BY EVA LAMERE
Is your credit union getting the most out of its member relationships? Keeping members engaged is the most surefire way of cultivating such relationships. Keep reading for seven success strategies that will not only reward the people you serve but also foster their loyalty to your CU brand.
As credit unions face the challenges of increased competition, reduced marketing budgets and greater consumer demand, they need to optimize their member relationships and maximize the way in which they provide value to their member base. While there are many approaches to cultivating member relationships, few offer a greater return on investment than the development of a plan comprised of critical engagement strategies.
Strong member engagement strategies foster brand growth and loyalty. Credit unions that focus on member engagement are committed to real value creation, whether through an exceptional end-to-end service experience, great content or strong member support beyond the traditional sell.
Here are some examples of successful member engagement strategies you might want to consider incorporating into your credit union marketing program. Whether you are aiming to acquire new members or deepen your relationships with your current ones, these ideas can help reward the people you serve and increase their allegiance to your brand.
- Humanize the brand.
People appreciate brands that are relatable and that understand their needs. Generating such appreciation is especially important to financial institutions. Big banks have been characterized as cold and impersonal for years. Credit unions, therefore, have the opportunity to humanize their brands by creating personalities who are passionate about what the brand represents. For example, Bethpage Federal Credit Union humanized its brand by creating the characters Beth and Paige, who are dedicated to helping members with their financial needs. These two brand advocates created a “trusted face” that helped in not only building the brand’s presence and personality but also making the CU stand out from the “big bank” competition. In addition, it grew awareness and market share for the credit union.