By Rhiannon Stone
Marketing to the life milestones of your members is a powerful way to reach them. The needs of credit unions members shift throughout their lives, so it’s important to market your services based on the place in which they are. From youth to retirement, providing members with effective tools and communicating via methods that will best resonate with them are key.
Here are five important member life milestones that provide unique marketing opportunities for credit unions:
1. Opening their first account. Getting younger members started early is the first step toward fostering a lifelong relationship with your credit union. You should offer youth accounts that encourage these members to save and reward them for financial responsibility. You can also use youth accounts as an opportunity to provide financial education. This group is best reached via mobile, utilizing methods like gamification where they can earn points for participation with the credit union. Youth accounts should have no (or a very low) minimum balance requirements and offer other perks like free checking.
2. Taking out a student loan. Members looking to attend college will turn to their credit union for guidance on how to budget for and manage their student loans. This younger group is also more focused on getting involved in the community, something that credit unions do better than other financial institutions. Provide online courses to this demographic on how to manage their finances, and engage with them on social media. Messages should reach these members on their smartphones — Gen Z is spending three hours per day on these devices.
3. Buying their first car. Credit unions are known for providing lower interest rates and financial education – leverage these messages when communicating with members about buying their first car. Members need to know how to budget for car payments, and how to keep their insurance rates low. As with any significant financial decision, education is key.
4. Purchasing their first home. Your credit union should provide guidance for your members from preapproval to purchase. Again, marketing your credit union’s education services is critical. Members-only education is a key differentiator for credit unions – it’s essential that you let your members know what services are available to them when they decide to buy a home.
5. Planning for retirement. Retirement requires diligent and careful planning. Counseling from a financial advisor on investment strategies is a must. For your members that have already reached retirement age, consider implementing a senior program that provides benefits to them in their golden years. Keep in mind that these members are more likely to go into the branch – consider a staff incentive program to keep your employees highly engaged with this population.
Clearly, the common thread of marketing to milestones is rooted in education. However, it’s up to your credit union to communicate these added benefits to your members. You need to consider communication methods that will reach your various audiences where they are – digital, mobile and in-person interactions all play a role.
By understanding what your members need, you can provide them with the information to succeed financially.
Rhiannon Stone is COO at EPL, Inc. For info: www.eplinc.com.