What Credit Union Marketing Automation Is and Why It Matters

Here’s the problem:

Digital marketing suffers from low conversion rates, an overabundance of tools and platforms, and poor transparency. Marketing automation platforms address all of those issues.

Read on to learn more about what marketing automation is, how it works, and what it can do for your credit union.

And, if you work at a credit union, subscribe to our newsletter! We offer lots of tips, tricks, and best practices for marketing automation.

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What Does Marketing Automation for Credit Unions Cost?

Generating and managing credit union revenue is a chore, and being not-for-profit doesn’t make it any easier. So, anything that lets you do more work with less effort is a win—especially if it also increases profitability per member.

Marketing automation is the obvious next step for credit union marketing departments. It helps to reduce member churn, engage members, and identify member needs and behavior.

You might be asking yourself, “Is that something my credit union can afford?”

The answer is almost certainly “yes.” Let’s look at the cost of marketing automation for credit unions.

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Should Credit Unions Focus on Member Acquisition or Attrition?

Credit unions targeting growth must balance member acquisition and attraction. Credit union marketing strategies work best when they operate on this principle. (In the long run, at least.)

Too many credit unions focus on member acquisition at the expense of attrition. Once they find a new member, they stop thinking about that member as a new lead. They miss opportunities to drive deeper engagement in new and existing members. There should be a seamless transition from acquisition-oriented marketing to upselling and cross-selling account types, credit cards, and other products and services.

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One Way to Reduce New Member Churn at Your Credit Union

It can be hard to bring in new members to credit unions. And the reality is, that difficulty can be measured in dollars. Member acquisition costs can add up quickly.

So, it’s critical to keep new members once you get them. Unfortunately, there’s no secret formula to reducing new member churn.

Or is there?

Continue reading “One Way to Reduce New Member Churn at Your Credit Union”