The world of marketing is ever evolving, especially with the rapid changes to social media algorithms and shifts to an emphasis on digital marketing. While the intent of capturing the attention of consumers has remained constant, marketers are now relying more and more on new tactics in the digital space to set themselves apart from the competition. To best position your credit union for success, consider incorporating these five digital tactics into your 2019 marketing strategy.
Historically, if a company wanted a person of influence to represent its brand, it would hire a publicist and shell out a ton of money. Now, companies can instead utilize their own happy customers as brand influencers. Industries ranging from apparel to cosmetics to travel are all successfully leveraging influencers to impact followers’ purchasing decisions.
Credit unions should consider implementing a new member influencer marketing referral program. When someone joins the credit union or applies for a new product or service, the existing member that recommended him or her would receive an incentive. Many companies keep track of referrals by using unique links or unique codes to quickly gauge success of the referral program.
Humanize Your Content
With the introduction of social media, advertising has shifted from companies telling consumers they need to purchase something to companies showing how their product or service can positively impact the consumer’s life. A growing skepticism in traditional advertising is driving brands and companies to use real customers to tell their stories. Credit unions can easily humanize their content by utilizing User Generated Content (UGC). UGC is free and more relatable when consumers are making purchasing decisions. Instead of using a stock photo to promote your credit union’s mortgage program, share photos of your members standing in front of their new homes. Just be sure to get permission to use any UGC before you share it.
Incorporate More Video
Video marketing has been on the rise for years and will only continue to grow. By 2021, it is expected that 82 percent of internet traffic will be video, according to Cisco. With many social media channels offering a live video feature, it is simple to incorporate video content into your credit union’s social media strategy. All video content does not need to be taken by a professional videographer. Look for opportunities to capture real-time video moments with a smartphone – it is much more affordable to produce and is actually seen as more authentic by consumers.
Use Artificial Intelligence
Credit unions can incorporate AI into their marketing strategy in many ways. To target potential new members, source your member database to learn about existing members, where they live, their income levels and home ownership status, among other items. Then, target prospects that live in areas where the income level is similar to that of those members.
Additionally, chatbots – while not a new technology – are a form of AI whose use has continued to increase from a marketing perspective. Credit unions can use chatbots for a variety of customer service-related issues to give members the information they need in real time.
Deliver a Personalized Experience
Use AI to deliver a personalized experience that leads to member loyalty. Research shows that 48 percent of consumers spend more when their experience is tailored specifically for them. Instead of spamming your members with a generic promotional email, look at email open rates to identify the specific types of content with which members are engaging. If a member recently purchased a new home with your credit union, send them information about your personal loans to help furnish the new house. Members are more likely to engage with your content if it is personalized for them and speaks to their needs.