10 Ideas for Rapid Member Growth Without Expanding Your FOM
According to one recent study, the number of credit union members in the United States has grown steadily since 2013—hitting an incredible 135.3 million people by the end of 2022. But while that may be true, it can also feel difficult for your own credit union to grow—especially with a Field of Membership (FOM).
Table of Contents
- Types of Fields of Membership
- Why an FOM is Actually an Advantage
- 10 Ideas for Membership Growth Within the FOM
- Grow Your Credit Union with Technology
Types of Fields of Membership
It is crucial to have a clear understanding of your credit union's field of membership type as it will require specialized technology to effectively cater to your members.
This is when all members work for the same employer or are in the same line of work.
This describes a situation where members belong to a particular group—in this case, a credit union.
This is when all members live, work, or generally operate in the same geographic area.
Why an FOM is Actually an Advantage
One of the key advantages of having an FOM is the ability to be highly relevant and tailored to your members' needs. An FOM can help you identify who you serve well, what those members need, and how to best use your credit union's resources to build trust, loyalty, and value. An FOM also allows you to be extremely efficient in doing all of the above.
10 Ideas for Membership Growth Within the FOM
1) Community Engagement
Participate in local events and take advantage of sponsorship opportunities to get your credit union's name out there. This is an efficient marketing effort, because it markets to your FOM without marketing to people who don't qualify for membership.
2) Target Social Media Ads
Specifically target the people who are most likely to become your ideal member in the first place based on geography, income bracket, etc.
3) Referral Programs
Create a referral program to reward satisfied members when they turn their friends and family members onto your credit union.
Personalization is important to help potential members find exactly what they need. Offering irrelevant products and services will not show prospects the value your credit union can offer to them.
Use personalization in email marketing and cross-selling to attract new members in your FOM. Take your marketing to the next level with FLEX's marketing integration.
5) Customized Financial Solutions
Begin by identifying your target audience and tailor your solutions to address their specific and distinctive needs and challenges. Taking their past, present, and future into consideration, build a customized financial solution that works best for them.
Take advantage of our relationship pricing eGuide to attract new members and expand your credit union's reach.
6) Strategic Alliances
Make a list of other organizations that your target market likes and work to create a mutually beneficial relationship for all involved.
7) Mobile Banking App
Over 75% of Americans prefer mobile banking over in-person visits. Not only is mobile banking convenient, but this is one of those services that many assume "small" credit unions don't have the ability to offer.
Check out our mobile banking app to attract new members.
8) Online Account Opening
If you want people to join your credit union, you have to make it as easy as possible for them to do so. Online account opening can reduce friction and application abandonment.
Read more about our member onboarding software.
9) Member Feedback
Soliciting member feedback through things like surveys is a great way to learn about what people like, what they don't, and what they want to see more of.
A chatbot can be a convenient way to offer members support 24/7/365. It can live on your website or in your mobile app and will always be available to answer questions, perform account functions and more.
Grow Your Credit Union with FLEX's Advanced Technology Solutions
To unlock the full potential of your credit union and facilitate growth, equip yourself with the right tools.
Fortunately, FLEX offers the perfect solutions to empower your credit union. Discover how our credit union technology can revolutionize your operations by clicking the button below.
Also, reach out to us today and speak to one of our sales reps about our products and services.