When it comes to banking, the first thought in most people’s mind is ‘Bank.’ An obvious statement to some but to credit unions, this is a dirty word – and a pretty big problem.
The typical way of solving that problem is for CUs to spend their marketing budgets on telling their segment market about their low rates on loans and high return rates on savings. They pair up with car dealerships to provide loans to non-members and start the wooing process. They offer loan and credit card transfer deals to entice the consumer to move their accounts. And while this has generally been effective in increasing knowledge of incentives over the past decade, there’s still one big problem with it.
The National Association of Federal Credit Unions says that while a lot of people know credit unions exist, they don’t often look to them until they need a particular product, like a loan or mortgage. While that proves the product-focused marketing is working, what do people know about a credit union’s other offerings? Or even about their particular brand? Pretty much nothing.continue reading »