How to Improve Credit Union Email Marketing Strategies
Email marketing is a vital component in any credit union’s marketing strategy. As a regular channel of communication, it gives members and potential members a peek into your institution.
According to a benchmark survey, 77 percent of consumers prefer to receive permission-based marketing through email than any other channel.
To produce a successful email marketing campaign, your organization should establish the goals for the content, such as to engage current members and to share the information with others. Your specific email marketing goals should also be based on the lifestyle of the target market for your credit union services.
While each organization’s goals are different, here are three questions to consider when looking for methods to improve your email marketing strategy.
How Are Users Opting into Your List?
Evaluating how your organization is collecting emails is vital to ensuring your email strategy in reaching its short and long-term goals.
It’s important to choose appropriate methods that not only encourage your subscribers, but also match the voice of your organization’s brand and the lifestyle of your target audience. If your target market is younger, then you may want to add more visual advertising in your branches about signing up for emails and/or send friendly reminder posts/tweets through social media. For audiences that have less interest in social platforms, your staff can engage members during their branch visit about the benefits of signing up to receive emails.
When looking to revamp opt-in methods, feel empowered to get creative with your ideas and copy. Showing the personality of your organization adds interest. Many credit unions also overlook that the content itself is a unique opportunity to gain new members—if it is engaging enough for the subscriber, they will probably to forward it to a friend.
Are Your Email Subject Lines Engaging?
In an effort to be engaging, some credit unions might try adding “catchy” phrases and symbols to their subject lines. Not only will your subscribers see through this method, but these usually flag email providers that your email is not authentic, better known as spam.
Make sure your subscribers get to see your message by optimizing your subject lines for spam filters, while still maintaining the brand voice that they trust with their personal information.
Here are the top words, phrases, and symbols flagged by spam filters many financial organizations use.
Financial Terms to Avoid in Subject Lines
|Beneficiary||Best price||Big bucks|
|Cents on the dollar||Cheap||Check|
|F r e e||Fast cash||For just $XXX|
|Hidden assets||hidden charges||Income|
|Loans||Lowest price||Million dollars|
|Mortgage rates||No cost||No fees|
|One hundred percent free||Only $||Pennies a day|
|Save big money||Save up to||Serious cash|
|Subject to credit||They keep your money — no refund!||Unsecured credit|
|Unsecured debt||US dollars||Why pay more?|
Lists sourced through HubSpot
How Are You Segmenting Your List?
A common mistake credit unions make is not segmenting their subscribers into categories.
Email lists can be segmented easily by a variety of criteria. Age, location, and method of opt-in are just a few ways the overall list can be segmented. The success of segmentation depends on how well you know your goals and target audience, and it is heavily dependent on the technology that is fueling your email campaign.
MailChimp—one of the most popular platforms for email marketing campaigns—reports that users who segmented their email marketing list received 14 percent more opens than the list average, with 15 percent more clicks. They also reported that segmented users had a lower bounce rate.
While you may know your target audience, it can be difficult to navigate segmentation for the first time. Consider partnering with an experienced agency to assist with the technical implementation and analytical research segmentation most ideal for your marketing plan.
What has been your biggest email campaign success?