2020 was quite a year, right? So many changes presented themselves and we all had to learn what it truly means to be resilient. credit unions everywhere faced new challenges and had to quickly adapt and think fast when it came to helping their members. Not only that but the way we market had to also take a quick turn to all digital platforms. In this marketing corner, we will discuss what your credit union can expect when it comes to marketing and best practices in 2021. It's a new year and so new trends come into play.
BE TRULY ADAPTABLE. As we all saw, things can quickly change at the drop of a hat. While in the marketing profession, most of us are used to things changing quickly, and we must continue to prepare in advance. This means, don't just wait until something falls in your lap before addressing the situation. Go looking for the disruptions! By doing that, you can ensure your team and CU can be actively prepared for anything in the foreseeable future. We all know that marketing means always adapting – and with the year we had, going into 2021 – just remember to continuously listen to your members and keep an open line of communication.
TAKE ON DIGITAL TRANSFORMATION. If 2020 gave us an insight into the future, it's that we must be pushing for digital. According to Global Marketing Alliance, in 2020, investments in paid, owned, and earned digital channels now account for almost 80% of multichannel budgets, with digital advertising and search advertising taking nearly a quarter (22%), with social marketing (11.3%) and website (10.4%) topping the list. The change we are seeing when it comes to going digital is something that is likely to be permanent going forward. If your CU is not on all the possible digital channels, you are missing an opportunity to reach your members and potential members.
INCORPORATE OLD WAYS. While the New Year starts to unwind, some of our old values and ways of doing things will eventually return. Being able to incorporate old marketing tools with new and digital ones will be very beneficial for your CU. The future of marketing will fall within traditional and new, and effective ways of marketing. While some of your members may be ready to return to doing business in-branch, a lot of members will still be wary of doing so for some time to come. Being able to accommodate all members is what will make your CU stand out from the rest. Giving members the relationship that comes with banking with a CU through digital platforms is not always easy, but hopefully, with a good marketing team to back you up, it's possible! The new normal for CU's will be taking on a balance of both marketing worlds.
While there are sure to be other trends that may be predictable or unpredictable once we arrive in 2021, one thing that will always remain the same is Oak Tree's ability to be there for your CU! With over 37 years of experience in the credit union industry, we can help make sure your CU's marketing goals are being reached and you are staying ahead of the race. Our marketing services department is standing by to answer any questions you may have! If you would like more information about our custom marketing services, feel free to chat with us at MarketingServices@OakTreeBiz.com.