How credit unions can empower members to be their best marketers

Credit union executives constantly ask themselves, “How can I improve our marketing program?” It’s a vital question if you are trying to generate a more positive perception of your credit union within the community and ultimately grow your member base. If you know EPL’s mantra—if you’re not growing, you’re dying—and recognize its importance, then you believe inherently in the necessary role that impactful marketing campaigns can play. While tactical outreach programs are crucial for both promotion and brand awareness, one of the most powerful resources that you have at your disposal is your membership base itself.  

Below, we’ve outlined five ways credit unions can empower members to be their best marketers. 

1. Member experience – Cultivating an environment that produces positive member experiences will naturally encourage them to rave about your credit union. Remember—people want to talk about things they feel good about. A great member experience leads to overall satisfaction, and therefore improved outcomes—something we here at EPL recognize and prioritize. Provide your members with superior service by working with them quickly to resolve any issues and constantly implement touch points throughout the relationship. As credit unions are member-owned, this aspect of your marketing plan is integral to your collective success.
2. Loyalty and rewards programs – Show you members you care by rewarding them when they overcome feats or accomplish something new, and recognize their loyalty to your credit union where possible. According to the National Association of Federal Credit Unions (NAFCU), consumers want discounted or free products more than anything else from these programs, followed by enhanced customer service, free shipping and access to exclusive products or events. Provide your members with these initiatives, and their sentiment towards you is sure to improve.
3. Member appreciation events – Host events to show your credit union members how valuable they are to you. A Member Appreciation Day (or week, if you really want to show your gratitude), is a meaningful touchpoint and reminder that you appreciate them as much as they appreciate you. Even something as simple as offering your members donuts and coffee at your credit union’s branches can go a long way, and will encourage members to speak positively about their experiences.
4. Innovative solutions and products – Credit union members want to feel as if they have the most innovative products to manage their finances. Especially in today’s world, people also want convenience—so give both to your members by providing a robust, functional online banking platform. This will give your members the ability to easily access their finances from anywhere, while allowing them to still feel the trust and comforts of their credit union home—digitally.
5. Educational tools – Empower your members to be fiscally responsible by offering them the educational resources they need. By showing your members you care enough about them to provide financial literacy tools, such as pamphlets or classes, they will deeply value your relationship and become more loyal over time. At the end of the day, it should be your credit union’s mission to help members achieve their financial dreams—and a bit of education can a long way. 

Do you have any other great ideas to help credit unions empower member to be their best marketers? Let us know on Twitter, Facebook or via email at jami.jennings@epl.net!

Jami Jennings

Senior Product Solutions Manager

EPL, Inc.

Mirror mirror on the wall... who are the best member of them all?

Many of our credit unions have "Member Growth" as a core objective ... which is great!  But, I'd like to make one MINOR edit.  Change that objective to:

Growth of THE RIGHT Member.

When you are focusing on the RIGHT member, your universe shrinks and you can become more efficient with your budget.  As a marketer, I would rather report to the Board that we grew our member base with slightly fewer productive and profitable folks than tons of "riff-raff" (using technical, professional vernacular).

You can acquire the very best prospects through mirror modeling.  Focus your efforts on those people who "look like" your current best members.

Identify Your Very Best Members
Pretend, for a minute, that you could take one of your members and stick them in a Xerox machine.  Who would you pick?  Someone with the highest deposits?  The most impressive loan balances?  The most services per household?  Would they have checking?  Would they religiously use their debit card? With i-KNOW, we can even track profitability.

Your answer may be different than the credit union's down the street or the community bank from across town.  You need to define exactly what kind of member you want.

Once you've identified them, pull an address file of every one of your current members who meet the criteria.

Birds of a Feather
Think of your neighborhood.  I'll bet most of your neighbors look a bit like you.  Maybe it's an area with a gaggle of young families with kids.  Or it's a flock of empty nesters.  The socio-economic law of averages says that birds of a feather tend to flock together.  And this can be a powerful tool for targeting.

By defining a narrow target and geo-focusing your marketing efforts to those zip+4s with the highest concentration of your best members, you'll have a significantly better strategic effort than if you simply target those who live within 1-2 miles of your branch network.

You can also have a message with a laser focus.  Understand your best members: What are their pain points?  Why did they choose you?  Why do they stay with you?  What life stages are they living through? What products are they most likely to have?  How are they most likely to use them?  Once you understand your best members, you'll better understand how to communicate to your most desired prospects: What products they are most likely to need with you.  How they are most likely to use them.  What their key purchase criteria is.

With a little upfront homework and a mirror modeling strategy, you can retain your best members through better understanding, you'll know where they live to find more of them and you'll know how to talk to them.  That is a powerful marketing formula that will make you the "fairest of them all."

Eric Gagliano

Marketing

EPL, Inc.