Trust in the banks in the UK has never recovered from the 2008 financial crash. Compounded by the mis-selling of PPI and high-profile data breaches, more customers ever are looking to find an alternative to traditional banks, who they believe serve themselves and their owners more than their customers and public good. Out of this distrust, the credit union model thrived; and credit union marketing made sure to differentiate itself from the banking sector on these points of trust.
- These are non-profit organisations, often with their members as shareholders, are often twinned to a local community where they provide useful services.
- They serve as an alternative to greedy bankers, illegal loan sharks and extortionate payday loans
- They aim to provide loans at low rates, to encourage members to save regularly, and to help members in need of financial advice and assistance
As a result, loans to customers from credit unions increased by 6% in 2017. Some local councils are even encouraging constituents to seek credit unions to help resolve their financial troubles.
The Growth of Credit Union Marketing
As the need for credit unions has grown, credit union marketing has digitised, the modern approach to marketing reflecting the modern approach to banking. Digital marketing is a very cost effective method of reaching a targeted audience and sharing information with them.
Some of the options available include:
- Content marketing – Blog posts and articles are a great way to provide valuable information to people about fiscal responsibility, and the options available to them should they run into money troubles. Sharing this information is a useful service and helps to build trust with potential members.
- Paid Ads – Credit union marketing has embraced paid advertising – using behavioural targeting on social media sites and Google, they have been able to present themselves to those customers who may be ready to leave their traditional banks. Cost per click models mean that you only pay when someone clicks on your ad and lands on your site.
- Social media – Sites like Facebook and Twitter allow you to provide real-time updates on the union and interact more directly with customers on a personal level. They also give the option for members to “share” and “like” content, helping to spread the message further.
Partnering for Success
While many credit unions recognise the benefits of digital marketing, they might not have the expertise required to build a strategy in house. At AsOne we make the process of articulating and executing a credit union marketing strategy easy, drawing on successful partnerships with other credit unions and techniques from other fields as well as developing strategies that are unique to each of our partners’ business visions
At AsOne, our philosophy has always been one of putting people first and giving back to the community, as demonstrated by our participation in community events, such as the recent Tameside4Good dinner. These values align nicely with the goals and aspirations of credit unions and we always enjoy seeing these organisations thrive.
If you’d like more information on the most effective credit union marketing techniques, or advice on how to get started, don’t hesitate to get in touch and speak to one of our digital marketing experts. You can find all the contact details on our Contact Us page.
