Signals from the Field

Even as a digital marketing agency, we know there are benefits credit unions realize through direct mail campaigns to reach members and potential members. The keys to doing that well are using an integrated CRM that can provide information and working with a vendor such as Conquest Graphics to convert that data into advertising, tailored to a member, or potential member’s, current needs. Now that the volume of direct mail has tapered off in most households, it is easier to get attention than in previous years.

Advertising should be more than setting up some ads for your entire market and putting them on auto-pilot. There are better ways to maximize a credit union advertising budget, and the following ideas primarily leverage data to more precisely target audiences with the right product to the right person by targeting a younger demographic that will help build the membership base. 

According to the World Council of Credit Unions, the average age of credit union members in North America is 53. Since the overall median age of people in the U.S. is 38.5, credit union members are squarely on the older side of the population. To build a member base that will grow over the next several years and decades, attracting members under age 45 is the goal for most credit union marketers.

Today, WebStrategies Inc. of Richmond, Va., announced that it has reached the Diamond tier of HubSpot’s Solutions Partner Program. HubSpot, a leading CRM platform for scaling companies, works hand-in-hand with partner experts to grow their businesses through inbound software, services, and support.  

It’s no surprise to those in the financial industry that credit unions and traditional banks are facing tough competition from digital-only banks and fintech. In our recent survey of 1,000 banking consumers and subsequent Consumer Banking Preferences & Behavior Report, we learned the value drivers for consumers under age 45. Number three in the primary factors list that people under 45 value in a financial institution are mobile app capabilities. Online (non-mobile) capabilities ranked in the secondary factors. Clearly, the online experience is important to the younger demographic, and fintech by nature delivers exceptional digital experiences. But what makes a fintech app better than credit unions’ websites and apps?

While credit unions have long been known for their low rates and trust-worthy business practices, younger consumers in this digital-first era have different priorities. In our exclusive, Consumer Banking Preferences & Behavior Report, based on a survey of 1,000 banking consumers, we learned that there is a wide gap between what consumers under 45 value and those that are 45-plus value in a financial institution. It is up to marketers to resonate with consumers on things that matter most to them which may require changing up the message as well as the channels in order to reach a younger audience.