Marketing and advertising: An all-new challenge in today’s world

Be sure to do compliance review early in the creative process.

by Lisa Hudson Kim, Joyce A. Johnson Keehan, CU Management

Capturing a member’s share of wallet has always been a challenge for financial institutions, including credit unions. Given today’s economy, credit unions are working even harder at gaining new members and retaining the ones they have. New or enhanced products and services provide a great way of accomplishing this objective.

However, marketing and advertising the credit union’s products and services can be a challenge. Offers that were the norm just last year have shifted in a different direction. Effective, creative and innovative marketing drives business to the credit union, capturing the credit union’s market share. Remember, now is not the time to cut back on the credit union’s marketing budget but instead is a good time to be adding to it.

Attracting Millennials as Members

With the rise of fintechs offering financial services similar to traditional financial services, gaining the millennial generation as new members may be more challenging than gaining other generations. Millennials are digitally savvy, so credit unions should focus on ways to market to this age group by demonstrating the benefits of offering both a personal financial experience and the digital tools millennials have become accustomed to using. This generation is likely working at the credit union, so survey staff to learn what they are looking for in digital services and explore the possibilities of expanding such services. Target advertising to reach out to members of this younger generation who would benefit from and enjoy the combined personal financial experience credit unions are known for with the digital experience they appreciate.

 

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