(As Seen on CUInsight) – Reaching members is challenging. Adding to the challenge, with ever-growing competition (while attention spans decrease), credit unions compete with well-funded, aggressive, innovative, and increasingly all-digital FinTechs. Credit unions that unlock the power of their data—leveraging unique differentiators, marketing skill sets, and deep member understanding—will drive meaningful and sustainable growth to survive and thrive.
Getting this right requires robust, perceptive strategies alongside effective member marketing campaigns to remain relevant and continue to provide value to members. Campaigns that connect with members and reflect their values through engaging, automated personalization and a data-driven approach drive success, financial growth, and lifetime loyalty.
The Promise of “Big Data” Realized
Member data is the first piece in strategic marketing, providing a deep analytical view of member behavior and preferences. Credit unions can realize this “Big Data” promise by using these insights to create strategies and personalized experiences that resonate with members as individuals and as communities.
Using member data and marketing intelligence, credit unions can deliver the right message to members at the right time, wherever they are in their life stages. Understanding member needs through data analysis allows credit unions to identify members to assist and tailor financial solutions accordingly.
Unleashing Data-Driven Strategies
A data-driven marketing approach is more than a trend. It is a powerful tool that bolsters assumptions, refutes preconceived ideas, and unlocks new, unconsidered strategies. By leveraging data, credit unions can ensure their marketing efforts are targeted and efficient, empowering them to make confident decisions based on analysis, trends, preferences, and opportunities for engagement and education.
For example, if member data analysis unveils member segments making fixed payments to other financial institutions, a credit union should offer to refinance a tailored set of lending solutions to recapture lending opportunities through promotional campaigns. A targeted approach to identifying opportunities and helping meet members’ needs increases engagement and ultimately promotes actionable adoption.
Onboarding & Reboarding Relationships
Successful onboarding is more than just welcoming new members. It is about setting the stage for a long-term relationship. A well-structured onboarding campaign introduces financial solutions to members and educates them about various options and benefits. This process sets the tone for future engagement and promotes awareness of suitable solutions for each member.
Reboarding also focuses on re-engaging inactive (or less active) members. By sending personalized messages and offers, credit unions can rekindle interest and remind members of the value they provide. It offers another opportunity to re-educate members on how much credit unions have changed and how new offerings align with their financial objectives.
Onboarding and reboarding strategies are critical for fostering long-term member relationships. By applying a comprehensive approach that uses member data, credit unions can customize campaigns to address the specific needs of various member segments.
Marketing Automation for Engagement
Marketing automation that gets results is personalized and engaging. Various platforms enable credit unions to execute, manage, and measure marketing tasks and workflows more efficiently. Automation can stage, manage, and process elements like email marketing, social media posting, and ad campaigns, allowing staff to concentrate on creative strategies and promotional development.
With marketing automation, credit unions can deliver timely, relevant content to members that predicts, resonates, and fits their financial needs. For instance, an automated system can send new members a series of onboarding emails, each building on the last to introduce different services. These data-driven elements can hyper-target personalized content to members for greater alignment, value, and impact.
The Personalization Imperative
Personalization goes well beyond simply addressing a member by name. It involves tailoring content, offers, and communication channels to individual member preferences and behaviors while anticipating and identifying needs. In a recent Deloitte report on personalization, consumers expressed that they don’t just want to be “known” by brands—they want tangible benefits from personalization. For example, 78% want personalization that helps them save money. Additionally, well-executed personalization can deliver five to eight times the return on investment for marketing spending and lift sales by ten percent or more.
Credit unions can ensure success by creating highly targeted, personalized campaigns that blend member data and marketing automation. When we aggregate recapture lending campaign results, relevant lending solutions, a payment example, and an enticing incentive, combine for award-winning results—3.5x more successful in adoption rate than campaigns lacking these critical components.
Five Strategies to Connect with Members:
When communicating with members, here are five strategies to keep in mind:
- Segment member data: Segmenting members based on product and service mix, life stages, and financial behaviors enables Individualized, tailored messaging. Member data provides the insights to create well-defined segmentation, leading to meaningful engagement.
- Implement data-driven campaigns: Create strategies based on data analysis to drive results. Use member data to understand each segment’s relevant products or services and connect with and assist members.
- Utilize marketing automation: Deliver tailored marketing communications at scale through automation tools. This ensures consistent communication and improves efficiency without sacrificing a personal touch.
- Onboarding & reboarding strategy: Develop comprehensive onboarding campaigns for new members and implement strategies for reboarding existing or inactive members. Personalized communication during critical phases of members’ lives significantly enhances member engagement.
- Prioritize personalization: Use member data to target and personalize all communications. Tailored messages resonate and prompt action, making campaigns more compelling and helping connect with members’ needs.
Expertise and Collaboration
Partnering with an experienced marketing service provider is not just a shortcut but a strategic move that can lead to productive campaigns. Credit unions can succeed by identifying a partner with deep expertise in data analytics, marketing automation, and personalized communication strategies. These collaborations can provide the tools necessary to swiftly execute successful member marketing initiatives and provide support and guidance to members.
Forging Lasting Connections
Credit unions must elevate their marketing efforts to enhance personalization and improve the member experience. They must leverage member data and embrace data-driven strategies. Credit unions can also build lasting connections with members by focusing on onboarding and reboarding processes, marketing automation, and delivering personalized member experiences. Effective member marketing campaigns are more than promotional efforts; they are strategic initiatives that foster engagement, loyalty, and growth. As credit unions navigate the complexities of the expanding, hyper-competitive financial landscape, those prioritizing connections with members through thoughtful, data-driven marketing will position themselves for sustained success.
About the Author
Doug MacDonald is a Marketing Solutions Consultant at Synergent. He has over 14 years of strategic and practical experience working with hundreds of credit union marketing leaders and 22 years in product and marketing solutions. Doug and his Synergent Marketing Services teammates specialize in helping credit unions succeed, grow, and enhance member engagement through analytics and data-driven marketing campaigns that utilize member insights to connect with credit union memberships.