Why Your Credit Union Membership Stopped Growing

The consistent growth of a credit union’s membership is vital to the organization’s success. If you’re noticing a slump in new members, evaluate your credit union’s marketing strategies for these common issues.

Missing Connections with Target Audience

Credit unions are unique because they cater to a specific segment in the local community. A decrease in new membership could be a sign of this niche group missing connections with your messaging.

A general practice for financial marketers is to prioritize their ad spend for television spots. However, the most lucrative groups – Generations X and Y – spend 44% (Generation X) and 70% (Generation Y) of their time on social media, specifically for personal financing and investment purposes. In response to this recent change, more credit union marketers (76%) are looking to enhance their credit union’s social media strategies to connect with potential new members.

It’s important to understand, through research and experience with your target’s buying habits, where your audience spends most of their time and most actively engages with brands to most effectively increase the ROI of your marketing efforts.

Your Credit Union Brand Message is Not Consistent

Every marketing channel should complement the overall message that you want your target audience to hear about your organization. Certain channels are more effective for sharing specific reasons new members should join your credit union, but should add to the overall brand message.

Do your commercials say that you care about connecting with your members, but you lack a strong social media presence? Are your paid advertisements placed and styled to appeal to Millenials, but your website isn’t mobile friendly? A cohesive message isn’t always about the copy or ideas behind your strategies. It involves what the functionality of various platforms mean to your target audience.

When planning your credit union’s marketing strategy, keep in mind how the channel and message will work cohesively to create the unique experience you want your members to have and the impression you’re aiming to make on prospective members.

Your Target Audience Doesn’t See You as Part of the Community

At least 87% of credit union members trust credit unions over big banks for security, convenience, and discounts. A successful marketing campaign will highlight these features along with the unique needs of your specific target market.

Credit unions can take advantage of the disconnection between potential new members and large national banks by showing that credit unions differ from big banks in that they are part of the audience’s local community or industry. One way to showcase this strong selling point is through added in-person initiatives, like community events.

A strong public relations campaign is certainly not limited to only attending events, but it’s high recommended to get coverage from the best media outlets that potential members read and trust. Amplifying your credit union’s involvement in the community shares the greater story behind your organization that sets you a part from competitors.

Not sure where to start tackling these issues in your credit union’s marketing plan? Let’s chat about what a successful credit union marketing strategy looks like for your target market today.