When someone doesn’t have the money to pay a bill, the last thing they want is to fend off phone calls from collectors. In fact, those calls aren’t often all that effective.
Content marketing is a kind of marketing strategy designed to attract and nurture inbound leads. It relies on maintaining a consistent and prominent online presence to show up in peoples’ internet searches. Can credit union content marketing work?
Few credit union marketing strategies are exactly alike. Each credit union fills a unique niche and appeals to particular local community. Each credit union offers something that other financial institutions near them don’t.
With quickly evolving technology and the popularity of online and mobile banking, traditional marketing avenues are changing as well. Content marketing can help credit unions reach prospective members who turn to the internet first to gather information about companies, products, and services that interest them.
In a perfect world, the reputation of any given credit union would precede it, and people would flock from far and wide to join. Not a dime would be spent on marketing.
Unfortunately, it’s not a perfect world. Any credit union growth strategy is going to rely on marketing for brand recognition. The real question is, how much does a new member cost? And, just as importantly, is it worth it?
For all the talk of member loyalty, there’s a surprising lack of focus on young members. No, not Millennials, who are turning 40, and no, not even Gen Z, who are in their 20s.
This blog has been updated for 2020. New member acquisition costs and average attrition rates have changed some of the math involved, but the end result is largely the same.
Is your credit union looking for new member growth? Are Millennials and Gen Z key to your long-term viability? If you are like most credit unions, then this article will help you keep new members and build loyalty for life while demonstrating the tangible difference between a bank and a credit union.
We all know, it is far less expensive to keep a member you already have than to get a new one. We’re so focused on membership growth, yet we don’t even know if we’re attracting the right member… or if they’ll stick around!