How Spotify Wrapped Can Inspire Credit Union Marketers
It’s that time of year when flocks of shoppers rush to get last-minute gifts. When sundresses and shorts are replaced with cozy sweaters and flannel pajamas. When lazy lake days turn into lazy movie nights by the fireplace. Yes, the holiday season is, in fact, here. But more importantly, it’s that time of year when Spotify launches its annual Wrapped campaign. Meaning, your Instagram feed is most certainly filled with pictures of your friend’s top artists, most-played songs, and favorite podcasts.
Spotify Wrapped is a powerful marketing tool for the company. Last year, Spotify saw a 21% increase in app downloads in the first week of December after Wrapped was released. It’s, of course, expected to increase again this year. So, why is Spotify Wrapped all the rage year after year? It makes data relatable and personable. But what does this mean for you? Credit unions and financial institutions can take this concept and make it into a way to engage their members.
Turning data into shareable content
We all collect user data in some way. Whether we’re using that data to help inform our brand messaging, or to better target your ads, marketers live and breathe data. And let’s face it, most of us are very aware our digital whereabouts are being tracked in some way.
Spotify takes its user data to the next level by illustrating the data in an approachable and accessible way, thus bringing value back to the user. Think about it. People love when content is relatable to them. They also love content that helps them better understand themselves and the world around them. Many individuals use music as a way to express their identity, and Spotify’s data can help enable that. Not only is it interesting to learn about all your friend’s listening habits, but it’s also exciting for people to show off their music tastes to their followers.
Spotify allows users to seamlessly share this information on their Instagram stories by providing templated graphics and new features like top genres, what your movie soundtrack would be, and what your audio aura is. And who wouldn’t want to brag that they’re one of the top 1% of Taylor Swift fans? Spotify also generates custom playlists based on your listening preferences, so users can bask in their favorite tunes well into the new year. So, it’s safe to say Spotify is getting a lot of free advertising out of Wrapped each year.
Creating personalized member communications
While it wouldn’t make sense for credit unions to make personalized Spotify playlists for their members, they can still certainly use the data they have to better engage their customer base. According to a 2022 retail banking survey, a credit union’s ability to serve members during challenging financial times is a key contributor to customer satisfaction and loyalty. And unfortunately, 63% of survey respondents said they haven’t received communication or advice from their bank on how to handle the cost-of-living crisis.
This leaves credit unions with an opportunity to build trust with their members by offering money management tools and advice based on their unique situations. By using data to understand a member’s financial habits, you can provide tailored communications through email automation for each one of your members.
Personalized communications can include:
- Advice on building credit, managing finances, paying off a loan, etc.
- Milestone highlights when a member saved a certain amount of money or improved their credit score to help show the progress they’re making
- Useful webinars, calculators, and tools based on their financial goals
- Additional products your credit union offers, including credit cards, loans, accounts, and more
Personalization is important when it comes to member engagement because it helps foster long-lasting relationships and trust. Members will feel more cared about and will enjoy seeing their progress throughout their own financial journey. You can think of it as Spotify Wrapped but more useful and relevant for everyday life.
If you’re wondering how to bring this approach to your credit union, you’ve found the right place. At Transact, we live and breathe data and marketing strategy. Call us at (855) 946-2773 to find out how we can help you exceed your branding and marketing goals.