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?

 

 

Yes, Your Credit Union Can Afford Marketing Automation

 

We’re not saying it’s an easy task to make room in a tight budget for one more marketing solution.

 

Marketing automation isn’t some silver bullet that will magically address and alleviate your pain points. Unfortunately, that makes it a tougher sell to some credit unions. However, before dismissing outright any marketing automation for your credit union, consider the numbers.

 

While we can’t give exact numbers—those depend on which services you use and are considering—we can say that marketing automation software is surprisingly affordable.

 

Some of the more robust email marketing platforms cost more than robust automated solutions with far more functionality. For example, the email marketing tool Emma costs more than the automation platform SharpSpring. HubSpot costs only a little more.

 

If your credit union is already using marketing tools, there’s a high chance that replacing them with an automated solution won’t significantly impact your bottom line. The difference could be less than a couple thousand dollars per year.

 

But What if It Ain’t Broke? Why Fix It?

 

Automated marketing for credit unions is more complicated. That complication presents a hurdle to adoption.

 

Namely, credit union marketing automation means the following:

  • Training on a new system
  • Importing emails and workflows from the old system(s)
  • Campaign conversions

While most marketing automation platforms offer outstanding training and support, it can still sound overwhelming. Considering the implications on time and productivity during adoption and conversion, one might ask, why switch at all?

 

Staying Relevant

 

Things move quickly in the world of technology and finance. Disruption is the new normal. Credit union marketing departments need every edge they can get to stay in touch with their members.

 

Being able to reach the right people with the right offers at the right time is critical. Marketing automation ensures that your members—both prospective and current—don’t slip through the cracks. The Stash Apps and Acorns banks of the world aren’t going to let up anytime soon, and neither should your credit union.

 

Staying in front of members and continuing to provide value gets easier with automation. Formerly tedious projects become background functions.

 

Plus, having one person do the work of several sounds pretty good, doesn’t it?

 

Further Reading

 

Hopefully we haven’t painted too bleak a picture. Ultimately, we think that marketing automation for credit unions is—and will continue to be—the new standard for member engagement strategies.

 

In our view, the cost of moving to automated marketing is minimal. In some cases, it may even save your credit union money while expanding its capabilities.

 

If you’d like to read more about marketing automation for credit unions follow the links below! Plus, if you follow our blog, we’ll keep you updated with salient features in the credit union industry, plus developments in AI, machine learning, and innovative fintech partnerships.

 

What Credit Union Marketing Automation Is, and Why It Matters

Credit Union Marketing in the Digital Age

3 Good Reasons You Should Use Video Marketing

Video marketing is here, and it is here to stay. Video has become an integral part of online marketing that your credit union CANNOT afford to ignore. It is the most effective tool for sharing information and entertaining content with your members. According to Cisco, by 2020 video will make up 79% of all internet traffic.

With Facebook Live, Facebook Stories, Instagram Stories, and all the video we see popping up in our social media news feed each time we log in, it is clear that video is being used not only by consumers but also by businesses. However, throughout our content creation services at CU 2.0, we still find that many credit unions are not utilizing videos and that executives are hesitant to start. Many credit union executives share the same concerns about getting set up to successfully start video marketing.

  • What is the monetary investment necessary for my marketing team to start using video?
  • Even if we have the money in our marketing budget, where do we even start?
  • Do I need to hire more staff or do I need to outsource?
  • Do my members really care about video? I thought it was just for celebrities, social influencers, or for sharing cute videos of my dog.

So, the question becomes, do the benefits of developing, executing, and sharing a video marketing campaign outweigh the amount of effort needed to successfully do so.

The answer is YES. 100%, without a doubt.

Here are 3 reasons your credit union marketing team should be using video marketing.

1) Members love watching videos

Why does it seem that videos are popping up all over social media and in our email inboxes? It’s because people love watching videos. Our members prefer watching videos over reading long strings of text because videos have the ability to convey a ton of information in a quick and easy to understand way. Video also allows your members to connect with your credit union and receive the personal touch that they would not get with a text article. Youtube has over 4 billion video views per day and is currently the second largest search engine, after Google. In 2015, online videos accounted for 55% of all mobile traffic and are forecasted to rise to 79% by 2020. Video content online is only going to continue to grow.

2) Search engines are all about video

Video is imperative if you are paying attention to SEO (Search Engine Optimization). Your credit union is 53 times more likely to show up on the first page of a google search if you have a video embedded on your website. Since Google acquired YouTube, marketers have seen a significant increase in how videos affect your company’s search engine rank. Simply put, your credit union cannot afford not to have video on your website. You aren’t considered relevant by search engines if you don’t have video on your page. Click here to learn more about SEO.

3) Video helps to build a member’s trust

Having video on your website, social media channels, and marketing emails helps to put a face and personality behind your credit union’s brand. Video is a terrific way to build trust with your membership and connect with members when they aren’t in a branch. A terrific example of this is when a member first joins your credit union. Instead of sending a lengthy welcome email full of text, send a video welcoming the member along with a couple of helpful tips, links, and information that a new member would need.

Video can also be used in marketing campaigns to quickly and effectively grab a member’s attention and inform them about products and offers available to them. An email with a video embedded is likely to increase email click-through rates and improve email engagement. Video tracking also allows you to see which members opened the videos, who watched it all the way through, and who replayed it. Having this information will allow your marketing team to build out lead nurturing campaigns and thus build a more effective sales pipeline. Your marketing team will also have a better idea of what content your membership finds relevant, and this will help you build more successful campaigns.

Hopefully, you now agree that video marketing is imperative for your credit union. But how do you get started? CU 2.0 provides content creation services, and in our next blog, we will focus on some of our tips if you want to get started on your own. Keep an eye out!

Want to talk to an expert at CU 2.0 about our services and how we can partner with your credit union? Contact us here today!

The Right Content for your Credit Union’s Social Media

social media strategy

Social media strategy has been a popular topic among credit unions for many years. The more interconnected we get and the more time our members spend online, the more important an effective social media strategy for your credit union becomes. But the question becomes, what is the right content for your credit union to publish on its social media?

The answer to this question is simple and comes down to one main mission statement. Publish content that is hyper-relevant to your membership.

Here are 4 simple ways to do this that your credit union can execute immediately:

  1. Ask your staff what questions they receive most from members. This is an extremely quick and effective way to find out what your members care about most and want to know.
  2. Run a contest on Facebook that asks your members about their favorite activities/hobbies. Within a week you will have received tons of feedback and gathered information on the favorites of credit union members. So what, right? Well, actually this is gold. Social media is all about building relationships with your credit union’s members. A part of this is by being authentic and embracing the credit union mantra of doing what is right for our members and caring about them. By asking this question/running this contest, we have learned about our members and their preferences and now we can use that to inspire the content we share and the contests we run going forward.
  3. Survey members about what they want to see more of from your credit union. Soliciting this feedback is invaluable, and will provide your credit union with all sorts of useful information that you can then implement in your social media strategy. For example, a survey on:
    • What is a member’s favorite platform to interact with your credit union on
    • Are there more topics that your member would like to see content on?
    • Do your members read your blog?
    • What topics have the members found most useful? What would your members like to see more of?
  4. Feature Member/Community Spotlights. Sharing testimonials from member’s about who they are, how long they have been a member, and what they love most about your credit union are fantastic content pieces for your credit union. Testimonials can be invaluable to your social media marketing strategies.

Coming up with content for your credit union to publish on its various social media platforms shouldn’t feel like pulling teeth. When you get stuck, go back to the question – what does my membership care about? If you keep this idea at the forefront of your social media content strategy, your credit union will be successful.

 

You may also be interested in these articles from CU 2.0:

How To Use Social Media Effectively For Credit Unions

3 Ways to Get More Engagement on your Facebook Page

Top Ten Things to Implement from CU 2.0

Credit Union Marketing in the Digital Age

By Amy McCaughey

credit union marketing

 

Have you ever sat down at your desk and thought about your marketing strategies? Is your credit union still relying that someone will drive past, see your sign, and just decide they want to come in and bank with you?

You know your marketing strategy can use a revamp, but where do you start? It can be daunting, but don’t feel overwhelmed – that feeling ends now.

The first question to ask yourself is: Is my credit union creating EXCELLENT hyper relevant content that our members care about?

Routinely publishing content relevant to your members achieves two key things:

  1. Increases your credibility within your community – you become an expert
  2. Drives traffic to your site and your organization

So you’re sold on creating content, now how do you decide what to publish? What are your members thinking about and what questions do they have?

Here’s what you do:

  1. Ask your branch employees what questions they get most often – these employees are on the front lines and see A LOT
  2. Go to answerthepublic.com
  3. Enter a term that defines the market you’re in (ex. Home loan, credit union) and see what people are searching for online in that market
  4. Create valuable content that answers those questions

Can it be that simple? Yes!

However, don’t forget the 80/20 rule when it comes to creating and publishing this content.

  • 20% of your time should be spent on producing the great content
  • 80% of your time should be spent on promoting that content through your various social channels (getting your content featured and shared)

Creating hyper relevant content that your members and potential members are searching for online to solve their problems will give you credibility as an expert. Then, you have earned the right to talk about your solution to that problem. You build awareness for your credit union, credibility within your market, and add value.

Adding value to your members is the BEST way to market your business in today’s world.