Don't wait until next year to revisit your marketing strategies
How effective are your marketing automation strategies?
This is a poignant question to ask as we approach 2019. Two years ago, many credit unions were probably unfamiliar with the term.
Fast forward to present day and marketing automation is an industry buzzword. The Internet of Things has a knack for creating indispensable tools, pulled from obscure places, in record time. Automated marketing is another example, and one that can benefit credit unions.
The key to effective automated marketing involves a good plan, and familiarity with effective engagement on various social media platforms and email channels. To keep perspective, remember automated marketing is all about saving time by simplifying processes. Doing so will make your marketing efforts more effective.
To that end, take an honest look at your strategy and assess the effectiveness of each area. For instance, you might realize your email marketing efforts are a bit heavy-handed. If members are presented with every offer you have, they will eventually tune you out. Your emails will become white noise, joining the ranks of big box retailers and others. Instead, make sure your members receive targeted email messages. This will increase engagement and encourage response.
Also, automate your cross-selling efforts whenever possible. This is an effective sales strategy. You have a lot of data at your fingertips about your members. Use this data to recommend certain products to your members based on products other members have used in conjunction with other products. For example, you might automate the process of offering a credit card to members who have held a secured signature loan for a certain period of time.
Remember to use size to your advantage. You can use the information at your disposal to send targeted, personal messages to members. This is effective in both attracting new members and keeping current members. Data is your biggest friend in marketing automation, and one of your best weapons against large financial institutions. Use this to make your digital correspondence personal. Members will feel valued and important.
If automated marketing is a bit overwhelming, consider outsourcing the process. There are several advantages to this. First, it allows someone else to give their full focus to your marketing projects. Often, credit union employees are pulled in different directions throughout the day as they are required to wear many different hats. An outsourced marketing team will shoulder the burden of credit union marketing automation. You can spend time focused on other duties.
Second, outsourcing brings perspective to the automated marketing process. An outside team can offer solutions and processes you may have never thought possible. They will work with you to come up with an efficient automated marketing system that meets your needs.
Finally, a marketing team can be more efficient than doing it yourself. Outsourcing to a marketing company gives the reins over to professionals who do this every day. They have your best interests in mind and will work with you to craft automated messages that are relevant, compelling and effective. This could ultimately be the answer for your automated marketing efforts.
In short, you cannot ignore automated marketing in today’s digital world. It is a vital part of daily operations and crucial to continued success. In all honesty, it is an expectation. We live in a world where we are constantly bombarded with messages on every front. We hear them on the radio, on our phones and on social media platforms. We are hit with thousands of messages each day.
In that same regard, your members expect a certain amount of marketing communication from you. Keep your messages targeted and relevant with automated marketing. In time, the impact will be noticeable – happy members, new members and more loan growth. Automated marketing is necessary to keep your marketing machine well-oiled and effective.