Credit unions, built on serving communities, can establish win-win situations with local businesses through well-crafted membership programs. Here’s how to develop a program that attracts and empowers them in your efforts to cultivate credit union growth.
Know Your Niche
Identify the dominant businesses in your area. Tailor offerings to their specific needs. Are you near a tech hub? Offer equipment financing. Manufacturing center? Provide venture capital connections. Consider tiered memberships with varying benefits for small businesses, startups, and established corporations. For credit unions, this is easier than most industries as your niche is often in line with your field of membership. Look at how you can use this to leverage more members.
Craft Competitive Advantages
Attract businesses with competitive rates on loans, lines of credit, and merchant services. For efficient financial management, simplify account opening, online banking, and bill pay. Provide access to financial advisors who can guide businesses on budgeting, cash flow, and investments.
Once again, look to what makes your field of membership unique. Look at some challenges your FOM would experience that others would never face. When we look at the pain points we can then look for solutions and that is what fosters growth, solving the problems of the consumer.
Go Beyond Banking
Build value by hosting cybersecurity, marketing, or business planning workshops—partner with local businesses for member discounts. Showcase your community commitment by organizing volunteer opportunities or sponsoring local events.
Make Joining Easy
Create a user-friendly online application with clear requirements and minimal paperwork. Assign a dedicated team of representatives specializing in business member needs. Offer a library of online resources and tools specifically for business finance management. Having easy-to-use and custom forms like those from Oak Tree is the easy answer here.
Promote Your Program
Reach target industries with social media and local advertising. Collaborate with Chambers of Commerce to connect with local businesses. Highlight the program’s benefits by showcasing success stories from existing members. This is the outreach and marketing aspect once you have done the strategy and research.
Remember, a successful program is a partnership. By understanding your target audience, offering competitive services, and fostering a sense of community, your credit union can become a valuable financial partner for local businesses, driving growth and fostering long-term loyalty. To learn more ways to reach out to potential members, be sure to follow this blog where every week we put out advice or information relevant to those in the credit union industry.
