4 Marketing Strategies to Lead Your Credit Union to Success in 2021

Blending data, digital strategies, customer journey, and employee engagement to keep your brand top-of-mind and gain success in 2021.

2021 is almost here, and like many of us, most credit unions are eager to put this year behind them. Unfortunately, you can’t take COVID-19 out of the picture as you plan your marketing strategies for next year. The pandemic has permanently changed the way your members shop, absorb content and identify with a brand. 

Four strategies you should consider before finalizing your marketing plans

Marketers will continue to have the challenge of remaining on top of constantly changing trends in marketing technology, data regulations, channel use and consumer behavior. So how do you tackle 2021?

1. Understand the Customer Journey and Member Experience

It’s time to stop thinking about the digital vs. physical experience and instead focus on what truly brings in a new member – and what drives them to stay. Gina Bhawalkar, Principal Analyst at Forrester, says, “The industry needs to stop thinking about different ‘channels’ and instead think about banking the way consumers do. Members expect data and balances to always be up-to-date, as well as the same functionality no matter what door they walk through.”

Bhawalkar believes understanding how the customer journey and customer experience tie together will be crucial to a credit union’s future. You should know your net promoter score, as well as leverage your member and industry data to understand what is bringing you success. If your members are buying into your marketing and services, they should continue to do more with you and bring you more new members.

2. Invest in Your Credit Union’s Digital Strategy

According to a July 2020 survey from Digital Banking Report, credit unions and community banks were asked where they spend most of their marketing budget. Respondents answered the biggest budget increases came in email marketing, social media and content marketing. With the world changing rapidly, it is important to understand these channels and how best to get in front of your members to keep your financial institution top of mind.

Having a digital strategy doesn’t just mean identifying digital marketing channels but also understanding how marketing technology can help your digital strategy. Research has found that brands that have adopted artificial intelligence (AI) as a marketing strategy have seen a 37% reduction in marketing costs and a 39% increase in revenue. Using AI can help you target the right people, saving time, resources, and money for credit unions.

3. Put Data to Use to Create Long-term Value

As the world continues to rapidly change, and competition continues to grow, it is important to leverage your data to be able to speak to your current and future members with campaigns that will resonate. The Salesforce 2020 State of Marketing report notes that “Marketers have long recognized the importance of data in understanding and engaging customers as individuals. But as customers’ circumstances and needs evolve rapidly, building a clear understanding of them is nothing short of essential.” Marketers must understand their members’ first-party data and focus on campaigns and strategies that create long-term customer value.

Jim Marous, Owner/Publisher of The Digital Banking Report, predicts that the new privacy laws and rules of consumer data may have the greatest impact on digital marketing ever seen, enabling marketers to gain an even deeper focus.

4. Create a Great Employee Experience

Your employees are the heart of the customer relationship. They are the face of your brand, and if your employees don’t understand what your institution is doing with new strategies, they won’t know how to accurately generate or retain a member. They also need to continue to feel motivated in times of uncertainty.

Creating incentive campaigns is a great way to keep employees engaged, motivated and pushing your brand. It’s a great opportunity to reward your credit union employees for promoting your credit cards.

Credit unions that take advantage of Trellance’s Card Portfolio Growth Solution use sweepstakes promotions as a way to entice their employees to push their brand, their card program and boost positive morale. In addition, there are other ways you can continue to motivate and reward employees including throwing them a pizza party, giving them a half-day off or making up your own rewards to keep them at the heart of the customer relationship.

The future of financial marketing is beyond your traditional marketing campaigns

To be successful within the next year, you need to learn how to blend data, digital strategy, customer journey and a positive morale to keep your brand top of mind and standing out amongst your competitors. Expert data-driven guidance, card portfolio growth tactics and powerful data analytics platforms provide the strategies and insights credit unions need to prepare for a successful 2021. Trellance’s suite of services assist credit unions by offering services like credit line increases, account activations, loyalty programs, balance transfer campaigns and more.

Ready to implement proven marketing strategies that enhance portfolio growth and boost the value of member relationships? Learn more during Trellance’s 2021 Digital Series.

 

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