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The Marketing Of A Credit Union – How To Do It Right

The Marketing of a Credit Union – How to Do It Right

At Advanced Marketing Strategies, we know credit unions — having worked with the biggest and best to uncover opportunities that stretch media budgets and build brands that helped to double local assets. Moreover, just like any other business or business model, credit unions need the right marketing strategies to stand out in their industry and win customers over from the big banks against whom they compete.

See our proven results section below and some of the most common marketing problems and solutions we are helping our credit union clients address.

An Inside Look at a Credit Union

Billie Cardenas, SVP and COO of Sun Community Federal Credit Union, has seen both the bank and credit union side of the personal finance world and applauds credit unions for their work-life balance in Ep. 24 of The Show Runner Marketing Podcast. Coming from a career in banking, Cardenas had not been exposed to many positive opinions about credit unions. The perception was that credit unions “take it easy” all day, their work not comparable to the work of banks. However, when Cardenas made the switch to Sun Community Federal Credit Union, she discovered an intelligent group of hard-working people who didn’t take themselves as seriously as bankers, allowing for a much better work environment for her.

Money is a massive part of the public’s daily life and a primary stressor for many. Banks and credit unions are there to help people maintain some control over their money, and, according to Cardenas, they don’t do that nearly enough. However, when you take a closer look at credit unions versus banks, the foundations of each suggest different values that affect customer care and services.

Credit Unions vs. Banks

Credit unions are not-for-profit organizations. They are member-owned and provide their members with competitive rates and services. Because of this decentralized approach to governance, credit unions can course-correct when things aren’t working for the good of the many. Credit unions had 1/5th the failure rate of banks during the 2008 recession in the states, and public trust in credit unions is double that of banks. They routinely boast better customer service than big banks, emphasizing personal and community engagement.

That is not to say banks can’t compete. Banks have lower interest rates and are more technologically adept, quick to update apps and adapt to new tech to improve the user experience.

Advanced Marketing Strategies Brings Proven Results to the Table for Credit Unions

By providing a mix of customizable marketing must-haves with the specific needs of the credit unions, AMS optimizes the potential of its clients, and it starts with research.

In one particular case, we performed an analysis of Point Loma Credit Union’s digital, social, and website strategy and evaluated it for effectiveness and synergy. AMS found deficiencies with the Google Search campaigns, which were formerly managed in-house and we were able to help them vastly improve their efforts. The website and social media review proved to be just as helpful in identifying several hidden opportunities. Below is an example of the kinds of problems and solutions we can help detect for increased results.

Some common problems AMS uncovers in a typical media audit include:  

  • A limited number of search ads / not enough ad copy in rotation.
  • Ads that don’t include site links.
  • Some of the most clicked on keywords don’t deliver what’s promised.
  • Campaigns with limited keywords for the most popular products like Auto and HELOC loans – causing low traffic.
  • The targeting of geographic areas that are out of the trade area, resulting in as much as 75% of the monthly budget virtually wasted!

The solutions AMS provided for PLCU yielded the following proven results:

  • Restructuring budgets and search ads allowed us to more efficiently reach the target audience and geographic areas that had the most potential to increase memberships, Auto, and HELOC loans.
  • By thoroughly scrubbing the campaigns and doubling impressionsand lead conversions, we provided enormous efficiencies at half the cost per click.
  • PLCU’s website received a 40% increase in traffic within one month of AMS taking over.
  • Leads for memberships grew by 11%.

Bottom Line

Credit unions have a lot to offer when it comes to the customer’s attractions and the broader emotional component of a person’s commitment to a financial strategy, but, on paper, credit unions could use a boost when sitting next to banks. AMS can provide that boost and then some, and delivers potential customers who are on the fence. Contact us today, and let’s chat.

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