In a tough environment of increasing mailing costs, tightening budgets, and intensifying competition, marketing your credit union continues to present new challenges. It is more important that ever that your credit union is getting the most from your current outreach efforts. Effectively monitoring your credit union website activity not only provides insights into member needs but reveals opportunities for better product promotions.
A Snapshot of Website Usage Among Members
In a recent Internet Strategy Consortium survey of 14,000+ online credit union members, six in ten online members reported visiting the credit union website at least once per month, with about one-fifth visiting weekly or more often. The significant activity represents a great opportunity for educating members about credit union products and the ongoing value of their membership.
Online Member Website Usage
Source: Internet Strategy Consortium
While many members are actively utilizing the online channel, your credit union needs to ensure your marketing promotions consistently encourage members to use all available products and services.
Credit Union Websites: Turning Data into Marketing Action
The potential to view the interests of almost 60% of your membership means your marketing team has a real opportunity to target successful campaigns. Measuring your members’ website usage helps your team track the effectiveness of your online marketing and fine tune the efficiency of your outreach efforts.
Although tracking should already be standard with any of your online marketing, it is important to emphasize the significant value of these measurements. Just basic online metrics can foster almost immediate marketing team action to increase both the effectiveness and efficiency of your cross-selling and promotional efforts.
- Web Page Views
Tracking the views on your credit union’s web pages reveals the most common pattern among your online members. For example, are they visiting for online banking purposes or are they researching particular products? Useful metrics include total web pages viewed, average time of visit, entry and exit pages, which can elevate your marketing messaging. Your team can even customize a message on each page that coincides with the traffic trends to direct online members to your webpages that support your credit union’s overall strategic goals.
- Online Promotions
To build on your web page knowledge, it is critical to know what your members are clicking on while on various web pages. Important questions to ask include: Is there a marketing message that garners greater attention or Is there a time of day your members are more actively clicking? It benefits your online ad promotions to measure every click to develop unique messaging dependent on webpage trends and patterns.
- Referral Sites
This is particularly important to track if you are focusing on gaining members through the online channel. Are your website visitors gaining access through another site or are they going directly to your site on their own? After they visit your site, are they going to a competitor’s site or potentially researching a product you offer? Google Analytics is a great option for tracking referral sites if your credit union does not yet track non-credit union website trends.
- Search Terms
Credit unions are becoming more focused on effective member education. Website inquiries provide direct insight into what is of interest to your online membership. What products and/or services are members searching for? Are there consistent concerns being entered in your credit union’s knowledgebase? Tracking search terms will directly impact the effectiveness of your online marketing content and promotions.
Strategic management of member website activity helps your marketing team increase the effectiveness of online promotions. Whether your credit union tracks website activity daily or only views activity on a quarterly basis, your website is a powerful marketing tool that can be refined almost immediately to reflect changing member needs and highlight products important to your credit union’s growth.
Want to know more about how your credit union can increase marketing effectiveness? Join Callahan on August 6th to learn how credit unions have found marketing success without drastically increasing their budgets.