Credit unions are small to medium financial institutions that offer much of what larger banks offer, such as loans, direct deposit, savings accounts, retirement accounts, and more, plus certain benefits to members, better interest rates on loans or increased rates on earnings on savings accounts. Marketing automation isn’t limited to big brands – automation programs like HubSpot can deliver a lot of value to credit unions and help improve their overall marketing strategy.
How to improve your credit union marketing with HubSpot.
Why credit union marketing automation?
Many credit unions have continued to thrive without putting big budget dollars behind their marketing. They are staples of local communities and many people trust credit unions more than larger banks and value their small-business feel. There is more of a focus on helping clients succeed than creating profits for shareholders. If credit unions already have so much going for them, what’s the point of marketing automation?
One marketing website notes that credit unions who use marketing automation successfully reach more of their community and connect their product solutions to more customers, effectively driving up membership rates. Many marketing automation programs can pay for themselves by acquiring only 5-7 new customers, which is even easier to achieve, of course, with the implementation of marketing automation. Plus, marketing automation can save marketers upwards of 70 days of work per campaign, saving credit unions even more and allowing them to continue to offer better benefits to their members, securing their reputation for customer-focused solutions.
Can using Hubspot help your credit union marketing?
What are the most important benefits that credit unions can experience when using marketing automation like HubSpot?
1. New customers
Marketing automation helps you get found by new customers, as well as positions you as the best option for their needs. HubSpot itself recommends engaging with potential customers often, saying, “You don’t need to wait for a prospect to show behavior that indicates they’re starting to think about joining your credit union. If a prospect is active on your site and engaging with your content, you can push out calls-to-action (CTAs) that aren’t sales CTAs. Invite them to sign up for your newsletter. Send them content from your Facebook page and ask them to comment or like it.” These interactions can demonstrate the value of your content and increase the trust your potential customers have in your brand.
2. Member retention
Customers want to know that they’re more than just a transaction. Marketing automation helps you maintain relationships with customers. Not only can this increase the number of products or services participated in by current members, but can also increase goodwill in current customers who may then go on to share your credit union as a recommendation for friends or neighbors. A good amount of credit union business is word of mouth and good marketing automation that nurtures current client business can help grow that.
3. Expanded services and greater wallet share
Today’s business market is increasingly competitive and customers are much more particular where they spend their money, meticulously checking all the details and hunting for the best deals. That means they may have a mortgage with one bank, credit cards with another, loans with another institution, and on and on. Automation offers a way to reach out to customers and educate them on why their current credit union is a good place to keep their business. Marketing automation, like email campaigns, gives you an opportunity to remind members about your other offerings and increase the accounts they have with your institution.
Credit union marketing automation is a powerful tool to help better connect small and medium-sized financial institutions with the communities they’re a part of. Marketing automation can create value for your target market and programs like HubSpot can make it easier.