Credit Union Growth The Results are In: 2023 Top Marketing Trends for Credit Unions

Continue

The Results are In: 2023 Top Marketing Trends for Credit Unions

In the fast-paced and competitive financial landscape of today, credit unions like yours encounter numerous challenges and obstacles. Staying ahead of the competition demands constant efforts to expand your membership base and cater to the evolving expectations of diverse demographics.

To thrive in the financial industry, it's crucial for your credit union to embrace intelligent marketing and cross-selling strategies that deeply resonate with your target audience, especially the emerging generation.

Let's explore the latest trends that will guide you in effectively promoting your products and services, ensuring a flourishing and successful CU.

The Results are In 2023 Top Marketing Trends for Credit Unions

1. Artificial Intelligence

As the owner of a credit union, you can harness the power of artificial intelligence to revolutionize your marketing and member experience. Leverage AI to analyze vast amounts of member data, enabling you to deliver personalized offers and recommendations tailored to each individual's financial needs and preferences by:

  • Employ chatbots: Start now to implement AI-powered chatbots on your website and mobile app to provide instant support to your members, guiding potential members through the account opening process and answering their inquiries promptly. 
  • Use AI-driven predictive analytics: Proactively offer relevant financial products and services to members based on their historical data, enhancing cross-selling and upselling opportunities. 
  • Embrace marketing automation: With AI, optimize campaigns, schedule posts, and send targeted email campaigns. Cut costs and see better results. 

Benefits

  • Offer seamless, personalized experiences
  • Create a frictionless experience through the sales funnel

2. Social Media

With 2.9 billion users on FaceBook, 2 billion on instagram, 1 billion on TikTok, and 500 million on Twitter, social media can be a powerful tool to reach your audience. Effectively utilize social media by:

  • Utilize Multiple Platforms: Identify the social media platforms your target audience uses the most, such as Facebook, Twitter, LinkedIn, or Instagram. Tailor your content to fit each platform's format and audience.
  • Interact and Respond: Be responsive to comments, messages, and mentions on social media. Engage with your members by addressing their questions, concerns, and feedback promptly.
  • Run Targeted Ads: Utilize the advanced targeting options available on social media platforms to reach your desired audience. Target specific demographics and geographic locations to attract potential members.

Benefits

  • Meet your target market where they are
  • Build brand awareness
  • Reach more people 

3. Email Marketing

Email marketing has one of the highest ROI with $36 for every $1 spent. Here are some strategies to make the most of your email marketing efforts:

  • Share Valuable Content: Provide valuable and educational content to your members, such as financial tips, industry news, and updates about your credit union's initiatives.
  • Promote Financial Products: Highlight your credit union's products and services through email campaigns, showcasing the benefits and how they can meet your members' financial goals.
  • Offer Exclusive Promotions: Reward your email subscribers with exclusive promotions, discounts, or special offers, encouraging them to take advantage of your services.

Benefits

  • Cross sell products and services
  • Grow your credit union membership
  • Drive potential members through the sales funnel

4. Community Outreach

Community outreach can be a powerful way to spread the word through networks of friends and family. Studies show that 92% of consumers trust recommendations from friends and family. Here are some strategies for leveraging community outreach effectively:

  • Host Community Events: Organize events such as open houses, family days, or financial wellness fairs to invite the community to learn more about your credit union and its services.
  • Support Local Causes: Identify and support causes that resonate with your credit union's mission and values. Partner with local nonprofits, schools, or community organizations to sponsor events or initiatives.

Benefits

  • Foster a positive brand image
  • Gain the trust of potential new members
  • Solidify relationships with current members

5. Member Service

Providing exceptional, prompt, and polite help is essential for your credit union and its members. The following are great ways to provide the service your members are looking for:

  • Resolve Issues Promptly: Aim to resolve member issues and concerns promptly and efficiently. Timely resolution demonstrates your commitment to member satisfaction.
  • Go Above and Beyond: Empower your staff to go above and beyond in assisting members when appropriate. Small gestures of goodwill can leave a lasting positive impression.
  • Train for Difficult Situations: Prepare your staff to handle difficult situations with patience and professionalism. Offer guidelines on handling member complaints or disputes.
  • Celebrate Success: Recognize and celebrate instances of outstanding service within your credit union. This fosters a culture of exceptional service among your team.

Benefits

  • Differentiate your credit union
  • Motivate your members to refer their friends and family to your credit union
  • Increase member retention

Market Your Credit Union With Confidence

To market your credit union in a competitive financial landscape and resonate with the emerging generation, embrace this year's marketing trends.

FLEX's cutting-edge technology seamlessly integrates marketing functions and features to support your credit union's branding and marketing goals. Partner with FLEX for success in navigating the evolving industry, outshining the competition, and making a lasting impact on your members' lives. Click the button below to learn more!

FLEX Marketing Services eBook

Preston Packer

Written By: Preston Packer

Executive Vice President | CMO at FLEX Credit Union Technology
Explore Industry-Leading Tech

Book Your Free Demo Today!

Claim Offer