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.

Instead, those new members receive the same marketing treatment as members who’ve been around for years. The new member may want a credit card or help with retirement planning. Yet, if they’re not introduced to these services, they may not find them—or they might find a competitor’s offerings. That means they’ve already got one foot out the door…

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Email Marketing vs. Automated Marketing for Credit Unions

Choosing how you want to engage with your members isn’t always easy. There are countless tools in the marketing space, and some are demonstrably better than others. In this blog, we’ll explore which is better: email marketing or automated marketing for your credit union.

To compare email vs. automated marketing services we’ll talk about a few things: member relationships, digital engagement, and marketing efficacy. If you work for a credit union marketing department, then this blog may be of particular interest to you.

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How SharpSpring Helps Credit Unions with Marketing Automation

As Credit Union 2.0 (CU2) grows, we’ve come to appreciate the little things. Our team is small but mighty, just like most of the credit unions in the United States. One of the tools that has allowed us to operate more efficiently is the marketing automation software SharpSpring.

It took us months of shopping around and demoing different Client Relationship Management (CRM) software. Eventually, we settled on SharpSpring. Here’s why, and more importantly, here’s why it should matter to you.

But before we get too far, we should put a little disclaimer here: this blog is intended specifically for credit unions, fintechs, and CUSOs who are looking for marketing automation tools to take their enterprise to the next level. Okay! You’ve been warned!

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What Does Marketing Automation for Credit Unions Cost?

Who knew that not-for-profit enterprises would ever have to be careful about their budgets? Okay, I guess we could all see that coming. Generating and managing revenue is especially difficult for credit unions, but it’s necessary. In today’s blog, we’ll look at the cost of marketing automation for credit unions.

If you work in the marketing department of a credit union, you’re probably already familiar with some marketing automation software. Generally, automated marketing helps manage email, social media, and other repetitive tasks.

Depending on the application, some automation software can make the work of one person seem like the work of ten. But that increased efficiency comes at a cost. Is it a cost that your credit union is prepared—or able—to pay?

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What Credit Union Marketing Automation Is and Why It Matters

Believe me, we get it: marketing efforts can lead to headaches. Nobody likes getting cold calls, most people mute (or skip) commercials, and pop-up ads are the worst. However, credit union marketing automation is far more sophisticated—and less intrusive—than those marketing strategies.

Not all traditional marketing strategies result in headaches, though. Content marketing, inbound funnels, social media, and even email campaigns are much lower impact. Modern credit union marketing automation is built to take advantage of these newer strategies.

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

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