Beasley Digital Marketing Solutions for
Philadelphia Credit Unions
With banks claiming a massive 91.2% of the country’s total financial institution assets, credit unions like yours must work hard to compete in the financial sector. Effective marketing can help your organization gain the edge it needs to take on the banks and other credit unions. At Beasley Media Group, we can help your credit union get its advertising right and increase your market share.
Focusing on Acquiring New Members
Acquiring new members will help your credit union grow, so it's a vital strategy for long-term business success. We can develop a customized member acquisition strategy that could include:
- Promoting competitive interest rates and low- or no-fee accounts
- Advertising membership benefits, like free financial counseling
- Implementing friends and family referral initiatives, which reward existing customers for providing new leads
- Sharing testimonials from satisfied customers
- Introducing incentives for new members, such as introductory interest rates or free gifts with new accounts
Retaining Existing Members
Retaining existing members is arguably more important than acquiring new ones because members who stay are happy members who are more likely to promote your organization with positive word-of-mouth. It also costs five times as much to acquire a new member than to retain an existing one, so member churn can be a financial killer for any credit union..
Some strategies for acquiring new members will also retain existing members. For example, members rewarded for their referrals are more likely to feel positively about your organization. However, we can also implement the following unique advertising campaigns that focus on retaining members:
- Using target segmentation to personalize ad campaigns and reflect members' interests and stage of life
- Collecting feedback and act on it to show the opinions of your members matter
- Competitive interest rates on loans and savings accounts• Introducing rewards programs that recognize loyalty
- Communicating regularly through e-newsletters
Promoting Community Values
Unlike big banks that are often national corporations, credit unions often have a strong connection to their local communities. Campaigns that promote your organization's community values can help your marketing compete with community banking ads. People naturally want to invest in the communities they live in, so this kind of promotion can encourage people to invest in your organization.
Some ways to promote community values include:
- Supporting local charities through financial donations and staff volunteer programs
- Participating in community projects and events
- Sponsoring community events and groups, such as local sporting teams and radio stations
- Hosting community events, such as financial literacy seminars or family fun days
- Partnering with local businesses on joint promotions and events
Busting the Myths About Credit Unions
Studies show many Americans don’t understand credit unions or their strengths. For example,
- 40% of non-members think they can't join a credit union
- 45% of Americans believe credit unions don't have as many products or services as banks
- 60% of non-members don't think credit unions don't offer mortgages
- 55% of Americans don't think credit unions have online or mobile banking
Simply clearing up these misconceptions can make joining a credit union seem much more appealing. We can also create advertisements that go further and promote the advantages of joining your credit union. For example, you might highlight that it’s owned by members, so you return any profits to members and run your organization to reflect their needs. Or, you can talk about personalized service educational resources.
Targeting Young Adults
Young adults have the potential to become long-term members. They're just starting to make independent financial decisions, so it's important to reach them early before they become loyal to banks or other credit unions. Some strategies we use to connect with young adults include:
- Young adults have the potential to become long-term members. They're just starting to make independent financial decisions, so it's important to reach them early before they become loyal to banks or other credit unions. Some strategies we use to connect with young adults include:
- Promoting digital solutions, like online applications and digital customer support
- Advertising services they need most, like expense trackers and financial wellness tools
- Using targeted marketing to ensure young adults only receive relevant advertisements
- Strategically embedding financial services into relevant websites, like embedding a digital account opening tool into a community college student portal
Integrate Digital and Radio Advertising
To give your campaigns maximum impact, we recommend integrating digital and audio advertising solutions. This approach helps you reach the public when they're interacting with screens, and when they put their devices away in the office, the car, or at home. Both advertising platforms boast high engagement rates, but their powers become even greater when they work together.
Learn More About Beasley Media Group's Marketing Solutions
Are you ready to take your advertising campaigns to the next level? Then you need Beasley Media Group on your side. Contact us online to learn more about how our advertising services can grow your credit union membership.