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If you sit in the marketing chair at a small to mid-sized credit union, you may feel like David fighting Goliath. For one thing, you are likely doing more than just marketing. For another, you’re vying for consumer attention against big box banks and fintechs whose marketing budgets may be more than the size of your entire credit union.
But here’s the truth: In most cases, your size is actually your superpower.
If you use the right marketing strategy, it won’t matter how big your budget is. You’ll connect with people where they are … which conveniently happens to be your own backyard.
Here’s how to leverage marketing to make your credit union the go-to financial institution in your community.
Start With Strategy
Many credit unions approach marketing from a reactive stance – responding to market trends, shooting from the hip when something isn’t working, trying the latest and greatest platform just because everyone else is too. Instead, start with strategy by answering these key questions.
- Who are we?
- What makes us different?
- Who do we best serve?
Leverage Your Physical Presence
Even in a digital-first world, maximizing your physical presence matters more than ever – especially for local credit unions. Consider these ways to make your branch a community hub:
- Host local events such as financial literacy workshops, small business meetups or networking events.
- Partner with local businesses to create a discount program for your members.
- Create a space in your branches that serves the non-financial needs of your members. If you’re in a community with young families, consider a play space where parents can bring kids to play on bad weather days. If you serve a remote work community, consider free Wi-Fi, comfortable chairs and outlets where people can work.
Make Word-of-Mouth Easy
Big banks can outspend you, but they can’t out-recommend you. Hyperlocal marketing thrives on community trust and referrals. Get more referrals by:
- Motivating members to advocate for you. A $10 addition to their savings account probably isn’t going to cut it. Be willing to invest in higher stakes that motivate your members.
- Leveraging employee ambassadors. Make sure employees are trained on the verbiage to use when they talk about the credit union both on and off the job.
- Showcase member stories. Nothing tells someone “that credit union can help me” like a story of you helping someone like them.
Measure What Matters
As a small to mid-sized credit union, you can’t afford to waste time tracking vanity metrics that ultimately mean nothing to the long-term success of your credit union. Instead of Facebook shares or website visits, track things like:
- Loan applications;
- New accounts opened;
- Products per member; and
- Referral program participation.
Maximize, Don’t Overemphasize, Digital Marketing
When done strategically, digital marketing is one of the most cost-effective ways to engage your local community and attract new members. Without a clear strategy, however, you could make the mistake of overemphasizing digital marketing and spending in places that look flashy but don’t get real results.
Employ these tactics to get the most from digital marketing without erroneous spend:
- Optimize your Google My Business (GMB) listing. GMB is a free tool that helps people find your credit union when they search banking options near them. The better yours is, the more likely you’ll be among the first to pop up.
- Leverage organic activity on social media. Employee stories and member testimonials perform best here, at no extra cost to you. Again, there is no such thing as too many stories.
- Tailor your content locally. Use whatever local pride vernacular resonates with your audience (zip code, county name, area code, etc.) into email subject lines and blog post titles to catch attention locally.
Zig Ziglar (American author, salesman and motivational speaker) famously said, “If you aim at nothing, you will hit it every time.” Claim your superpower as a small to mid-sized credit union, focus in on it and then tell that story. You will win every time.
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