Why Digital Marketing is Good for Credit Unions

Why Digital Marketing is Good for Credit Unions The digital age has brought about permanent changes to the way members use and view credit unions.

Members now may only visit a physical location a few times per year, compared to the more than 24 times per year averaged in 1995. Today members can make deposits and payments, transfer money, get information, and apply for loans all online.

If credit unions want to compete with consumer banking and non-traditional financial services like PayPal, Mint, Square, and Venmo, they need to utilize digital marketing strategies.

Digital Marketing vs. Traditional Advertising It’s important to identify the limits of traditional advertising and craft a strategy that incorporates the effective parts of traditional advertising with the world of digital marketing. Traditional advertising limits impact reach by sending one message out and hoping it is received by the target audience. Digital marketing allows credit unions to track their marketing results in addition to giving potential members the immediate ability to action and experience more interaction with the brand in general.

There are multiple digital marketing options, and credit unions need to expand in email marketing, video content, effective website design, and social media marketing. Being able to track results and progress allows credit unions to know which strategies are effective and which campaign platforms are reaching their targeted audience.

One very effective digital marketing campaign is offering financial education to consumers. Online opportunities for consumers to learn about personal finance topics can also increase brand engagement.

Consumers will spend more time on a credit union website tolearn more. Exploring a website offering financial educationcan build brand trust and expand the consumer’s knowledge about the brand.

Consumers are more likely to select a brand they recognize and respect for financial services. By making potential consumers sign up to receive access to this helpful financial information will allow credit unions to track the progress and follow-up with them on other relevant topics and offerings to convert them to members.