Digital Marketing for New Member Acquisition: What Credit Unions Need to Know



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IS DIGITAL MARKETING THE ANSWER CREDIT UNION LEADERS NEED?
As a credit union marketing agency, our team has been at the helm of national, regional and hyper-local campaigns leveraging traditional and digital media over our nearly 20 years of experience. In short, we’ve seen it all and have a first-hand understanding of the benefits Digital Marketing offers Credit Unions.

Digital Marketing Benefits for Credit Unions Reach
Digital Marketing allows even small, local credit unions to compete with larger institutions with a widespread physical footprint and low cost of entry. Just as online and mobile products and services make it possible to serve members anywhere, anytime, digital platforms bring those products and services to their attention.

For our clients, digital channels such as paid search, display advertising, and rich media create expanded territories for service. We can target and convert new members to boost deposits and accounts opened even without physical branches present. For credit unions with lending power across state lines, widening the pool of potential borrowers means more applications, approvals, and loans funded.

Targeting
Credit union members (current and potential) have complex layers of needs and wants regarding their finances. Digital marketing allows us to tap into those complexities and address those needs with hyper-detailed targeting and messaging.

With the ability to segment audiences, digital channels allow marketers to get down to the details of targeting. Persona-based targeting begins with creating in-depth profiles of our ideal credit union members, from their age and stage in life, to where they shop, how they manage their money, and their psychographics and attitudes towards finances, credit, savings and investments. Working with a clear and complete picture of who we’re targeting, we can tailor messaging and visuals to align with each persona’s individual needs.

HOW MUCH SHOULD CREDIT UNIONS SPEND ON DIGITAL MARKETING?
There is no one size fits all answer to the question of how much a credit union should spend on marketing, specifically digital marketing. Digital marketing budgets for credit unions can range from conservative to aggressive. The size of your institution, total assets, membership milestones and staff weigh into creating a bucket to help you meet your growth goals while maximizing revenue.

DIGGING DEEPER INTO DIGITAL MARKETING FOR CREDIT UNIONS
This article just scratches the surface when it comes to NAO-driving digital marketing strategies. Digital Marketing’s strengths lie in its versatility, which is why tailoring a strategy for your individual institution’s needs is not only crucial but can lead to results you’ve not quite seen before.

Ready to dig deeper? Give us a call. Book some time with our team to go over our credit union digital marketing services and insights into the current state of the financial industry and trends impacting marketing strategies.

Larry Meador
Evok Advertising
407-302-4416
email us here
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