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Finance

6 Product Promotion Tips Every Credit Union Should Consider

Posted by Justin Smorawske on Oct 19, 2017 8:35:40 AM

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It's International Credit Union Day! What better way to celebrate the auspicious occasion than to rattle off some handy product promotion tips that every credit union (the world over) should consider adding to its ongoing strategies?

Here are six potential tactics your CU should consider.

Be More On-Demand

Your web-savvy consumers want to serve themselves—think of the popularity of self-checkouts at major retailers. To do this, they need the ability to apply for and open accounts on their time and in their own spaces. You likely have provided the ability to apply for a loan on your website, for example, but consider other on-demand services. Can someone apply for membership to your credit union online? How about retirement accounts? Think of your most popular in-branch member actions, and consider making them actionable on your website.

Maximize Your Drive-Thrus

Sure, your branches probably have drive-thrus. You probably place your sunniest, most personable tellers at said windows. But are you using them to their fullest potential when it comes to your ongoing campaigns? Think about the journey a member takes when he or she pulls up to a drive-thru window. There is likely idle time—what is your member doing in the meantime? Use your window real estate to present vital product information via window cling or signage. But go one better—offer up quick-hit info with a QR code or Snapcode. Cater to the time constraints of a drive-up with a pathway for pulling up an actionable landing page or form with the click of the camera button on their smartphones.

Package Your Products

Bundling—it's a strategy that's been used amply by cable companies and the like for years. But it might be a potentially lucrative way to boost your upsell strategy for your credit union. Give members the option of bundling multiple services to waive added account-opening fees or monthly costs. Offer a person the opportunity to open an auto loan with you, bundled with his or her existing checking account and perhaps auto insurance (if your CU provides it) for a reduced fee or rate. You'll cross-sell more products with incentives. Just make sure to make your bundling process as a la carte as possible—consumers want the ability to choose in a customized way.

Cut Down Bulk Messaging

How do you email your member base (and potential member base)? Is it a regular send sans customization? If you have enough intelligence on your customers to track behaviors (i.e., page visits, CTA clicks, etc.), you should be personalizing your email messaging. A member visit your home-equity loans page three times in a month? Time for a personalized email about the advantages of buying a home in your market. A sales lead clicks your "Apply" button on your credit card page but didn't take the plunge? Probably merits an email about the benefits of establishing a credit history. Use what you know to do right by your members and leads.

Track Timing

The beauty of your digital sales efforts is that you can aggregate a lot of useful data from how your customers interact with your content. From social media to email to website activity, use the information you know about customer habits to determine when you post and promote new content. Do your members tend to interact with your Facebook posts most in the evenings on Thursdays? Save your most valuable product-promotion content for that time. Sunday afternoons popular for email opens? Save your big announcements for that time. Use what you know to drive more positive outcomes.

Pop Up (With Value)

Remember pop-up ads? Yes, they've gone out of style as more and more consumers implement ad blockers. But pop-up windows, interstitials and other forms of disruptive advertising on your own site can actually be quite valuable. (As long as you're providing something valuable.) Test out action-based or page-visit-based pop-ups (or pop-downs) that offer your visitors something they're ready to act on—a giveaway, a downloadable or another useful freebie that they can offer up an email address to obtain. Don't see it as a sale pitch or an opportunity to hard-sell a specific product—give something of yourself first, and then follow-up with related product promotions via email or direct mail.

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