A couple of years ago two of our Social Stairway team recently attended Brewing Marketing Success and Sales. There were many amazing speakers and we learned some great tactical tips and strategy ideas. The first speaker was Bob Ruffolo, CEO of IMPACT Branding & Design. In his presentation Bob shared some critical elements to growth... we adapted his points to our niche, so here's four keys to Credit Union Growth! 1) Have a Healthy Team Credit Unions and community banks are all about their community members, but according to Bob Ruffolo, the most critical element of growth is having a healthy team. Your team is ultimately the face of your Credit Union and they are responsible for your member's satisfaction.
As many of us know, the daily life of the average person has changed drastically in recent years. People are spending more time on their mobile devices and online than ever before. Sure, people still receive and check their actual physical mailboxes, but can direct mail really compete in this new digital world? Here's why we recommend that for better bank or credit union growth you should ditch direct mail and go 100% digital! #1 - It's Expensive In this boundless digital world, you no longer have to fight for physical space like you did with print advertising. The fact that space is unlimited means that the costs are low and Return on Investment (ROI) is high. Many studies show that Direct Mail is in fact still effective, but the major problem is the COST. And we all know that Credit Unions MUST watch their budgets very closely!
This e-Book will help you find the best ways to maximize your digital presence, reaching new audiences while increasing your share of wallet with existing customers.
As Inbound marketers, we use blogs, social media, emails, great content and SEO to attract, convert, close and delight new customers. Many traditional sales and marketing staff members are skeptical that Inbound marketing for credit unions is an effective way to retain and grow membership. But for our clients we've seen that those who incorporate these techniques are getting some great results with new member growth and cross selling new products and services to existing customers.
Ready or not, it's a millennial world; the rest of us just live in it. Millennials are those people born between the years of 1977 and 2000 and they now comprise 25% of the U.S. population. They also make up 21% of consumer discretionary purchases, estimated at over a trillion dollars of direct buying power. Some other important facts about millennials also include: 46% say that they have over 200 friends on Facebook 56% say that they are an early adapter of new technology They are avid content users and creators and post videos and photos they create 80% wish that companies would entertain them
This year we ran a 'Back to School' email nurture campaign for one of our clients. The main goal of this campaign was to get people to the credit union's website and promote all the great content the CU has to offer their subscribers and members. The results were out of this world! Take a look and see if there's some ideas you can implement for your own credit union marketing. Email 1 Subject: [3 Blogs] College, Credit Card Spending & Beyond Sent: Wednesday @ 5:41PM - 15.28% Open Rate This email was sent to their entire email list - over 20,000 people. Most of these contacts are current members, but some are contacts from eBook downloads or blog subscriptions. The open rate was a little low, but we were thrilled that 63% of the people who opened the email actually spent time reading the ENTIRE email. This almost never happens!
We've put together 10 quick tips to maximize results from digital marketing for Credit Unions! 1) Update Your Website: If it has been more than 5 or 6 years since your website has gone through a major update, this should be your first priory. Banks and Credit Unions will invest on average over a million dollars to build a new branch and consider it an asset. Yet, any money spent on their website is considered an expense. With branch traffic declining and mobile traffic on a rise Credit Unions should change this kind of thinking and consider their website a digital asset. And every asset needs maintenance!