done right, these events make your target market wish they could be a part of your brand so that they could participate too. Getting the community energized, showcasing your brand, and driving headlines focused on initiatives can make a huge difference.
6. Give them what they want
Convenience. While credit unions aren’t run like banks, baking technology can be incredibly effective. Let your consumers manage their accounts on mobile and offer free downloadable tools such as tip calculators, budgeting apps, and loan calculators to make each member feel taken care of. While credit union management is made up of customers, every part-owner should still feel like a customer.
When it comes to credit union marketing, it’s all about being human inside and out. Focus on showing off internal strengths through people-focused communications, establishing your brand as a community leader, and being transparent with the credit union business model.
Then take full advantage of external opportunities by taking a social stand, engaging with the community on a personal level, and providing convenient banking technologies to really set your company apart. When you’re ready to step up your credit union marketing, reach out to our banking professionals.