We focus on the behind the scenes action (think cohesive core technology with integrated apps and card management tools) that makes a credit union thrive by keeping members happy with seamless mobile banking, mobile lending, remote deposit, and more. Just as banking has evolved over the years, so too must your marketing tactics, especially to reach the highly sought after Millennial population.
So today we are focusing on two of the marketing trends that CUInsight declared would be hot for this year, because you spend an awful lot of money opening new locations, building your core technology infrastructure and hiring the right staff. But are you targeting new members the best way?
True of False: Your members will visit your website more than your branch?
The answer is likely true because consumers (particularly Millennials) are increasing their use of online banking for most transactions. With the availability of remote deposit and popularity of mobile banking and smart phone apps, consumers can cross stopping at the branch off the to-do list.
It’s been reported that credit unions should invest at least one-third of their marketing budget in digital. Email isn’t the only digital marketing strategy, but it can be effective if the messaging is customized and focuses more on consumer content and less on selling. McKinsey & Co states that 91% of U.S. consumers still use email daily (of which, about 45% are opened on a mobile device) and the rate at which emails prompt purchases is estimated to be at least three times that of social media.
You Don’t Need Hollywood Help
Look closely and you’ll notice that it’s not just Fortune 500 companies that are using video marketing these days. Small and medium sized businesses are jumping onboard to spread their messages thru video content.
No need to fret - you don’t need to produce Hollywood style commercials to get your point across. The new trend emerging is “storymonials,” which is telling the story about the brand and how it affects or engages the lives of customers. More than 188 million Americans watched 52 billion videos by the end of 2013. That is projected to increase by more than 201 million by 2017, according to Invodo, a visual content company in Austin, Texas.
The Millennial population is a key demographic for the future success of CUs. It’s time to consider engaging with members, and potential members, digitally to start building a long-term relationship.