Cross-selling to existing customers remains crucial for credit unions. Having an engaged member who utilizes all of the financial resources pertinent to them is good for everyone: the member and the credit union alike.
We have talked about marketing automation being a successful channel for cross-selling, but let’s not forget about pairing that with paid channels to maximize the customer experience and conversion opportunities.
How Credit Unions Can Use Paid Channels to Boost Cross-Selling Efforts
Online targeting capabilities are now significant and are only getting more sophisticated. Here are three incredibly effective methods for cross-selling to your existing customers:
Creating Custom Audiences on Facebook
Targeting a custom audience on Facebook allows a specific message to go out to a select group of people. For example, if there was a promotion running for HELOC’s, members who currently have a mortgage loan will receive the HELOC promo when they're on Facebook.
This article focuses on cross-selling to existing customers but there are a ton of opportunities to use Facebook custom audiences for new business. Stay tuned for a separate article on that!
Targeted Remarketing Ads
Timing is everything! Remarketing allows targeted display ads to appear to users who have recently visited your website or even a competitor's website. If the goal is to sell new home loans to current car loan members, imagine being able to display ads to anyone that comes to the site and identifies as a member holding a car loan. Remarketing is an effective tactic because it makes it easy to customize messaging and it is typically less expensive than other forms of online advertising.
Perfectly Timed Pop-Ups
Contrary to popular belief, pop-up’s on your own site are quite valuable and can be a significant driver in online conversions.
For example, a member comes to the site to pay his car loan. He logs in, makes the payment and begins to leave. All of a sudden, a targeted popup appears showing him that there is a low rate on a new home loan. He may or may not move forward with the home loan at this time, but he most certainly realizes that these services are available. The wheels just might start turning.
Delivering a targeted message that appears when it is convenient for them can further engage the member.
Having members that are fully engaged is a competitive advantage which is a direct result of how the products and services make them feel. Delivering targeted ads to members will make them feel that their needs are being understood. They are no longer just another member: they are now a part of the movement.