Email marketing is the use of email to directly target your desired audience with the goal of driving sales, increasing brand awareness, or communicating important information. It is one of the oldest forms of digital marketing and still produces the highest ROI compared to any other marketing channel.
Email marketing is an excellent way for credit unions to strengthen the relationship they have with existing members, grow share of wallet, and generate new account openings and loan applications. Credit unions can utilize email marketing in a variety of ways, including promoting special offers like lower interest rates or providing financial education to your members.
However, email marketing is most effective for credit unions when automated. Since financial products are not typically impulsive purchases, automating your email strategy allows you to nurture your members so that when they’re ready to apply for a loan, they’re already well-informed as to why your credit union is the number one choice.
When you begin a partnership with WebStrategies, we’ll conduct in-depth research to acquire a strong understanding of your membership profiles and your credit union's unique goals. We'll recommend email marketing strategies that reach both your existing members and prospects with compelling content.
We will also explore your member lifecycle and application process to identify automated email sequences that will best serve you. These automated processes may address application abandonment, lead follow-up, or other situations to ultimately improve the efficiency of your operations and generate more revenue for your credit union.
Email marketing for credit unions can be measured in several ways. For one-off promotional or educational style emails, we will measure the open rate and click-through rate to gauge performance. These metrics allow us to identify if the information included in each email truly resonates with your target audience.
For automated processes, we will work directly with you to determine which metrics are most important. This may include applications generated, increased share of wallet, or overall time saved by your credit union’s staff.