Marketing Doesn’t Have to be Expensive to Work

Colleen Cormier
Marketing Doesn’t Have to be Expensive to Work

Some financial institutions share a common misconception that marketing isn’t affordable when times are tough. Nothing could be further from the truth. Marketing doesn't have to be expensive.

Aside from what you already pay your employees, it doesn’t cost a thing to talk to members or customers. What they want and need from you now more than ever is to hear from you.

Call Them

Using the phone to make an actual phone call is a foreign concept for many these days, but it still works the way it always has. In fact, it’s more meaningful now for that very reason. The impact is more than you may realize. Last month, a Resource One Credit Union member posted this on her own Facebook page and tagged the credit union:

“This week, I received a personal phone call (not automated) and a personal email both from my credit union checking on me and my financial needs during this time. What financial institution called you personally to check on you?”

Call your members or customers and ask them how they are doing. Ask them if there is anything your credit union or community bank can do for them to help with their financial needs. Be their guide as they navigate this new normal we all live in. They won’t forget how special you make them feel.

Beef Up Social Media and Video Usage

At a time when the country is practically living digitally – working remotely, e-learning, online grocery delivery and even virtual doctor visits – there’s no better time to get their attention online.

Facebook is free. Instagram is free. All social media is free if you just open an account and start engaging with members or customers. The way you engage with people online and the experience you provide them on social media is far more effective than any paid advertising you could do on social media.

You may already use social media, but are you using it well? Are you having conversations with consumers and providing an experience or are you posting images about checking accounts and other products your credit union or bank provides? You must engage!

You also must use video!

One of the most detrimental trends we have found from conducting marketing assessments for credit unions and community banks is they are not using enough video. Most aren’t using video at all. Here are three reasons you must start now:

  • 88% of video marketers reported that video gives them a positive ROI. (source: Wyzowl)

  • Video is the second most-used content type on social media to increase audience engagement. (source: HubSpot)

  • 84% of people say they’ve been convinced to buy a product or service by watching a brand’s video. (source: Wyzowl)

Video also doesn’t have to be expensive. Use an iPhone or Android mobile device and film a quick, heartfelt message from your CEO. Film a loan officer giving a one-minute tip for improving credit. Film members giving a testimonial. You don’t have to start with a media production company. You just have to start. Period.

Marketing doesn’t have to be expensive to be effective, but it does have to be implemented. One thing is for sure. If you don’t do any marketing right now when people need to hear from you most, they might not be around when you’re ready to start talking to them.

Colleen Cormier
Account Executive