Differentiating your credit union from the competition often tops the list of marketing challenges your team is faced with. And, while new trends pop up at the speed of lighting, one of the marketing trends that has been there long enough to prove its significance for the financial sector is the creation and implementation of an effective member engagement strategy.
There are clearly a lot of aspects that your credit union should take into consideration when choosing the right path to improved engagement. Which marketing tactics work best? How important segmentation is in the entire process? How frequently should your brand execute each of the strategies in your selected mix?
To help you start crafting your long-term member engagement strategy, we have identified 5 digital marketing strategies suited for credit unions to boost member engagement.
Take advantage of the member feedback strategy
First things first. If you want to enhance your member engagement, you have to start with a comprehensive analysis of their needs and their experience with your brand. Getting your members to fill out a survey that contains a list of well-targeted questions is a very common tactic that credit unions deploy to improve their members’ experience. And, it is by far the easiest way to steer your next steps based on accurate information, not predictions. You can ask anything from how they like your products and your marketing strategies to what they would like to see improved or offered in the future. Speaking with your members on a regular basis will not only help you determine what’s working and what’s not but will also signify that you are listening and you care.
Personalize your marketing messages
It’s very simple. The more personalized and relevant your content is, the higher are the chances that you will keep your members engaged. Instead of crafting your marketing campaigns around generic marketing messages, as a credit union, you need to make certain that you communicate with each segment of your target audience in a way that will ensure a personalized journey. It goes without saying that creating broad pieces will save you time and money, but that’s only for the short run. In the long run, such a strategy may lead to disengagement and poor member experience. Greater segmentation facilitated by a relevant CRM tool will greatly help your credit union boost its member engagement.
Utilize every opportunity to acknowledge your members
Acknowledgment and celebration are essential to making people feel valued. From acknowledging your members’ life events such as buying a house to sharing your members’ success stories on social media (with their permission), you can not only give your brand a greater human touch but also build a better connection with people. What’s more, people appreciate recognizing their birthdays or little events in life. In that regard, as a credit union, you have to incorporate a digital marketing strategy for celebrating your members’ special days in creative ways, often going beyond sending a simple birthday card.
Get creative with your new campaigns and promotional offers
To get your members to engage more with you, you have to engage more with them too. Most of the time credit unions underestimate the power of new campaigns and lack frequency in their efforts. As a matter of fact, the more rich the marketing calendar is with various types of events and promotional offers the more engaged your members will get. In reality, there are countless events you can craft a new campaign around. Whether it is a seasonal trend, a local happening, a holiday, or a new movement initiated by your brand, having something fresh to offer and talk about will get your members more interested and will eventually boost sales.
Incentivize engagement
It’s no wonder that little rewards can make magic. Offering your members a captivating incentive can greatly boost engagement and increase satisfaction. Credit unions can dive into a variety of options when it comes to choosing a creative and relevant incentive marketing strategy. Gamification is one of the methods used by many brands that want to offer users rewards in a way that is appealing and engaging. Why not build an educational app that will increase your members’ financial literacy and at the same time reward them for what they learn? Or, just take advantage of the referral program. Whatever you choose, incentivizing your members will considerably help increase member engagement.
Looking for innovative ways to help your credit union increase online member engagement? The team at BankSITE will help with that, and much more. Get in touch today and discuss the details of excellent service at a price you can afford.
