Her: We have a problem with going to the game.
Him: Already on it! I got gas on my way home from work. We’ll leave early, get food on the way, then tailgate with Jim and Sandy. I have our phones charged for the scoreboard selfie. I’m wearing my lucky hoodie. Victory is in the bag.
Her: Great solutions. Except that the problem is Mark didn’t come through with our tickets and the game is sold out. We can’t get in.
The success of any marketing plan doesn’t lie within the brains in your marketing department, it lies in the hands of your members. Promoting a warm and fuzzy message or a spectacular rate just isn’t enough.
It’s important to know, both psychologically and practically, what makes someone want to use your credit union. You have to boil it down to a simple value proposition. They need to know what’s in it for them. If they can’t figure that out with you, they’ll find a financial institution that can.
People don’t buy products and services – they buy the benefits of products and services.
Once you have a clear idea what problem you’re solving for your members (or potential members), you will take a giant step forward in your marketing efforts. As you fine tune that message, it’s important to make sure that everyone in your credit union knows it by heart and can communicate it to members quickly and easily.
Need an example? January credit card statements are going out spotlighting just how much damage people did to their finances over the holidays. According to a survey by MagnifyMoney, the average consumer racked up $986 in credit card debt over the holidays. While that doesn’t sound like much, at a 15% rate and making just the minimum $25 payment, it would take 10 years to pay off and would include nearly $400 in interest paid – nearly half of the original debt again.
A few other facts you should consider:
- 55% of those who did rack up debt over the holidays plan on only making the minimum monthly payment
- 44% of those surveyed stress out over money after the holidays
Why hawk personal loans and rates like a snake oil salesman? Stop peddling. Start providing solutions. Speak to consumers on their terms. Appeal to the problem keeping people up at night right now: holiday debt. Show folks you have solutions that can help them sleep better. Even better, prove to them how they can live better with less debt!
People don’t want another loan. That’s the problem they have right now. They want a solution, a solution that you can easily provide. Craft your message around that. Solve the problem they have, not the one that is easy. You’ll have to hire more staff to take care of the business.