Five ways to localize your credit union’s marketing strategy
Connecting and engaging with cardholders is no easy task. 71% of Gen Y (18-34 year olds) would rather go to the dentist than listen to what their financial institutions are saying1.
To help bridge this communication gap, community financial institutions need to bring a more personal touch to their marketing strategies by utilizing their place in the local communities.
Here are five tips to help community financial institutions better connect with their cardholders and their local community:
- Be Present on Social Media
Social media is a quick, easy way and inexpensive way to engage with cardholders. With over 1.65 billion monthly active Facebook users, and five new profiles created ever second2, don’t underestimate the kind of reach social media can provide your institution.
Not only that, but by connecting with your cardholders on social media, you can start effectively promoting your connection to the local community.
See how the president and CEO of Citizens Bank of Edmond, Jill Castilla, was able to use social media to do this here.
- Host a Community Event
This one’s a no-brainer. To promote your local connection, start by being where your cardholders are so that they recognize you as an active participant within their community.
Host a community movie night. Cheer on the local high school sports teams. Sponsor a booth at a chamber of commerce event. By adding these personal touches to your marketing strategy, you’ll fortify your place in the community while showcasing your superior customer service.
Financial institutions should also make it a point to volunteer in the local community. Organize a park cleanup or sponsor a little league team. You can even utilize your team’s financial knowledge to provide a learning seminar at local elementary schools. There’s no wrong way to give back, so don’t be afraid to get creative.
- Provide Updates on Local Offers
Did you know that more than half of all consumers expect their financial institutions to locate discounts for them3, and consumers would rather receive discount notifications than financial advice from their financial institution3?
Start promoting local deals and discounts around town on your institution’s social media channels. Not only will you help your cardholders save with the best bargains, you’ll also be supporting locally owned businesses, while opening the door for new commercial business accounts at your institution.
- Reward Your Cardholders
Take #4 a step further by giving your cardholders a rewards program that provides offers from local businesses and also awards points for local spending. You’ll help your institution stand out while easily demonstrating your investment in the local community.
By supporting your community with local marketing and rewards, you’ll be helping your members and local business, and the best part is, you’ll be the one that wins in the end.