Blog

How can credit unions reach more millennials online? It's something just about every credit union wants to figure out, but the pace of technology and a growing list of marketing platforms makes it difficult to keep up.

It's a challenge we consistently hear from credit union marketing professionals we speak with. They struggle to fully measure the results of their digital marketing efforts, despite pressure to justify their marketing budgets.

On several occasions, I have had the privilege of speaking to credit union or bankers groups and marketing professionals on the topic of unlocking YOUR digital marketing formula. I emphasize "your" because everyone shouldn't use the same digital tactics. What works for one business may not work for another. We preach this message to our clients, including our many bank and credit union clients. Despite being in the same industry, the location of these financial institutions and what they're ultimately trying to achieve can vary. To figure out the right formula, we need to break down who your specific customer is, what THEIR goals are, and how you can help them achieve those goals. (See the theme starting to develop? This is about them, not about you.) We kicked off a past workshop session by showing some industry trends (who doesn't love to take a peek at what everyone else is doing?). With marketing expenses representing around 7 to 12% of total revenue, investing in the wrong strategies is a costly mistake.

Every dollar counts when it comes to credit union marketing budgets. Digital advertising can be very effective, but only if you're reaching the right audience with the right offers. Many credit union marketers haven't quite cracked the code on how to use social media effectively, and we see dozens of searches each month on things like "how to use social media for credit unions" and "how much should credit unions spend on social media." Social media has become pay-to-play for businesses, but with the right targeting it is definitely worth playing.

We're packing our bags for San Francisco to learn, share and be inspired by credit union experts from all over the country. We're headed to the 25 th annual CUNA Marketing & Business Development Council Conference , March 11-14, 2018. Our own Chris Leone, President of WebStrategies, will be speaking on March 12.

We are pleased to introduce a new resource to help credit unions succeed with their marketing efforts. Our newly expanded Credit Union Marketing Resources page offers easy access to a wealth of information on making the most of marketing dollars to grow memberships online.

At this point, most people who work in marketing or advertising for the credit union industry have heard of PPC or search advertising. But do you know what your potential customers think of it?

Using advertising and SEO to find new credit union clients can be very costly and can take a long time to see a return on investment. While it’s still necessary to grow the customer list, there are also ways to generate revenue within the existing client base, offering them products they are most likely to be interested in.

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.

Employing the right mix of digital marketing has become essential for financial services organizations. Here we'll spotlight the combination that proved successful for a California credit union we work with.