Credit unions continue to grow in popularity as healthy alternatives to traditional banks. Consumers don't want to be seen as just another number – they want their voices heard and concerns genuinely listened to and addressed. Often times, banks aren't able to provide this personalized service because they aren't interested in offering each customer their own customized experience. The bottom line for banks is financial, whereas the bread and butter of a credit union is its localized, community-based presence. Keeping your members at the forefront of your business is the key to success at any credit union. But there are some significant mistakes many are making in their marketing strategies that are holding them back from seeing even greater success and growth.
Competing With Big Banks on Their Turf
Big banks will always have a bigger marketing budget to work with, which gives them the ability to squash any attempt a credit union makes to compete on their level. This doesn't mean a credit union can't compete with large banks. But it does mean you can't fight them on their own turf. They know what they're doing, and they do it well. Credit unions need to differentiate themselves from the big banks and compete that way. Rather than trying to blend into the banking industry and emulate the big guys, stand out and show your differences. Market yourself on your own turf with the help of a service like Feedly to put your content to work in blogs, on YouTube and much more.
Much of credit unions' popularity is due to the dissatisfaction many customers felt with large financial institutions. They crave something different, so show them you are different than the big guys. Even though you're differentiating yourself, you don't want sloppy, unprofessional writing to get out to your members. UK Writings and State of Writing have services available where real, live people edit and proofread your material so the quality is just as good, if not better, than that of the big banks.
Trying to Offer the Same Rates and Services
Yes, in an ideal world, credit unions would have the ability to offer their members all the benefits of a big bank, along with all the positives that come with a credit union. But in most cases, this just isn't possible. And generally, it's not a deal-breaker for credit union members when they can't access these same rates and services. The advantages of a credit union are so great to them that they are almost always willing to bend on receiving slightly higher rates or fewer services. Rather than focusing on the services you aren't able to offer, promote the amazing community around your credit union and all it's able to do for its members. Build yourself as a strong, local, community brand, rather than promoting the rates and services you offer.
Hiding Your Personality
Set yourself apart from the big banks by showing the human side of the credit union. Big banks are faceless entities, which turns many people off. But credit unions have the opportunity to interact with their members and let their personalities shine through. Social media is the best place to do this because it's fast and easy, and so many people are already using it. Keep all of your social media accounts well managed using Hoot Suite. Generic posts and responses to questions are not what members are looking for – they want to know a real, live human is behind the keyboard or on the other end of the phone interacting with them. Your brand personality should be reflected in all of your interactions with members, so they see that you aren't just another faceless business with no interest in them as a person. You can also show your personality through your design and Canva is a great place to put together unique designs, even if you're not a professional designer by any means.
Choosing Mass-Produced Content Over Unique Content
Creating unique content for your website and other marketing materials can be difficult and time consuming, but it's so important to differentiating yourself from big banks and showing your brand's personality. You've also got to make yourself stand out from other credit unions. Put in the time and effort needed to create or source the creation of unique content, rather than being a cookie-cutter version of your competitor or a larger bank. If you don't have the time or the ability to create this unique content, Boom Essays and EssayRoo are helpful resources for content creation. Unique content not only differentiates you from the rest, it also reinforces your brand personality and is more engaging and share-worthy.
In a world where each and every consumer wants to be seen and treated as a real human, with their concerns heard and responded to, credit unions have the ability to thrive. The main benefit of a credit union is its localized presence and community of members. They aren't first and foremost concerned with profits, which is a refreshing change for most members who value the personalized service a credit union is able to give.
Gloria Kopp is the CEO at Studydemic. She can be reached at [email protected].
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