In a recent Credit Union Times Expert Opinion Column, Engage Members by Inviting Them to Play, Oak Tree`s CEO talks about the analysis of why credit unions should engage with their members in their branches and the benefits it can bring. Here is an excerpt from the article:
"Often, when we hear terms like “membership strategies” or “member branch experience,” we tend to think of sweeping overhauls that take demographic segmentation, custom analysis, and months of marketing to employ. However, there are many things you can do to improve the overall member experience right now. Sure, it’s worth taking note of long-game strategies and knowing why you do what you do so you can do it better. However, short-game Marketing can be just as effective. Following are great membership strategy ideas you can implement right now. International Credit Union Day® will be here soon enough. Taking action now to implement a few of these short-term strategies could yield big payoffs by October.
Online Campaigns: Live Streams, Promotions, and Surveys
There are so many ways to implement effective online campaigns to drive membership growth. For instance, consider doing a simple live stream on Facebook to show your members what’s happening behind the scenes. This has become increasingly popular over the past year or so by local news outlets. Oftentimes, they will begin a live stream and wait 45 seconds or so for an audience to build. Then, they will launch into the news, making sure to mention a few of the commenters by name. You could do the same with your credit union, focusing on daily/behind-the-scenes activities. As members comment, thank them for posting and invite them to share the post on their page. It’s quick, effective, and costs virtually nothing.
Another type of online campaign could revolve around your credit union calendar of events and promotions. Do you have specific times during the year where you really push engagement? A noticeable calendar of events with a promotion link is very helpful. Prepare with your marketing agency and have low rates visible to members. It must be visible and easy to obtain. Aim for no more than two clicks between the time your member is presented with event/promotion information and the destination content for engagement.
Online surveys are very powerful, too. Consider issuing a quarterly survey with a random prize drawn from a pool of members who complete the survey. Ask what members want, how they would like to be engaged, which type of products they would like to see, and where they think you could do better. The bottom line is you might consider you are offering everything to your members and doing a fantastic job. If there are blind spots, they will come to light through a survey.
Also, consider surveying other aspects of membership. This is incredibly powerful. You probably have partial or in-house loan applications yet to be completed. You may have members with accounts or products served by other financial institutions. Ask why they chose those products over yours. In addition, ask why they did not follow through with a loan application. You can also ask current members if they are aware of any reason other family members may not be using you and the services you offer..."
To continue reading, head over to Credit Union Times website HERE.