The Credit Union Route

Just mention Route 66 and you instantly hear the iconic song playing its melody in your head. It was one of the most popular roadways in the U.S. The original route stretched 2,448 miles from Chicago, Ill., to Santa Monica, Calif. It was one of our major highways for a while until the interstate came along and changed everything. Yet today, Route 66 is more famous than ever. People drive the massive expanse as part of their bucket list. It is a true once-in-a-lifetime experience.

Being part of a credit union is like that, too. It is a once-in-a-lifetime experience. In fact, there are many similarities between being a member of a credit union and Route 66. Let’s look at a few things you only experience on the credit union route!

Member Perks Abound on the Credit Union Route

Shared ATMs. Many credit unions are part of a network that allows them to share resources. ATMs are a part of that. You can go from state to state and use shared ATMs in your network with no fee. Do your members know? Have you reached all of your potential members?

Better Scenery. Avoiding the interstate and traveling Route 66 will yield much better scenery. Flowers are brighter, towns are more vibrant and the entire landscape is closer. It’s a much more personal experience than traveling the interstate. The same is true for being a credit union member. Better interest rates and more options make credit unions a superior choice over large traditional financial institutions. Make sure your members are aware!

Consistency. With Route 66, what you see is what you get. It has never changed. The same can be said for credit union member service. Wouldn’t you like to do business with someone who knows your financial situation and can offer products specifically tailored to your needs? This is a perk when members ride the credit union route. Get to know them and they will choose your product or service every time. Interest rates are also very competitive.

Community. Route 66 was known for the cities and towns that sprouted along the highway. The road actually supported the local economy. The same can be said along the credit union route. In fact, the entire reason credit unions exist is to support the community. As a result, they strengthen the community. Charity events are supported from the east to the west, and vice versa as bike rides and marathons are held, constantly raising money for causes such as cancer research, conservation, CU4kids and veterans. Your institution contributes to community much like Route 66 did in its prime … your credit union is the backbone.

How to Get Potential Members to Take the Credit Union Highway

Now, a common goal we have seen at credit unions is getting potential members to take the credit union highway. As mentioned above, there are countless benefits of belonging to a credit union. The trouble lies in that most Americans are still unaware of what a credit union is. Here are some brand awareness ideas that could help generate new members at your credit union.

Don’t compete, be unique! There is no need to reconstruct your current route to compete with the large interstates. You may be tempted to mimic marketing strategies of larger financial institutions. Don’t do it! Dollar for dollar, credit unions cannot compete that way. Big banks will always out-spend. Potential members will admire your credit union for the qualities it already has, as these qualities set your credit union apart from larger financial institutions. Take a deep look at your credit union and highlight what makes it so great, and promote that to potential members.

Invest in your website. Imagine your website as a digital storefront or branch. You wouldn’t want your members to come into a branch that has trash in the parking lot or expect them to put up with a broken ATM. The same should go for your website. What will happen when a potential member stumbles upon your website? Will it be an everlasting impression, or will they hit the road? That’s why keeping it current and working smoothly is so crucial. In this digital age, investing in a website can help you attract potential members – especially younger members. The ability to login to view account information, make transfers, pay a bill, etc. is so crucial, so you don’t want to overlook this.

Get involved in community events. One of the great things that sets credit unions apart from banks is the fact that they participate and engage heavily with the communities they serve. Sponsor and interact at local events. Or host your own event and invite members of your community to join. You could even send branch staff out to distribute fun giveaways throughout your town. You will likely meet and talk to potential members who were not aware of your credit union.

In the end, if you’re looking to grow your credit union, stay true to your member demographics. After all, serving them is what it is all about. Authenticity should be in every step of your marketing strategy. In addition, invest your marketing dollars strategically rather spending them to compete with what others are doing. Investing in items such as website updates can make a big difference, even if your marketing budget is limited.

And if you are looking to consult with a marketing agency, be sure to choose one that specializes in both compliance and marketing for credit unions.

Richard Gallagher is CEO for Oak Tree Business Systems, Inc. He can be reached at 800-537-9598 or clientservices@oaktreebiz.com.