2 minutes
Start by beating your competitors to the chase.
Sponsored by Harland Clarke
When it comes to member acquisition, the financial services industry hasn’t exactly been at the front of the pack in the race for new members. So, how can credit unions keep up and retain members for the long run? It’s no easy task, but that doesn’t mean it has to be daunting, especially aided by the four industry insider secrets below.
Secret #1: Beat your competitors to the chase.
Today’s members, especially millennials, seek easy and convenient ways to bank. So much so that mobile and online banking have become an expected service across the board. Going forward, features like mobile check deposit, mobile bill-pay, credit score engines and money transfer services will all become more and more ubiquitous.
Secret #2: Get social.
Today, over 70 percent of all Internet users use social media platforms. Facebook and Twitter are the big two as it relates to both member numbers, as well as analytic tools, helping you measure your ROI. Also, using a paid strategy can prove to be rewarding—as you’re able to drill-down to member location, demographics, interests and more.
Secret #3: Develop a member blog.
If you aren’t developing a member blog, it’s time to consider this strategy. It’s a great way to pique member interest about relevant topics while also packing your content with keywords and relevant search engine friendly call-to-actions. The blog-to-product/service website model can be tracked fairly easily, allowing credit unions to measure ROI and tweak as necessary. Plus, there’s always a new financial topic to tackle, so finding content is never too much of a challenge.
Secret #4: Focus on member pain points.
Focus on member pain points within their current financial institution and highlight how your credit union can solve those issues while offering an easy way to switch through a simple online or mobile process. By making the right decisions at the consumer-level and delivering things like customized, targeted offers, you could be boosting your member satisfaction by leaps and bounds.
As the market for financial products grows larger each day, how can credit unions unlock their true potential and turn key insights into member acquisition? There certainly isn’t a magic formula, but identifying the right members to target and leveraging past performance through data and analytics can prove fruitful for long-term success.
Rachel Stephens is product manager, marketing solutions for CUES Supplier member Harland Clarke, Atlanta.
You may also be interested in reading “The Long Hello.”
You may be interested in attending CUES School of Strategic Marketing™ I in July in Seattle, and CUES School of Member Experience™ in September in Denver.
