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The Key to Your Bank or Credit Union Growth is to STOP Selling

Ida Burr
Aug 23, 2018 12:37:00 PM

Switching banks or even just opening your first account is a big deal for people. Consumers are involved with companies now more than ever and they want to know who you are and what you stand for. The key to your Credit Union growth is to stop selling and start engaging with your target audience.

Having offers for potential members and nurturing them along their buyer's journey toward converting is how you should be reaching out in your marketing efforts. Just sending them an "Open an Account Today!" email or direct mail piece is becoming less and less effective by the minute! It's time for a more targeted, Inbound marketing approach to growth.

Think about the last time you made big purchase. Maybe you bought a new car? Did you get a random piece of mail that said "buy this car" and then you sent them a check? NO!

Most people want to do their own research, talk to a sales person, go for a test drive, think about it for a few days or weeks even and then compare all their options again online. They consult consumer review websites, talk to friends and then finally make a decision. It's no different with banking purchases.

Consumers are consulting lots of sources of information over several weeks even BEFORE they make a decision (8.9 according to Google). So it's important that your Credit Union or Bank is in this mix of places online that a person will visit when they are looking for information.

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Consumers also want to know if they can TRUST you. They want to read reviews from your current customers, maybe even a heartfelt testimonial or two. Our team recently assisted a client with an email nurture campaign that shared member stories as well and educational information, and they boosted their Home Equity Loans by 93%!! 

In this case study it took three weeks before we sent the first real promotional email for the client financial institution. Rather than rush to promote their products, we were sharing testimonials and educational blogs first. Clearly demonstrating that the institution was more interested in being helpful and trusted than just SELLING, and it paid off for the credit union big time!

Learn More - The Ultimate Guide to Successful Inbound Marketing for Financial Institutions

By providing useful, educational information to customers who are not quite ready to make a purchase yet, you can learn more about them and their needs and, more importantly, you build a relationship with this person. This approach helps with retention AND with cross-selling.

Here are some key components to email nurture campaigns:

  • Share useful Blogs, even if they're not all banking related.
  • Provide beneficial FREE Offers, such as free budgeting worksheets or a car buying checklists.
  • Don't be afraid to have fun social media Interactions with targets, give your FI a little personality, people will notice!

The key is to listen and not sell. Figure out what pain points your customers and potential new customers have and guide them to a meaningful and authentic solution.

Shoving a sales pitch down someone's throat is no longer working. Encouraging branch visits and broadcasting rates and fees is just not going to cut if for Banks and Credit Unions of the future. Buying has evolved. Marketing and Sales has to evolve with it!

Let us help with your Financial Institution growth... Email us today and we will show you how it's done! 

The Ultimate Guide to Successful Inbound Marketing for Financial Institutions

In this complete guide you'll gain an understanding of what Inbound Marketing is and how to use it to increase revenue stream and member/customer growth for your Community Bank or Credit Union.

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Get Your FREE Copy Today!

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