3 Ways Credit Unions Can Grow their Business
If you’re a local credit union, odds are you’re up against a lot of competition. From other local credit unions to big banks and online-only institutions, there are a lot of options for people to choose from.
In fact, 41% of consumers have an account with a credit union, but only 18% of them consider their credit union their primary financial institution. This means with the right marketing strategy there’s the potential to gain a lot of new business.
So, how do you make yourself stand out from the competition, get found online, and attract new customers?
Here are three tips to grow your business in your local community:
Highlight Your Differences
When it comes to financial institutions, size isn’t everything. As a smaller business, you’re able to offer more personalized service, which builds trust with consumers.
A recent survey found that 93% of community bank customers and credit union members trust their institution, compared to just two-thirds of megabank customers.
Don’t try to compare yourself to the bigger institutions. Instead, highlight all the ways you’re different from them and you’ll likely win over some new members.
Understand Your Community
As a local business, credit unions typically have the ability to build lasting relationships with their customers.
Take the time to learn about what’s important in your community. Are there any causes you can support? How can you get involved in local events? Is there a way to make your community a better place?
Larger financial institutions are usually national companies that don’t have the time to focus on every community they’re based in. So, this can be a big advantage for credit unions.
Develop a plan to get your business involved in the community. When people see you contributing to local causes they’ll be more likely to do business with you.
Generate More Leads Online
Employ the following tactics to grow your online presence and help get your credit union found by potential new members:
- SEO: This includes optimizing your website with relevant keywords, building links from other sites, and listing your business in online directories.
- Email Marketing: This is one of the most effective forms of digital marketing. On average, every $1 you spend on email marketing generates a return of $42.
- Social Media: Creating content on sites like Facebook, Twitter, and Instagram is one of the most cost-effective ways to grow your business. Plus, social media has proven to be the best advertising channel for Millenials and Gen Z.
- Reputation Management: Online reviews are more important than ever if you want to generate positive word of mouth. Claim and update your profiles on review sites, and make sure to respond to every review you receive.
Expand Your Online Presence with fyndyou
Finding the time to effectively build out this local strategy is difficult. That’s where fyndyou comes in. Our Program Bundle includes everything you need to get your business found online locally, all for one affordable price.
Click here to learn more about how the fyndyou program has helped credit unions like you.