Resolve to Increase Your Credit Union Membership This Year
The start of a new year is a popular time for people to think critically about their finances. Between the stress of overspending during the holidays and the inspiration of a fresh start, many are planning for how they can better manage their money in the upcoming year. If your credit union is looking to increase membership, January is a great time to focus on targeting potential new accounts. Review your marketing plan and make sure you’re not missing out on any valuable outbound and inbound marketing techniques. Here are a few that could make a difference in your member recruitment campaigns.
Optimize the Sign-Up Process
Word-of-mouth marketing is irreplaceable, and how great is it to hear “it was so easy” when receiving a referral from a friend? Make it simple to sign up for your credit union by creating a step-by-step toolkit. Here’s what your toolkit should include to make the process as seamless as possible:
- Written directions for how to open an account
- Written directions for how to sign up for your online banking platform
- Direct deposit forms
- A checklist for automatic payment setup
- Location of all nearby ATMs or ITMs
- A special offer for switching to your credit union
- Any necessary forms for closing other accounts
- List of benefits and perks your credit union offers
BONUS! Make the process even easier! Consider automation so it’s easy for members to make the switch to your credit union right from their couch. Services like ClickSWITCH can help you compete with the automation technology at the big banks.
Analyze Your Current Audience, and Reach Who You’re Missing
Online platforms have lots of tools to see who’s in your audience. Social media platforms and Google Analytics often offer a dashboard that shows the breakdown of your followers’ demographics at no cost. Using your dashboard, you can view your audience details and demographics on most platforms.
This is the time of year to divert some of your attention toward who you’re missing. Is there a region you can serve better that isn’t clicking your ads? How can you speak to them directly with a message that resonates? Are your followers mostly older adults? How can you switch up your messaging or offer benefits that help younger people? Analyzing your current audience to understand your member persona and the persona of the members you’re missing is a key way of ensuring your marketing is effective at reaching the audience you’re aiming for. Nurturing your current audience year-round is important, but focusing some marketing energy toward those who could thrive as a member of your credit union is a great way to grow your clientele.
Offer Tools that Help With Common Resolutions
It’s easy to talk the talk, but are you advertising how you walk the walk? Think about what tangible benefits you can offer your members in the context of New Year’s resolutions. If you have experts that can help members get their finances in order, you can offer a no-cost consultation with a team member or host a group webinar series!
Chances are your website already has financial calculators and other similar tools. A simple campaign could highlight the calculators and tools already on your website that help members get their finances in check and reach their goals.
Many institutions offer perks and deals for members to take advantage of with select bank accounts. Make sure you’re advertising deals for gyms, meal planning services, travel, or any other services that can benefit common resolutions that members of your credit union have access to.
Track Your Clicks
Many businesses use event and path tracking to see how users interact with their websites. Your website may be attractive and dynamic, but seeing how potential members click through your site can help you gain perspective and market to them more effectively. Google Analytics is one of the most popular and accessible tools for tracking.
In addition to watching how potential members interact with your site, set up a test to see what resonates most. Come up with a new way to communicate with your audience that still fits your brand, and take note of whether it brings in more leads. The data you collect when tracking your audience clicks means very little if you’re not taking action to change what doesn’t work.
Knowing and using all the tools available to you is the best way to increase your credit union membership and effectively market. Wondering where to start? Get in touch with our experts at Transact, we can help you build membership and increase revenue with smart marketing.