Credit Unions face the same challenges all financial institutions face when it comes to gaining new members. While word-of-mouth marketing is a large part of increasing your customer base, there are other solid credit union customer acquisition strategies that will bring new customers in the door and get them to switch from their current financial institution.
Social Media networking is a main form of communication in today’s age and is used by 74% of everyone on the internet. What better way to reach customers than engaging them through platforms they use every day? Creating marketing strategies around social media using channels such as Facebook, Twitter and LinkedIn can help you reach potential customers where they are most active.
Take Advantage of Technology
Credit unions have much to offer that private banks do not, including more personal service and lower fees and rates. However, with today’s advances, long gone are the days of having to drive across town, walk up to the teller and pull out a paper passbook. Offering online banking and bill pay platforms on mobile devices gives members the opportunity to handle their banking on the go.
While branch locations are still necessary, customers want the ability to handle their finances on the go and on their own time. This couldn’t be truer than for the Millennial generation, who expects to have their financial needs at their fingertips, and would prefer to avoid the face to face interaction required at a branch location.
Promotions and Rewards
As the New Year rolls in, roll out an attention-grabbing promotion by offering a unique product or low rate for new members. Many people enact change in their lives at the start of a new year, and capitalizing on this trend can lead to increased customer acquisition. Some examples of promotions that have proven successful include ATM fee reimbursement, reduced loan rates and reward points programs.
These strategies have helped in measuring and increasing marketing ROI for financial institutions, as well as in acquiring new customers. If you are interested in measuring your credit union’s customer acquisitions and proving your marketing ROI, download our free eBook!