Local marketing is one of the most powerful marketing tools at a local credit union’s disposal. By utilizing community outreach and digital marketing strategies to connect with potential members, credit unions can serve their community and promote brand loyalty. With that in mind, here’s how local credit unions can compete in the financial industry by distinguishing themselves from national financial institutions and local competitors.
Practice local SEO
For local banks and credit unions, local search engine optimization (SEO) can significantly influence the success of digital marketing campaigns. Optimizing your credit union’s website design for mobile users, creating a Google My Business account, and targeting hyperlocal keywords can help local credit unions excel in search results and acquire new credit union members.
If your marketing budget allows, consider hiring a professional digital marketing team to grow your financial institution. The digital marketing experts at Nettra Media, a credit union marketing agency, can help your credit union provide a powerful customer relationship management (CRM) experience. With more banking customers expecting a personalized banking experience, a comprehensive inbound marketing strategy can help your credit union gain an edge over local competitors and national financial institutions.
Launch a mobile app
According to a recent study by Bain & Company, banking customers who are frequent mobile users are 40 percent less likely to switch financial providers than the average customer. Mobile banking apps create strong, long-term relationships between banks and customers while allowing financial institutions to provide customer support with daily financial needs. Because mobile apps can significantly influence user experience and loyalty, mobile banking is a great way for local credit unions to encourage brand loyalty and scalability.
Use social media to your advantage
Integrating social media platforms like Facebook, Instagram, and Twitter into your content marketing strategy can help your local credit union connect with potential members. To maximize your organic web presence and build brand awareness, engage with potential members, utilize a content calendar, and answer questions about your financial products and services.
Aim to localize your content by posting stories about the community. According to the digital marketing experts at Nettra Media, credit unions can “out-local” national financial institutions by focusing on their community investment with content about their customers, staff, and the community.
Focus on customer experience
Content marketing and local SEO can help build brand awareness, but they won’t guarantee loyal customers. To attract potential members, foster long-term customer relationships, and offer exceptional customer service, your credit union needs to provide a personalized banking experience.
Bright Pattern ServiceNow call center integration combines industry-leading omnichannel call center features with the rich IT service management and customer support information of the ServiceNow platform to provide a superior customer experience. With ServiceNow call center software, local credit unions can take advantage of outbound capabilities for marketing campaigns, as well as inbound and routing capabilities for customer support.
With the help of multiple communication channels, credit unions can offer a seamless, meaningful, and personalized customer experience, ultimately encouraging strong customer relationships and customer loyalty.
Offer wealth management services
Because millennials are the largest and fastest-growing demographic in the financial industry, local credit unions must focus on marketing to a younger audience. According to a 2012 Accenture study, millennials will inherit approximately $30 trillion in assets within the next 40 years. While banking convenience is a top priority among younger audiences, millennials also prioritize reliable and secure ways to manage their assets.
Offering personalized wealth management services can give your credit union an edge over national financial institutions. Helping younger audiences plan their future, manage their budget, and achieve long-term financial goals can help your credit union build a loyal customer base.
Despite fierce competition and high customer churn rates in the financial industry, local credit unions continue to thrive due to their commitment to the community. All in all, focusing on digital marketing and customer experience can promote the success and growth of local credit unions.