Credit Unions’ gateway to triumph!

Author: Aditi Syal | Categories: Credit Unions, Demand Generation, Marketing Automation, Customer Acquisition, Customer Experience, Financial Services

As the customer landscape changes and our society moves to one of largely digital, credit unions must balance their personalized service with their online offerings. Today’s customers expect seamless customer journeys any time, any place. They want available information that is easy to access and tailored to their particular needs.

If credit unions can find the right balance between their service and offerings, they will improve their customer acquisition efforts and have a superior understanding of their members to provide a better overall customer experience.

digital marketing roadmap, roadmap for credit union marketers

Online and mobile banking have made a significant impact on the banking industry; it can strongly influence the satisfaction and retention of a customer. Credit Unions that overlook these needs will quickly find themselves no longer competitive.

So, here’s the roadmap that you need to follow to have a customer retention strategy with digital in place:

Develop a Digital Strategy

There are several steps in the process, but ultimately a credit union needs to align with the ability to have a seamless, one-to-one customer journey across all channels and devices.

Research by HBR found that companies that can effectively manage and execute customer experience strategies, gain untold benefits. They achieve higher customer satisfaction, reduced churn, increased revenue, and greater employee satisfaction.

Create Your Customer Experience Plan 

The importance of customer experience, especially the digital customer experience continues to grow.Companies recognize that experiences are both powerful and profitable. No longer is price the main reason that clients drop a brand, the quality of their experience and the perception of your brand are key to their decision. Statistics and insight into the growing field of customer experience only serve to illustrate how the world of marketing has become customer-centric and banking institutions that can capitalize on that can reap benefits.

Customer Personas and Developing Customer Journeys 

Buyer personas are representations of a customer; they are archetypal depictions of who buyers are,what they are trying to accomplish, what goals drive their behavior, how they think, how they buy, when they decide to buy and why they make buying decisions.

A customer journey is a process of developing a map of the customer’s experience. It encompasses all the steps users, prospects or customers go through when engaging with your company – from start to end. The ideal result is that as a brand or company, what you are offering is a unique experience for your buyers - your specific customer experience.

Digital Lead Management Framework

Once you have identified your current lead lifecycle, you can optimize it for your growth goals of your credit union and to align with new customer experience strategy. There are three essential activities that you can center your focus on when putting together a digital lead framework.

  • Top of the funnel (ToF): Generate or re-activate leads
  • Middle of the funnel (MoF): Convert leads for loans and accounts
  • Bottom of the funnel (BoF): Increase profitability and wallet share


Digital Management

Tracking Your Performance

Metrics have always played a significant part in developing and maintaining a good marketing strategy.Now that marketing is responsible for a greater role in the sales process, the focus has shifted from analyzingcampaign performance to calculating marketing’s overall contribution to revenue. Since marketing owns the majority of the relationship with self-educating prospects, it must be held accountable as acore part of a company’s revenue engine.

Tools and Technology

As we go through the planning process for all of these strategies, processes, and campaigns, one thing becomes clear - the capability to provide a one-to-one marketing strategy and compelling customer experience plan - will require marketing tools to execute all of the various moving components. And there are quite a few to choose from. With the digital technology boom, automating, measuring and standardizing tools have grown exponentially every year.

Hopefully, this will help you, credit union marketers to generate some overarching to develop a robust customer experience strategy that results in either improved customer acquisition or retention. To gain more insights into digital demand generation for credit unions, watch the On-Demand Webinar and create a strategy through which you can achieve the business goals every company hopes to attain - engagement, loyalty and clients that advocate for the brand.