Smart Credit Unions Deploy Data to Build Membership
By Robert Walker, LPS Applied Analytics
Credit unions across the country continue to set the standard for customer-focused, personalized service; helpful products and solutions; and true involvement in their local communities. As a result, credit union members are famously loyal, passing their loyalty along to kids and grandkids who open their first accounts there.
Still, growth through the family and friends of loyal members is not enough to fuel the expansion potential of credit unions within their local communities. Yet, traditional marketing strategies may no longer be enough to generate the hoped-for results. So how can credit unions step up their game and grow their business?
For many, the answer is the smart use of available data to ‘hyper-target’ prospective members with messaging that resonates loud and clear.
Today, there is a tremendous amount of information available that can help credit unions get their messages to the right people at the right time in the right place. For example, if a credit union can identify a specific ZIP code where homes have lost value over the course of the recent real estate bust, it might develop a “Rebuild Your Value” campaign targeted to homeowners in that ZIP code that would encourage them to consider home improvements to help rebuild value in their homes. Helpful information on attractive home improvement loans can be presented, followed by an invitation to call or stop by the credit union to learn more.
Credit unions may not be aware of the range and depth of hyper-targeted data that is readily available to savvy marketers. However, it is worth their effort to identify and reach out to proven data providers to tap the knowledge and information that can help them increase their return on their marketing dollars. By using well-targeted data sets to develop more focused marketing campaigns, credit unions can create and deliver messages that are more likely to resonate with consumers, and bring them through their front doors. Although the information in credit unions’ CRM systems is still valuable, marketing dollars can generate a stronger return when they are invested in data-driven initiatives.
With consumers being constantly bombarded by marketing messages on every front, credit unions that tap reputable data sources and use well-selected slices of data to deliver crisp, well-targeted messages can win more members to their ranks. Unlike ‘one-size-fits-all’ messaging, this smart approach helps make it clear to recipients that the message comes from a credit union that sees them as individuals, and is ready to meet their unique needs as a valued credit union member.
