Even with targeted, regular campaigns, you could be missing opportunities to connect with members when they’re ready to take action.
When it comes to credit union marketing, it’s common to create and implement larger, bi-monthly or quarterly campaigns throughout the year. However, there is one major flaw with this marketing approach.
Credit unions may offer specific products and services, but most people don’t buy cars and homes or take out personal loans on a regular basis. While you may try to time your campaign around when these events are most likely to take place, such as promoting vacation loans during summer time, you’re still missing so many opportunities throughout the year.
In our PROMOTE Program, we created Continuous Marketing, our approach to take advantage of these potentially missed opportunities. In addition to implementing your regularly scheduled campaigns, Continuous Marketing focuses on your products and services throughout the year.
Traditional vs. Continuous Marketing
If you’re running traditional, quarterly campaigns, in the first quarter you promote auto loans for three months. However, for the remaining nine months of the year, you never focus directly on auto loans again. So, for three-quarters of the year, you’re missing out on opportunities to capture member auto loans. Lather, rinse, repeat as this less-than-ideal cycle continues throughout the year with all of your major products and services.
Traditional Quarterly Campaign Example
Jan., Feb., Mar.
Apr., May, Jun.
Jul., Aug., Sep.
Oct., Nov., Dec.
|AUTO LOANS||HOME LOANS||CREDIT CARDS||PERSONAL LOANS|
On the other hand, Continuous Marketing allows you to market specific products throughout the year. This not only helps you capture more loans and accounts, but it enables your credit union to maintain healthier Share & Loan Portfolios.
By reallocating your current resources, you can still maintain your quarterly campaigns, while regularly communicating with members on other products and services. These could include:
- Sending a direct mail series to targeted members
- Providing financial education via a blog
- Sharing social media posts and special promotions
- Exploring search engine marketing with landing pages
Implementing Continuous Marketing isn’t expensive or difficult. All of the above methods can run at the same time as your regular campaigns – helping you maximize your marketing opportunities while maintaining healthier Share & Loan Portfolios for your credit union.
Why risk losing additional auto loans, home loans, accounts and other services to other institutions for nine months out of the year?
It’s a Balancing Act
At STRATIX, we originally created our Continuous Marketing approach to help credit unions recovering from the recession rebalance their Share & Loan Portfolios. We’ve adapted it since then to provide credit unions the opportunity to grow loans and deepen member relationships consistently without sacrificing their current resources or budget. Interested? Let’s Chat.