rsz_bigstock-contact-and-communication-icon-103890983.jpgMarketing your mobile lending platform should be no different than marketing your credit union: Define what your credit union's brand identity is and ensure your marketing strategy supports that brand. If mobile lending is not a significant part of your brand, then don't market it for the sake of 'marketing'. On the other hand, if mobile products do support your brand identity, marketing mobile lending can increase member satisfaction and bring opportunities for new loans. Here are some recommendations on showcasing your mobile lending products:

1. Walk in Your Member's Shoes: Before going to market with your mobile lending product, make sure it works well with your mobile banking app, and that it is easy to use. Keep it simple, and test it out. According to Robert Israelite, lending and compliance specialist at CUNA Mutual Group, "Most credit union staff have never applied for a loan in a member channel, and that’s a problem”.  “They have internal ways of doing it. Staff need to put themselves in the shoes of a “real member” or potential member who doesn’t have strong ties to the credit union.”  

2. Video Kills It: Video is no longer an "up-and-coming" marketing tactic, the statistics are astounding.  A 2016 marketing report2 found a 200-300% increase in click-through rates if videos are sent by email, and an 80% increase in action if the video is on your site. What's more, 64% of users are more likely to buy a product online after watching a video. Create a video that demonstrates just how easy it is to use your product. Demos are a great way to remove any intimidation a new product brings:

Schedule Your 15 Minute Mobile Lending Demo

3. In Person Demos aren't Dead: Once your employees have walked through using the product, encourage them to demonstrate to members how easy it is. Keep in mind if a loan specialist is compensated for originating face-to-face loans, you may have to modify their commission structure if you want them on board. Perhaps a bonus program can be created to entice all employees to demo your product to members who use your mobile app, or potential new members. 

4. Members First: Target your marketing efforts to members first, the proverbial low hanging fruit. It is very important not to lose sight of your brand identity, especially with existing members. Be careful not to alienate your members by implying lending methods they are accustomed to might be going away.

5. Change up the Channels: There are many ways to get the word out. Utilize as many channels as your budget allows, especially digital channels where the price is low and return can be high. Email and social media can be free depending how you use them. You may wish to consider Google Adwords and banner ads, or social media ads and boosting your Facebook and LinkedIn posts. Facebook advertising is surprisingly easy to implement and target. In all digital communication, remember that 66% of all email in the US is now opened/read on smartphones or tablets while only 34% is viewed on a desktop, so ensure your message is displayed correctly and optimized for mobile.1   With 92% of mobile video consumers sharing videos with others, don't forget to utilize the video demo!2

6. Get Creative: Mobile Lending uses mobile phones, and mobile phones have features and apps built in to help your marketing efforts. Consider using a QR code on your ATM receipts or added to brochures that, when activated, takes members to your mobile banking app or to a landing page with more information on your mobile lending product.

 

1. http://marketingland.com/majority-emails-opened-apple-devices-android-users-pay-attention-115945
2. http://blog.hubspot.com/marketing/video-marketing-statistics#sm.0000zf1egpgwrf1jr5u265mhh0vb0

 

Topics: Mobile Lending

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