Members are losing interest in the traditional communication channel. It's time to reimagine your member newsletter.
The credit union member newsletter has historically served as the primary method of regular communication to members. It contained a lot of information, was inexpensive to produce and distribute, and kept the credit union top-of-mind for members. In the past, there were not many alternatives to compete with the member newsletter as the primary method of communication.
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Today, there are alternative communication channels, such as branches, SEG orientation meetings, websites, email, webinars and social media. These digital communication platforms have turned the printed member newsletter into a low priority, and too many credit unions have abandoned this important communication tool.
Print Problems
In an effort to save on postage, many credit unions insert the member newsletter in a monthly or quarterly statement. According to a 2012 study by Fiserv, only one-third of consumers will open a printed statement, which creates missed opportunities with the majority of members. Many credit unions have been successful in converting a percentage of their members from printed statements to eStatements. However, eStatements are also becoming irrelevant as consumers are downloading mobile apps to quickly check balances and transfer funds.
Digital Point of View
From a communications point of view, one of the primary benefits of offering online banking is it allows credit unions to capture member email addresses. While communicating through email is low-cost, it also affords limited targeting, less reach and lower engagement. An Email Marketing Metrics Benchmark study by Silver Pop found a low 22% open rate and 2.1% click-thru rate for emails sent from financial services providers. In addition, Mail Chimp conducted a survey for the financial industry and found a 21.73% open rate and 2.95% click-thru rate within their system. Essentially, a majority of recipients are ignoring email messages. While some credit unions offer an online PDF version of their printed newsletter, the member's primary intent while accessing online banking is to pay bills or check balances. Unless there is a strong call to action, the PDF could be overlooked.
Know Your Audience
Even if some of your members read the newsletter, what are they likely to find? Consider how many of the following items are in your newsletter: Message from the president/CEO; upcoming events and holiday schedule; current product promotions; current rates; and community events and press releases.
While these topics are important, they'll get lost unless your content matches up with your members' interests. Use the newsletter to offer members valuable insights through user-friendly content, in addition to strong calls to action with multiple links to channels that motivate your members, while simultaneously tracking engagement and response.
NAECU Case Study
As is the case for many credit unions today, North Alabama Educators Credit Union had a member newsletter that inspired little member engagement. With most of its marketing dollars allocated to traditional advertising that did not include trackable ROI, NAECU needed to rethink its content marketing strategy. NAECU collaborated with True North to create the Together brand, a custom print and digital publication featuring resources focused around financial life events. Within the first week of delivery, the credit union saw a 32% increase in overall website views and traffic, including a 52% increase in mobile/app trial usage. Designed to promote NAECU's products and services, the newsletter helps generate higher loan volume and increasing loan-to-share ratio.
Kevin Lytle is vice president of business partnerships for True North Custom. He can be reached at 850-933-3783 or [email protected].
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