This year, marketing trends in the credit union industry are expected to center on improving the member experience through traditional and digital channels, combining digital technology with the human touch, telling the credit union's story through video, and making social media investments to attract and engage young members.
But credit unions will also face challenges throughout 2016, such as ad blocking and changes in SEO.
Mark Arnold, a Carrollton, Texas-based marketing consultant, predicts credit unions will invest more resources in branding rather than marketing to create a positive and consistent member experience in the branch, in the call center, online and on mobile devices.
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"What we're seeing is that great branding is trumping great marketing," Arnold said.
Corrin Maier, director of TruStage, a CUNA Mutual Group consumer brand in Madison, Wis., said she expects credit unions to focus on every member experience as an opportunity in 2016.
She also anticipates credit unions will focus on how to optimize interactions through every member experience. For example, they might consider what the next steps should be when a member begins to apply for a loan online but doesn't complete the application process.
"How do you optimize the conversion? Maybe adding the personal touch by following up with that member with a phone call," Maier explained. "On the flip side of that, when a member completes the loan process, how do credit unions cross-sell some products during that process.
Samantha Strickland, CEO of The Pod Advertising in Tallahassee, Fla., predicted 2016 will be a big year for credit union marketing videos because they are accessible tools for credit unions of all sizes to reach current and potential members through social media.
"This year we'll see credit unions releasing more videos than ever through Facebook because the social media giant allows videos to auto-play in the news feed," Strickland said. "Therefore, it's a cost effective way to push video out to specific audiences and know exactly how many times it was viewed."
And despite what some reports indicate, young people are not abandoning Facebook. More than 60% of 2015 U.S. high school graduates visit Facebook at least once a day, according to eMarketer.com. What's more, about 60% of recent high school grads also visit Instagram at least once a day, which is owned by Facebook.
One of the top challenges for credit union marketers will be the growing trend of ad blocking. According to Hubspot, a Cambridge, Mass.-based marketing firm, 40% of consumers have installed ad blockers and an additional 12% plan to install an ad blocker in 2016.
"Ad blocking has created serious reverberations for the marketing industry," Meghan Keaney Anderson, Hubspot's vice president of marketing, said. "For a very long time now, consumers have not enjoyed the experience of viewing ads."
So what can credit union marketers do?
Find out in the Jan. 13, 2016 print edition of Credit Union Times.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
