Why your credit union membership stopped growing
by. Larry Meador
The consistent growth of a credit union’s membership is vital to the organization’s success. If you’re noticing a slump in new members, evaluate your credit union’s marketing strategies for these common issues.
Missing Connections with Target Audience
Credit unions are unique because they cater to a specific segment in the local community. A decrease in new membership could be a sign of this niche group missing connections with your messaging.
A general practice for financial marketers is to prioritize their ad spend for television spots. However, the most lucrative groups – Generations X and Y – spend 44% (Generation X) and 70% (Generation Y) of their time on social media, specifically for personal financing and investment purposes. In response to this recent change, more credit union marketers (76%) are looking to enhance their credit union’s social media strategies to connect with potential new members.
It’s important to understand, through research and experience with your target’s buying habits, where your audience spends most of their time and most actively engages with brands to most effectively increase the ROI of your marketing efforts.
Your Credit Union Brand Message is Not Consistent
Every marketing channel should complement the overall message that you want your target audience to hear about your organization. Certain channels are more effective for sharing specific reasons new members should join your credit union, but should add to the overall brand message.
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