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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Does Credit Union Content Marketing Work?

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.

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