When you think of credit union marketing, what comes to mind? Probably multi-channel campaigns, community events, direct mail going out to hundreds of people, maybe even some billboards…and those are certainly Santa-sized marketing ideas!
But massive marketing doesn’t necessarily equal effective marketing. And it isn’t always feasible too.
Budget, bandwidth or the hectic nature of the holiday season might disallow such humungous marketing moves. That doesn’t mean you ditch communicating with members and potential members. It simply means you discover some “elf ideas” – credit union marketing tactics small in nature but powerful in impact.
Santa’s workshop can’t function without his diligent elves, and your marketing can’t function without elf ideas. So, here are four bite-sized credit union marketing ideas to resonate with consumers during the holiday season.
1. Elf on the Shelf
Having some holiday social media fun doesn’t take a lot of resources…just some creativity! But if done right, it can endear you to followers and spread outside of your profile page.
The ever-popular Elf on the Shelf is a staple in many households, so why not have it in your credit union too? You can move it from place to place in your branches and challenge members to find it. Post about its discovery on social media and feature the members who find it each day.
Maybe offer a small prize to the successful elf hunters. Or ask members to make a companion (or companions) for your elf.
Outside of posting and purchasing the elf/small giveaways, this credit union marketing idea has a low threshold of money and work. However, it’s quite engaging and fun for people to follow.
2. Charity and Giveaways
Social media is a prime place for giveaways in your credit union marketing. People love entering online contests, and you can rack up engagement quickly. In fact, a Tailwind study showed 91% of Instagram posts with over 1,000 comments were contests or giveaways.
You can make your giveaway even better by tying it into the charitable spirit of Christmas.
Family 1st of Texas FCU employed this tactic by entering members who donated blankets into a gift card drawing. Find your own spin and post about donating, the prize and the winner.
Capitalize on people’s love of free things and helping others in one foul swoop.
3. A Cheaper Christmas
Targeting a cheaper Christmas for your members is a beneficial credit union marketing strategy for all involved. And once again…it doesn’t have to mean a major months-long scheme. It’s more about messaging and using the services you have to better members’ lives.
For 50% of holiday shoppers, price is the top reason to purchase something. But these price conscious consumers must contend with an average 24.56% rate on many credit cards.
Most credit unions offer more affordable credit card rates than the average (not to mention even lower personal loan rates). Tailor your messaging. Target the price pain point and position your loans as the solution.
You can use imagery to hit home as well. Show a divided image – on one side resides a full cart with your credit card; on the other side, a nearly empty cart with the average card.
4. Second-Chance Season
“Second-Chance Season” is another credit union marketing messaging flourish bound to attract interest. Playing on the goodwill of the Christmas season, you can highlight credit unions’ unique interest in helping the underserved or down-on-their-luck discover financial stability.
Business Insider reports 45 million Americans are “credit invisible” and need help building credit. Marketing a secured credit card or beginner accounts offer solutions to these potential members.
Ask these individuals to “Come Home for Christmas” and add these messages to your regular content (blogs, newsletters, etc.).
Remember: credit union marketing doesn’t have to be big to be impactful. The ideas above are mainly social media and messaging efforts, but they still engage members. Of course, small credit union marketing efforts can still overwhelm you if you wear many hats. Get your own elves with an On The Mark Strategies’ creative services partnership and execute your marketing plans.
Book a free consultation today!