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Fall is almost here. While you may still be experiencing 100-degree heat (like those of us in Texas) and the “dog days of August,” Fall (and Fall marketing campaigns) are just around the corner.
Fall has typically meant football, festivals and funnel cakes. Of course, this Fall will look completely different.
Fall is also going to look completely different for credit unions and banks. Typically the Fall represents auto loan campaigns, community activities and holiday promotions. Not this year.
Everything is being affected by the virus...including your Fall marketing campaigns. You are going to have to adjust your strategies and pivot your tactics. But how? Here are a few ideas:
Everyone is unbelievably stressed right now. According to a D. Power Financial Services survey, 1 in 4 said their financial stress has gone up a lot and another 30% said it has gone up a little. Other survey data has shown that over 80% of consumers are worried about the economic impact of the virus. Rather than send the traditional marketing messages of the past you need to communicate and connect with consumers about that stress.
Most fairs, concerts and other local activities that involve large gatherings are cancelled for the Fall. Since credit unions and banks sponsor many of those activities we are going to have to pivot how we do them. One potential pivot is to “go virtual.” For example, UniWyo Federal Credit Union created a “Run Away From 2020” virtual race. It offered prizes, swag and all kinds of fun stuff in a virtual environment.
The new hot car truck may not materialize this season. Consumers who were once inclined to purchase a brand new vehicle may hit pause on those plans. However, most people still probably have some form of auto debt. See if you can gain some of that business with an auto loan recapture campaign. And rather than that shiny new vehicle, consumers may have a greater need for something more modest (as in a used auto).
Because those stimulus checks keep coming more than likely your credit union or bank is flush with deposits. Of course, that presents its own unique challenges for your balance sheet, especially when you can’t loan those dollars out or invest them. One way to cement your relationship with your consumers is to offer investment services. Encourage them to meet with a financial advisor who may be able to put those dollars into investments other than CDs, IRA and savings accounts.
One of the best ways to immediately improve your marketing is to conduct a marketing assessment. The assessment provides immediate ROI because it gives you a step by step plan to grow your credit union or bank in the next 90 days. As Lily Newfarmer, CEO of Tarrant County’s Credit Union said after their marketing assessment, “We already had an idea there were weaknesses we needed to overcome. The marketing assessment provided a ton of solutions that will elevate and streamline our marketing moving forward.”
Consumers are spending more time than ever at home. Use that fact to your advantage. After staring at the same four walls for so long they might realize those walls need some new paint. Or they may need to finish out their basement, convert a bedroom into a home office or remodel their kitchen. Offer your credit union or bank as the source for those home projects.
The pandemic is still with us—even during the Fall. Rather than rolling out the same type of marketing campaigns as in previous years now is the time adjust your strategies and pivot your tactics.