Credit unions rely on marketing strategies to increase their memberships and retain existing members. It also strengthens brand identity and drives growth and financial stability.
Unlike other types of businesses, credit unions require specific marketing strategies and technologies. They often struggle to differentiate themselves from traditional banks and other financial institutions.
Additionally, many credit unions operate with limited marketing budgets. This makes it challenging to invest in certain marketing campaigns.
Plus, keeping pace with digital trends is crucial, yet challenging. Credit unions need to constantly evolve their digital marketing strategies to meet the changing behaviors and expectations of members.
So, where do you begin if you’re marketing for a credit union?
It starts with keeping up with the latest credit union marketing trends. Staying educated on emerging marketing strategies and technologies can help keep your credit union relevant to consumers.
It’s important to understand which trends are gaining traction. This way, you can allocate your resources more effectively. Plus, you can invest in strategies that are likely to yield the best return on investment.
In this article, you’ll find seven of the most relevant trends in credit union marketing for 2024. Plus, you’ll find examples of what each trend looks like and tips for upgrading your marketing strategies.
Need help upgrading your marketing and PR strategy? Not sure how to start?
Let us help. Book a free consultation with one of our marketing and PR experts. We’ll take a look at the current strategy for your credit union to see where it could use a boost.
Our Top Credit Union Marketing Trends 2024
- Public Relations
- Influencer Marketing
- Customer Personalization
- AI and Chatbots
- Voice Search Optimization
- Mobile App Marketing
- Omnichannel Marketing
Public Relations Helps Your Credit Union Build Trust
Public relations (PR) is one of the top credit union marketing trends because it builds trust in a competitive financial market.
Credit unions often focus on community engagement and member-centric services. You can leverage PR to highlight your credit union’s values and community involvement. This helps you enhance your reputation and foster a connection with current and potential members.
This approach is particularly important in an era where consumers value transparency, ethical practices, and community-oriented businesses. Effective PR strategies help you differentiate your credit union from larger, more impersonal financial institutions.
Consider capitalizing on local events, charities, and community projects. Sponsor these activities to help enhance your visibility and reputation. Use this as an opportunity to create a positive public image and demonstrate commitment to your community’s well-being.
Also, try using public relations to educate the public. This can be about financial literacy, savings plans, and the benefits of credit unions. Provide valuable information to position yourself as trustworthy and knowledgeable.
Below, you’ll find news and press releases from Freedom Credit Union that demonstrate community involvement:
Pro Tip: Highlight member success stories or how your credit union has positively impacted the community. Share these stories through press releases, social media, or local media outlets. Press releases are just one way to share news. Earning media and building relationships with journalists that care about what you’re doing is more important.
Need help pitching story ideas and connecting with media outlets? We can help save you the time and hassle. Book a free demo to learn more.
Need to boost your PR strategy or get started on one from scratch? For more information on how PR works, check out our article: 18 Top PR Trends Shaping the Industry in 2024
Influencer Marketing Pairs You with the Right Audience
Why is influencer marketing one of the most successful credit union marketing trends? It helps you engage with digitally savvy audiences. The right influencers can communicate your credit union’s benefits and story.
This type of marketing leverages social media and credibility to increase brand awareness. It also helps you attract new members, especially from younger generations.
When you partner with an influencer, you can harness storytelling and targeted messaging. This often results in higher engagement compared to traditional advertising.
How can you use influencer marketing effectively as one of your credit union marketing trends?
Be sure to collaborate with influencers who align with your credit union’s values and demographics. Look for local influencers who have a strong connection with the community. They can communicate your message and appeal to your target audience authentically.
Encourage influencers to share their genuine experiences with your credit union. They should focus on personal stories or how your financial products and services have impacted their lives.
Here is an example of how influencers promote credit unions:
Pro Tip: Tailor your influencer marketing strategy to each platform. Leverage the unique features and audience behaviors of each. For example, Instagram and TikTok are great for reaching younger audiences. Facebook may be more effective for older demographics.
Not sure how to get started with influencer marketing? For more influencer marketing ideas, read our article: 9 Top Influencer Marketing Trends Shaping the Industry in 2024
Customer Personalization Leads to Customer Satisfaction
Personalization has emerged as one of the leading credit union marketing trends because it focuses on customer satisfaction. You can use it to tailor your services and communication to individual members.
Personalization involves individualized marketing that caters to customer preferences. This allows you to create more meaningful and relevant experiences for members.
Credit unions that embrace personalization often see improved loyalty and growth. They are also perceived as more attentive and responsive to members’ financial needs.
Collect and analyze member data to understand their preferences, behaviors, and needs. Use this information for more targeted and personalized marketing efforts.
For example, if data shows a segment of members exploring car loans, tailor your communications for personalized loan offers.
Also, segment your audience based on age, transaction history, account types, and engagement. For example, younger members might be more interested in student loans or first-time home-buying tips. Older members might appreciate retirement planning advice.
This article and video from PYMNTS explains how credit unions are using personalization to get a competitive edge over banks.
Pro Tip: Enhance your website and mobile app with personalized features using the data you’ve collected. This could include features like customized dashboards, relevant product recommendations, or personalized financial advice.
Want more ideas for using marketing data? Read our article: 8 Marketing Analytics Trends for Supercharging Your Marketing Efforts (+ Examples and Tips)
AI and Chatbots for Enhanced Customer Service
AI-driven chatbots are one of the most innovative credit union marketing trends. They offer efficient, round-the-clock customer service.
These technologies can handle a vast range of member inquiries in real time. Their enhanced response times improve member satisfaction. Plus, they provide personalized assistance for common queries and transactions without human intervention.
Additionally, AI-driven chatbots can learn from interactions. They can continually improve their ability to assist members. This helps improve loyalty and trust among credit union clientele.
How can you get started on chatbots as one of your credit union marketing trends?
Implement AI chatbots on your website and mobile app to provide instant, 24/7 customer support. Get an out-of-the-box solution or program them to handle basic inquiries such as account balances, transaction histories, and FAQ responses.
Remember, chatbots don’t replace human customer service representatives. Instead, they handle common enquires so there are less bottlenecks in the service you provide. Your employees are then free to handle more complex queries that require a human touch.
You can also use chatbots to offer personalized financial advice and product recommendations. Start by analyzing a member’s transaction history and account information. Then, programme your chatbot to suggest relevant financial products. You can also get this feature with many out-of-the-box solutions.
Chelsea Chatbot from Metro Credit Union is one example of how to use chatbots as one of your credit union marketing trends:
Pro Tip: Programme your chatbot or find a ready-made solution that collects feedback from members during interactions. Use this information to refine marketing strategies, improve product offerings, and enhance the member experience.
Voice Search Optimization Keeps You Ahead of the Game
What makes voice search optimization one of the most important credit union marketing trends? It’s grown due to the prevalence of digital assistants such as Siri, Alexa, and Google Assistant.
More people are shifting from typing to speaking their online queries. As a result, brands in all industries, including credit unions, should adapt their SEO strategies to cover voice search.
How do you get started with voice search optimization?
Optimizing for voice search involves using long-tail keywords. Plus, it involves creating content that answers common member questions in a conversational tone. This approach helps keep your credit union relevant in voice search results.
So, to start, you’ll want to think of questions and possible keywords that your customers use. For example: “Can I reorder checks?” and “check reorders.”
Ensure your website content includes these natural language phrases and questions that potential members might use.
Again, don’t just focus on short keywords such as “credit union savings account.” Include conversational phrases such as: “What is the best credit union for savings accounts near me?”
Make sure your credit union’s name, address, and phone number (NAP information) are consistent across all online platforms. Plus, you’ll want to use local keywords on your website, register with local directories online, and create a Google My Business profile.
Here is an example of a voice Google search for “credit unions near me”:
Pro Tip: Develop content that answers common questions potential members might ask through voice search. This includes creating an FAQ section on your website. Your FAQs should be clear, concise answers to questions about your services, fees, branch locations, and more.
Want to revamp your entire SEO strategy? Then you’ll want to know the current search engine trends: 9 Essential Search Engine Marketing Trends for 2024 (+ Tips and Examples)
Mobile App Marketing Meets Consumers Where They Are
Mobile app marketing aligns with the evolving preferences and behaviors of consumers. Today, a large portion of banking activities happen through smartphones. This makes mobile app marketing one of the most crucial credit union marketing trends.
Offering a user-friendly mobile app enables you to provide convenience. Members can access your services anytime. This includes everything from account management to loan applications.
Credit unions that adopt mobile app marketing can better meet member needs. It’s an absolute necessity for staying competitive in the financial world.
Ensure your credit union’s mobile app is intuitively designed and easy to navigate. Use features such as fingerprint or facial recognition for secure login. Also, include easy-to-use menus and quick access to account information.
Use the app to send personalized notifications and offers to members. Ensure that these notifications are relevant and not too frequent to avoid being intrusive.
Here is an example of mobile app marketing from Navy Federal Credit Union:
Pro Tip: Incorporate financial education tools and content within your app. This can include budgeting tools, financial calculators, educational videos, and articles about financial wellness.
Already have a mobile app? Need more mobile app marketing tips? Check out this article: 9 Top Mobile App Marketing Trends of 2024 (+ Tips and Examples)
Omnichannel Marketing Provides Seamless Experiences
Omnichannel marketing provides a seamless customer experience, making it one of the best credit union marketing trends for 2024. It involves creating integrated experiences across various channels.
These channels include both online and on-site platforms that are integrated together. Examples include mobile apps, social media, websites, and in-branch marketing with QR codes.
Omnichannel marketing allows you to cater to all customer preferences. This boosts customer satisfaction and loyalty.
To adopt omnichannel as one of your credit union marketing trends, ensure your credit union’s branding is consistent across all channels. That includes your website, mobile app, social media profiles, emails, and offline materials.
Members should have a seamless brand experience, whether they are interacting with you online, on their phone, or in person.
Also, consider placing QR codes strategically around your branch. They can be next to different financial products or services. Make sure members can scan these codes with their smartphones to access more detailed information.
Here’s an example from Wheelhouse Credit Union:
Pro Tip: Create an integrated experience for members across all channels. For example, if a member starts a loan application process online, they should be able to easily continue it on the mobile app or in a branch without having to start over.
Key Takeaways on the Latest Credit Union Marketing Trends
Credit unions are often in competition with traditional banks and other major financial institutions. However, they also face many challenges that traditional banks often don’t face. As a credit union marketer, it’s important to allocate resources and use strategies effectively.
This involves using marketing methods that connect your credit union with the community you serve. You must understand the preferences of members and potential members. Then, evolve your marketing efforts accordingly.
We hope these credit union marketing trends provide a solid understanding of what’s in store for 2024. Consider using the ones that work best for your credit union. Also, keep an ear to the ground for new trends that might emerge as we progress through 2024 and beyond.
Need help getting started with a marketing and PR plan for your credit union? Let us help! Simply book a free consultation and we will see where your strategy could use an upgrade.