By Jill Homan
As we adjust to the events of the past 18 months, we are discovering together the new day-to-day normal. We are collectively finding that, while some things stay the same, many things are changing.
It’s time to reconnect with members – to really get to know them – rather than trying to sell them products that they may or may not need. And, as credit unions start to reconnect and shift their marketing strategy, they are learning that focusing on selling and advertising doesn’t always pay off.
Now is the time to connect, reach and engage with consumers on a deeper level, especially considering members’ financial interactions and needs have been significantly impacted by the pandemic. It’s no secret that members choose credit unions largely due to their attention to member service, and members don’t want an institution that ignores their needs and tries to sell them a product that doesn’t match their current financial lifecycle.
However, true engagement is driven by identifying needs and communicating relevant solutions, peaking member interest and building a relationship that will last.
Focus on Specific Campaigns
Right now, traditional, product-focused promotional efforts and marketing won’t work because people’s daily lives have drastically changed, and their financial situations have been altered. A more personal approach develops connections and loyalty that will last for years. This means focusing on specific campaigns that address specific problems.
Jolt Credit Union found this strategy was the best way to help their members during the pandemic. In fact, at the peak of COVID, the credit union noticed that their members needed additional help, and Jolt answered with the “Find Your Balance” campaign. Leveraging its online and mobile platforms, the campaign was not only timely, but also gave their members relief during this volatile moment in time.
The campaign saw significant results, achieving an increase of 10% in unique logins, opening approximately 300 new credit card balance transfers and yielding in a click-through rate of 2.03% – where the industry average is only 0.05 percent.
“Considering most of our members were under ‘shelter-in-place’ orders, we focused on leveraging our digital marketing capabilities on our online and mobile platforms to implement a campaign that addressed the specific needs of our members, said Bethany Dutcher, VP-marketing at Jolt Credit Union. “At Jolt, we felt it was critical to remind our members that we offered resources that were available to help them during this time.”
Digital Isn’t Going Away
A recent McKinsey & Co. report explained that institutions “that once mapped digital strategy in one- to three-year phases must now scale their initiatives in a matter of days or weeks,” and another article even described the pandemic as the reason credit unions pivoted their digital transformation strategy, shifting nearly overnight to meet the rapidly changing needs of modern consumers.
Credit unions need to seek the help of data-driven communication systems as one-on-one communication is more relevant and more possible than ever before.
This drive to digital-first solutions also allows credit unions to better serve their members by creating more digital access to their products and services and increasing digital engagement. Whether credit unions have been implementing a digital strategy for years or are rapidly scaling up their initiatives, they need to turn to smart technology, which allows for more personalized communication with members and builds better relationships that shape long-term member loyalty – because digital isn’t going to disappear after the pandemic.
Members will continue to crave one-on-one, personalized communication that they’ve seen credit unions apply throughout the past year. Utilizing forward-thinking, innovative solutions allows credit unions to reach members directly, uniquely and instantly. In 2021, credit unions must continue to lean on digital outreach to meet members where they are in their financial journey.
For example, members may still be avoiding branch locations and ATM lines, but they still need access to quality financial services. That’s why credit unions need to increase engagement by communicating what services and products are easily accessible and available to their members.
With a more intelligent digital experience platform, credit unions can deliver relevant communication that can be automated, targeted and personalized to each member
Targeted, Generational Marketing is Key
It’s no longer a one-size fits all model when it comes to marketing at credit unions. “For your marketing messagesto be successful, it’s essential that you tailor them to your different audiences and markets,” according to Marketing Insider Group.
Truly engaging with your members means knowing which products are best for them when they are at different financial moments in their lives. While Gen Zers might be looking to open their first credit card or savings account, Millennials or Gen Xers are likely well past that stage of their financial journey.
This means credit unions need to market different products to different age groups, so the right message reaches the right member at the right time. Jolt Credit Union makes this possible at their institution by partnering with fintechs that enable their institution to use generational targeting through rules and lists, engaging their members – at every financial step of their lives.
“By using generational marketing, we are able to create member segments who share similar life experiences and use images that the member will be able to relate to and will spark their interest to want to find our more information on how Jolt can improve their financial well-being,” Dutcher continued.
The Lessons Learned
Ultimately, credit unions should look at lessons learned from the pandemic: consider ways to accelerate their digital presence and reconnect with members. Rather than pushing products or services to every member, it’s time to reconnect and engage members by enhancing communication with members.
Now, credit unions can lean into innovative technology that provides institutions with the ability to target the right member with the right offer at the right moment – allowing credit unions to engage with their members by focusing on specific campaigns, embracing digital solutions and highlighting the right products and services to the right members.
Jill Homan is president of DeepTarget, a fintech company developing and deploying an open, data-driven customer engagement and cross-selling platform for credit unions.