4th quarter marketing for credit unions
by. Amanda Lowery
How do you plan promotions for your credit union? Chances are, your process involves more than pulling slips of paper out of a hat. No matter how you do it, here are some hints to help you plan effectively.
Understand seasonal demands. In general, consumers tend to have periods of increased demand for certain products at certain times of the year. For example, fourth quarter tends to be a time of holiday-related spending, whereas first quarter tends to be a time of resolutions that can influence savings patterns, debt consolidation, or financial planning. Dig deeper by looking at local data to determine when consumers in your market tend to purchase homes, buy cars or recreational vehicles, or need money for vacations so you can plan promotions for the weeks or months leading into peak times of year for your market.
Look for unique yet relevant packaging and promotion opportunities. Consumers may not realize that your products or services can meet their needs, so help them by proposing a solution to a challenge you know they are facing. If you have a personal loan product, brainstorm how members could use that money: perhaps that money can help members with holiday spending, covering an unexpected tax requirement, consolidating other debt or paying for back-to-school expenses. If you offer a promotional incentive, make sure it’s relevant: a home improvement incentive or prize works well with home equity loans while a vehicle-related incentive such as detailing fits well with an auto loan refinancing campaign.
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