Invest in PESO to Build a World-Class Credit Union Marketing Strategy

How can credit unions tell their story to their members? Should they be posting on social media? Trying to secure media coverage on the local radio or TV station? Placing ads on Google search?

Public relations is often seen as one of the most effective ways to tell a credit union’s story and influence people to become members or expand their relationship. Unfortunately, many people associate PR solely with media relations. While this is a critical component of a comprehensive communications strategy in the digital age, credit union leaders should modernize their PR and communications approach to embrace all types of media – Paid, Earned, Shared and Owned (PESO).

The PESO Model

Coined and trademarked by Gini Dietrich, the PESO model has become the PR industry’s leading approach to building a comprehensive strategy encompassing all the media types credit unions and their members interact with. The model accounts for how marketing, advertising, communications and media relations are intertwined.

The beauty of the PESO model is its simplicity:

Paid Media is what most people think of as advertising. However, in addition to traditional advertising, this can include sponsored content, social media ads or influencer marketing.

Earned Media is the traditional realm of PR – spreading the credit union’s story through media coverage, backlinks, awards, speaking engagements or reviews. Key tactics include media and influencer relations, investor relations and speaker campaigns.

Shared Media incorporates the world of social media. This can include social media a credit union controls and social media it does not, such as user reviews, comments or fan-generated content.

Owned Media is any media platform the credit union owns and publishes. This includes websites, blogs, podcasts or videos.

In an interview with OBI Creative, Dietrich said, “The best part about the PESO model is that it’s fluid. So if owned media doesn’t work for you, you don’t have to use it for the model to be successful.”

Getting Started With PESO

PESO is such a robust model for credit unions because they build credibility, generate awareness, strengthen the member experience and support sales when they use the four media types together. No credit union will need every tactic at every time, and even though any individual plan may lean more on one or two of the media verticals, they all should have some presence in the program.

While there is no one-size-fits-all approach to building a PESO-centered communications strategy, the most accessible place to begin is often with owned media. Starting here enables credit union leaders to build a library of content they have complete control over regarding messaging and format.

Building a library of owned media content will look different for each credit union. Some may prefer to build out a regular newsletter educating members on important financial topics. Others may create a video series explaining the credit union’s services. Others may focus on building a blog or combining the above in some mix.

What should credit union leaders talk about? That all depends on your goal. To improve member relations, the content should focus on answering the questions and obstacles current members face. To generate leads for new members, tailor the content to attract those looking for products such as auto loans, mortgages or savings services.

Once a credit union has built up a substantial library of content, using other media types to distribute the message is much easier.

Credit unions can use paid media to amplify their content. They may choose to pay to place the content in influential blogs, social media platforms or media outlets. Or they may use digital advertising to draw attention to actionable content hosted on their website.

Earned media provides a level of third-party validation to the created content. For example, if your community has a dominant TV or radio station morning show, and you manage to secure a recurring “personal finance” segment, that content reaches a larger audience. As a bonus, the content carries the “stamp of approval” from a trusted media personality.

And, of course, shared media makes it easy for a credit union to distribute its content. Research and learn which social media platforms make the most sense. Facebook may be great for reaching members who are Gen X or older. It will likely be a terrible place for reaching millennials or Gen Z.

Measure, Evaluate and Refresh

No plan will go entirely according to plan. Credit union leaders should incorporate measurable metrics into the PESO-based communications plan. Each media type has different ways that leaders can measure its impact, but the key is to measure effectiveness, results and actions taken by the target audience.

Next, build regular assessment periods into the plan. It may be monthly, quarterly or bi-annually depending on the complexity and scope of the project, but taking time to step back and evaluate the results provides the opportunity to make adjustments. Don’t be afraid to shift away from strategies or tactics that are not working or invest more in areas that exceed expectations.

Refresh the plan, then repeat the cycle.

With an eye on PESO, credit union leaders can make the most of their marketing and PR dollars. A well-integrated plan leveraging paid, earned, shared and owned media will build brand authority and grow the organization to impact its community substantially.

David Jones is EVP at the William Mills Agency in Atlanta, Ga.