Byline: Ryan Ruud
It's hard to believe the final days of summer are here.
As we kick off strategic planning season, how much focus does your
credit union put on digital marketing and member experience?
For credit unions looking to add digital to their 2017 strategic
planning sessions, consider these core themes:
Acquisition
As credit unions plan their 2017 advertising budgets, allocations
to digital acquisition must grow.
If credit unions want to be competitive in growing memberships,
deposits, and loans they simply have to participate in the media
ecosystem consumers are gathering their information.
Today's consumers moves seamlessly between multiple devices,
far in advance of a need driven decision. They collect answers to core
questions as they inform their decision and are often not brand
committed.
While the average North American consumes nearly half of all their
media via digital means, ad spend hasn't caught up. The average
spend only allocates 24% to digital leaving behind missed opportunities.
For credit unions in strategic planning mode, analyze acquisition
and advertising plans. Focus on where dollars are being spent, what the
return is and how well you can measure reach and return.
Finally, spend some time analyzing creative. The best performing
content in this new cross channel, information driven marketing system
puts brands up front and lets consumers get the information they need
quickly, helping to connect the dots on whatever journey they are on.
Also consider variations for each stage of the journey -- I want to know
vs. near me vs. I need.
Analytics
I've touched on data in past columns. Too often I come across
credit union websites that either have no analytics installed or
analytics installed that no one ever looks at.
Let's change that in 2017 so we can use the data to inform our
acquisition plans and other decisions. During your planning session
focus on developing a measurement plan.
At a high level it should answer: What do we want measure and why?
To answer this question, walk through the digital journey and make
note of the following: Any high value interactions: sign up for email,
contact us forms, member application download, member application
submit, rate page visit, etc.
These will be your events and goals.
In addition to your high value, brainstorm the insights and data
you'd like to collect.
Would you like to know more about the interests of the prospects
visiting your website? What kind of websites generally do they visit,
this will help you target your acquisition plan for example. All of this
data will be anonymous but very helpful in targeting and refining your
marketing activity.
User Experience
Every stop on your prospect and member journeys is critical. So
polish them all.
For example consider how your website handles rates. Don't
make a potential new loan opportunity call or worse, drive into a branch
because of a standard rate posted, only to find out they don't
qualify for the posted rate.
Services like LoanTek make it easy to integrate real-time home and
auto loan rate data based on user feedback around credit data.
Empowering users with relevant data will increase your conversion
positive brand experiences.
Onboarding
When I joined my first credit union, it was at the urging of my
dad. I needed a car loan and he had been a lifelong member of a credit
union.
I made my minimum deposit to become a member, applied for the loan,
didn't get that great of an offer, and went with someone else. Fast
forward several years, I now have a membership at a different credit
union and would describe myself as well engrained in it.
I recently received a letter from the credit union I joined all
those years ago. My membership status was at risk. I joined over a
decade ago. The only communications I ever received was board voting and
this letter along with the occasional terribly un-engaging email.
My point? Even though I didn't get my car loan through them,
they missed a critical opportunity to fully bring me onboard as a credit
union member. During that decade I built my financial portfolio with one
of the big banks.
Credit unions, we have to think about what we do after someone says
yes. We can't sit on our hands. Even if you simply set up email
automation over the next 120 days to teach a new member about all the
services, benefits and great things being a member means.
Do something. Start planning for 2017 now.
Engagement
So once we have a new member signed up, they've brought on
deposit accounts, maybe a car loan too. Now what? We tend the field.
Engagement in 2017 comes in 4 forms. Social, Mobile, Email and
Branch. Yep, I said branch. Here's what you need to starting
planning for.
Social -- We've talked at great length in past columns about
credit union social media. The point here is plan. Too often credit
unions are executing social for social sake. If you can't answer
the question: Why am I here? with an answer that aligns to both your
credit union's business objectives and what your members want (i.e.
research tells you they are using a platform a certain way for X, Y or
Z) then STOP.
Mobile --Does your mobile app take advantage of notifications? Does
it take advantage of location sensing? Does it only notifiy me of a new
deposit? Is it providing context? For example, in conjunction with
beacon technology, I walk by a beacon in an airport and my credit
union's mobile app senses that I'm traveling. I get a
notification to tell me about the new travel rewards credit card
available. Bingo! We have context and relevance. The point isn't to
do this exact example, it's to think outside the box.
Email -- This may seem. http://www.youtube.com/watch?v=LK3QDKcdlng
so 1999, but many credit unions don't
do it, or aren't doing it very well. Don't email me because
you can. Email because you have something to offer. Bring me value.
Educate me. Learn about me. Segment me and personalize my email to my
needs and desires.
Branch --How well trained are the people working in your credit
union to handle the demands of a digital member? If someone gets a phone
call because your number is listed online, are they ready to respond and
help that person immediately or does it end in frustration for the
caller?
A common scenario is a call or visit by someone who starts their
search online, they end up talking with someone who doesn't have
the information, can't help them, or doesn't understand what
they are asking for. More often than not it's simply a matter of
speed.
The prospect started their search online with an assumption of
expediency and just wanted a quick answer, for example a rate or range
of rates for a new loan and when they encountered rate cards or someone
who wanted to take them down a full application process, they got
frustrated and gave up.
Opportunity lost. Make sure your staff are trained to close.
Final Thoughts
Any one of these topics could be a column all on it's own.
As your credit union begins 2017 strategic planning, the goal here
isn't to be overwhelmed. It's to challenge your team to ask:
How can we take a step towards each of our big audacious goals for 2017.
Some of these topics are heavy and will be difficult to tackle, but
just starting with something small gets you on the path to growing
membership and delighting the members you have today.
Here's to an awesome planning season and all the best for the
remaining dog days of summer!
arnold0pace72 Community Member |
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