credit unions marketing cycles and purchase cycles for loans / lending

Updated : Sep 21, 2020 in Uncategorized

Integrated Marketing: What Your Credit Union Needs to Know

Marketing to consumers the way they want to receive information is more important than ever. The Loan Lead Generator hosted a webcast last week focused on this critical topic for credit unions. We covered various forms of marketing and how all of it applies to the current economic environment. Here is a rundown of the highlights, plus a link to view the full event!

Marketing Cycle and purchase cycles should integrate direct mail, digital, social media, public relations and mobile for brand awareness, thought leadership, engagement, lead generation and lead conversion.
Marketing Isn’t a Funnel – It’s a Cycle!

Marketing and Purchase Cycles:

A common phrase used in marketing is “marketing funnel.” However, when it comes to reaching out and bringing in new credit union members, the process is actually a cycle. You have brand awareness, which is achieved through advertising, social media, etc., and it then leads into thought leadership, engagement, getting leads, and finally working with new members. But your work is not done there – your simplest and most cost-effective method to growing your credit union is to continuously keep your brand in front of existing members to deepen your relationship.

To watch a recording of our webcast, click here! Password: gBw24xDK

Marketing in Various Media:

Millennials and Baby Boomers prefer to receive marketing via direct mail and email. Credit unions should use integrated marketing techniques.
Millennials and Boomers Alike Prefer Mail!

Various forms of media are available for marketers to use, and each one appeals to people in different places in their life cycle, varying demographics and a wide variety of lifestyles. While online and social media advertising has increased with digital evolution (alongside a spike in usage during the global pandemic), traditional methods should not be counted out, such as direct mail that has become more effective with refined targeting and personalization.

Public relations work also can’t be neglected and can serve as a great supplement to your marketing efforts. Producing meaningful press releases and submitting letters to the editor of publications that are relevant to your field of membership are important ways to build the credit union’s reputation as experts and cultivate trust in your brand.

Facebook:

Facebook remains the most common and used social media platform. Credit unions should incorporate social media into marketing strategies.
Facebook Is Still the Place To Be on Social Media!

Of all the social media channels available, we spent quite a bit of time on Facebook. It is no surprise that plenty of young people use this outlet every day, but what may be surprising is how many people of the older generations use Facebook! As for placing ads on the social media site, most marketers use it for advertising on a regular basis. In addition, marketers can’t count out one of Facebook’s subsidiaries, Instagram, as a place for social media growth.

To those who joined us for our webcast, we thank you for attending, and we hope you learned something new from the experience!

Click here to learn more about the Loan Lead Generator and schedule a demo!