ALEXANDRIA, Va. (4/24/13)--The key role that member identification can play in credit union marketing efforts was one of the topics touched on in Tuesday's National Credit Union Administration webinar, "Driving the Bottom Line: Results through Marketing."
The webinar was hosted by the NCUA's Office of Small Credit Union Initiatives and featured broad and tailored advice on credit union marketing. Pennsylvania Credit Union Association Director of Credit Union Marketing Services Sandi Carangi and Gustavo Gruber, vice president of Coopera Consulting Inc., presented during the NCUA webinar.
Credit unions spend, on average, $281 on marketing to achieve a new member. Carangi said credit unions that are looking to market their services to new or existing members should clearly outline who they are marketing to, and what they hope to accomplish.
Credit unions with small or nonexistent marketing budgets can work with other credit unions, and attract free press coverage to help market their products, Carangi said. The value of social media in marketing depends on what a credit union is trying to accomplish, she warned. For example, she said social media can be a useful tool for credit unions that wish to promote financial education efforts or other local events and resources, but may not be the best way to market products or attract new members.
Overall, the most important step is to keep track of your marketing results, she said.
Some credit unions have moved aggressively to serve the Hispanic population, and are looking for ways to refine their approach, Gruber said in his portion of the presentation. Hispanics are the youngest, fastest growing and most underserved group in the country, and there isn't a credit union in the country today that isn't impacted by the growth of the Hispanic population. "If you aren't, you will be soon," he said.
Coopera, a consulting organization that helps credit unions reach Hispanic markets, has developed partnerships with state credit union leagues.
The presenters also noted Credit Union National Association tools as one of the resources that can help credit unions develop their marketing efforts.