From the beginning, credit unions have thrived on the notion of people helping people. This generally means that each institution is centered on a specific group of people within their local community. Some credit unions have evolved into establishments with hundreds of millions of dollars in assets, operating nationwide, while some remain small and niche-oriented. The fact of the matter is that members of each credit union belong to distinct communities and join because that is where they feel they are best served. Connecting with credit union demographics doesn’t need to be scary nor is it that hard, but it might take some work.
At your credit union, you are undoubtedly aware of the community to which you serve and understand its demographics. The more important thing to take into account is how you get in touch with those people whether they are already members or just potential members. Consider what their needs are, their age groups, how they access their finances, and what keeps existing members loyal. All of these feature ways you can try to connect with your target demographic.
Let’s first talk about the needs of potential or already existing members. This is arguably the biggest aspect of connecting with a demographic if we are thinking about ways to serve them. Try to understand what drives the community that you serve and cater to what those wants and needs are. Small businesses are usually a great place to start. They are run by the people, for the people, so being able to help them and their cause creates opportunities on both sides. For them it can mean fulfilling a dream, continuing to serve their community, or simply helping them thrive. For you, it means maintaining the idea of a credit union by assisting the people, becoming a trusted financial institution, and facilitating the growth of your community. If one business owner sees that another owner is happy being a member of your credit union, then that opens the door for others to consider your services as well. For non-business owners, this idea remains exactly the same. Seeing you as a trusted financial institution for their favorite local business makes you a considerable option for their financial needs. It also creates a great word-of-mouth marketing opportunity for your credit union.
The next big factor to think about in regard to getting in touch with your demographic is age. Once again, consider the community you serve and who makes up the majority. This will help you get an idea of the types of financial situations they may be in, loan options they may consider, and ways they access their funds. For example, the financial situation of a millennial will most likely differ greatly from that of a retiree. Therefore, marketing the same services to each of them probably isn’t the most efficient idea. This also applies to the ways in which they manage their money. Millennials and younger people tend to be more comfortable with mobile banking options while older age groups prefer to either visit the credit union in person or online. Also, take into account that many of your members have children and have the potential to be future members. Many of your credit unions already have services geared toward kids but if you don’t, it is definitely something to consider. Activities like teaching financial responsibility, fundraisers, and contests can all get your members’ children familiar with your credit union. These are also great ways to give back and become more familiar with your community.
We can also help you with membership documents to sign up more members.