In today's world, it's harder than ever to grab the attention of a potential or current member. Because of this, successful marketing has become a greater challenge for credit unions, yet it's not impossible to make a big impression.
In fact, this year CreditUnions.com profiled many marketing success stories. Here are five of the most popular.
After a decade without a major new product launch, Redstone Federal Credit Union’s marketing staff was tasked with driving usage of two new, cash-back checking accounts. The small marketing staff used email analytics and automation to help sell thousands of new checking accounts, deepening existing relationships through nurturing emails. After a soft launch that focused on branches and call centers, the marketing team targeted existing checking account holders and used market research to help allay concerns about the new product. Learn more about how the credit union drove adoption and used member feedback to craft messages.
In this article, two Chicago-area credit unions share how they onboard new members from very different SEGs. Kane County Teachers Credit Union ditches digital channels for much of its onboarding while its larger neighbor, BCU, relies on remote channels to serve its far-flung SEG sites. For KCT’s SEGs, which include local school districts, the credit union has found that a pen and paper process is more efficient when setting up shop in places that don’t lend themselves to wireless signals, qhereas some of BCU’s large SEGs, which include Target Corp., have employees who prefer the digital channel or are remote workers themselves. Learn more about these two different approaches to onboarding.
As the credit union serving the Walt Disney Company and their family members, Partners FCU has hundreds of individual companies to serve with members in multiple markets. Marketing to members in disparate areas was a challenge, so the credit union grew and re-developed its integrated marketing campaigns. The integrated campaigns help spread and support the messages from Partners’ sole sponsor group. The credit union now runs these campaigns — which tie together a credit union product with an asset of the Walt Disney Company, such as intellectual property or parks and resorts — every week of the year. Learn more about how Partners works closely with its sponsor to find out what is important to them and offer corporate support that benefits everyone.
Altra Federal Credit Union was looking for ways to transition away from its dependence on refinancing. That’s why, beginning in 2013, the Dairyland credit union looked to a blooming new subset of homeowners, those of the first-time variety. The credit union held several focus groups to learn more about what these members were looking for and found that, when it comes to first-time homebuyers, education is key. However, members weren’t looking to just sit and listen to traditional PowerPoint presentations. They wanted to interact with experts and learn about the process in a more relaxed environment. So the credit union developed an idea — Home Buying After-Hours — and launched it in its key markets. Learn more about how the credit unions’ after-hours sessions turned potentially dry presentations into a happy hour for would-be homeowners.
This Memphis credit union has improved retention, electronic services, and accounts per household by delivering the right messages to the right members. By using targeted, analytics-driven marketing, First South has been able to post impressive metrics — including industry-topping credit card growth. To help drive those results, the credit union often uses a local vendor’s turnkey service for high-value product campaigns such as home equity loans and credit cards. The credit union chooses a focus and then leverages its own resources using tools from its marketing partner. Learn more about how First South uses emails, direct mail and other channels to encourage members to adopt services and open new products.