4 minutes
Three lessons for credit unions on running the long race
There is a well-known expression in the public relations world: “PR is a marathon, not a sprint.” At times, credit unions become trapped in the pitfall of relying on short-term tactics, as opposed to long-term strategies, when it comes to their PR efforts.
While running a marathon, if you sprint your first five miles, you will struggle to finish the race. By sprinting to get ahead early, your resources and energy are likely to be exhausted before you are halfway to the finish line. Similarly, credit unions need to consider their available resources when evaluating their public relations strategy. Here are three takeaways from running a marathon that credit unions can use to build a strategic PR plan.
1. Think long-term.
The average marathon training plan is about 20 weeks long and consists of running a minimum of three times per week. Training is the evolution of short-term activity—say increasingly longer regular runs—into long-term strategy that eventually leads to success. When creating your credit union’s public relations strategy, avoid jumping ahead or skipping steps, such as underestimating the importance of press releases. If you struggle to see how sticking to your plan will benefit you now, focus on how it will impact your overall strategy. For example, distributing press releases on a consistent basis will “train” the media to be familiar with your credit union. This sense of familiarity can help when pitching a story about your credit union to targeted media outlets. Another advantage of publishing consistent press releases is that they can help boost search engine optimization, increasing the online visibility of your credit union. Prioritize long-term strategies now so you are not struggling down the road.
2. Have a goal in mind.
Most marathoners have an overall goal, whether it is to set a new personal record or simply to finish the race and be able to walk the next day. Credit unions should also have a goal in mind when crafting their PR strategy. By setting attainable goals, credit unions can more clearly determine what steps need to be taken throughout a campaign.
Your credit union may decide to focus on gaining more members, for example. A CUNA study conducted last year reported that 40 percent of non-members do not know they can join a credit union. One PR strategy could be to conduct an awareness campaign with a goal of educating target audiences about the differences between banks and credit unions. One tactic could be to write a Q&A-style blog or article debunking misconceptions about credit unions and feature the piece in newsletters and on the credit union’s social media accounts. By providing positive information about your credit union’s service offerings, non-members may decide to become members, achieving the goal of the campaign.
3. Be mindful of time.
Just as marathon runners monitor their pace throughout a race, credit unions need to consider timing when sharing news. Timeliness is a key component and good indicator of a strong PR strategy. One easy way to ensure timeliness is to schedule seasonal promotions around member activity. Labor Day is just around the corner, and many people take advantage of holiday sales. Members looking to buy a car during the sale season will likely be in the market for a car loan. One tactic to keep your credit union top-of-mind is to add information about low-interest auto loans in your newsletter, blog or social media outlets in the weeks leading up to Labor Day. This simple tactic can yield positive results because it resonates with members seeking a time-sensitive purchase.
It can be tempting to jump ahead or skip steps in your PR plan, and it’s easy to spend too much time focusing on one detail opposed to the big picture. However, with proper tools and a plan in place, your credit union’s PR strategy can go the distance and achieve great results.
Joelle Chiasson is an account coordinator at William Mills Agency, the nation's largest independent public relations firm focusing exclusively on the financial services and technology industries. The agency can be followed on Twitter, Facebook, LinkedIn, or its blog.
