Part II - How Fast Will We See Results From Our Credit Union Marketing Plan?

Last week’s blog featured one of the most common questions we’re asked when a credit union engages us in a strategic marketing relationship:

How long until this stuff starts working?

I realize, you probably need more perspective surrounding those questions regarding the speed of effectiveness of your credit union marketing plan.

Many factors can impact the answer to that question. However, the answer “immediately” comes with the proper execution of digital marketing. The question behind that question is, “but how much will it cost?”

If a potential member types your credit union name into a Google search, congratulations! You have already won their heart. They have chosen you as their preferred provider and are trying to connect. This means you will enjoy an extremely low cost-per-click with a high conversion rate.

But if they type the name of your competitor into the search block, then it will be that other bank or credit union (or maybe even a fintech or predatory lender) that enjoys that extremely low cost-per-click and a high conversion rate.

So, how long will it take to see results from my credit union marketing plan?

The game begins the moment a potential member types their problem or your category into a Google search instead of your name or the name of one of your competitors. Their screen is filled with financial institutions making offers that will solve their problem.

If they see a name they recognize, the game is over in moments. But if they don’t recognize any of the credit unions, banks, or fintechs that come up, several of the options will get clicks.

Back to that other question: How much does that kind of result cost?

The cost-per-click is extremely high when you compete for unbranded “category” keywords such as ‘auto loan’ or ‘debt consolidation.’

Yes, we advocate all of our clients have a sufficient budget for executing a digital marketing plan, so you can be found in a potential member’s time of need. Most importantly, we advocate for our clients to allow us to build their credit union’s brand by digging in to identify that with your team and executing your strategic and comprehensive credit union marketing plan, so people think of them first and like them the best when it comes to that final click.

Bo McDonald

From strat plans to rebrands, YMC President and CEO, Bo, is passionate about helping financial institutions come up with a winning formula. If you’re ready to go beyond the SWOT, you can email him at bo@yourmarketingco.com.

Comments

Growing Your Credit Union Without Expanding Your FOM

For many firefighter and other credit union primarly serving first responders, growth often feels tied to one big decision: expanding the Field of Membership (FOM). But what if you didn’t have to? What if growth could come from within —by deepening relationships, increasing engagement, and capturing more of the financial lives of the members you already serve? The truth is: it can. But it requires a shift in strategy. Rethinking What “Growth” Really Means Most institutions define growth as adding more members. But for single-sponsor credit unions, especially those serving first responders, a more powerful definition is: Growth = more value per member Many members only use one or two products—often a checking account and maybe an auto loan. Meanwhile, larger banks capture mortgages, credit cards, and investments. The opportunity isn’t just new members. It’s: More products per member Higher balances per relationship Greater share of wallet Your Biggest Advantage: The First Responder Life...

Read Complete Article HERE>»

When Vendors Price for Giants

Grant Sheehan CCUE | CEO Opinion: When Vendors Price for Giants, They Shrink the Future of Small Credit Unions ! There’s a quiet squeeze happening in the credit union industry, and it’s not coming from regulators or competition from big banks. It’s coming from the very vendors that claim to support the ecosystem. For small credit unions, the problem is increasingly simple and factual: the tools required to compete with digital banking platforms, fraud systems, compliance software, analytics, and payments infrastructure are priced for institutions ten or even 100 times their size. The result is a market where access to essential services is determined not by mission or member need, but by asset size. This isn’t just inconvenient. It’s structurally threatening. Vendors often defend their pricing models as a reflection of complexity or scale. Larger credit unions have more users, more transactions, more integrations, so they pay more, and that seems fair on the surface. But t...

Read Complete Article HERE>»

Fed still holds off on rate increase | 2015-07-30 | CUNA News

WASHINGTON (7/30/15)--Citing “moderate” economic expansion, the Federal Open Market Committee continues to do “a balancing act,” said CUNA Senior Economist Perc Pineda. The Federal Reserve’s monetary policy-making body completed its meeting Wednesday without edging up the federal funds interest rate. Fed Chair Janet Yellen has said the committee will opt for an interest-rate increase sometime this fall. The July meeting, however, was not the time. “The Federal Reserve continues to do a balancing act: the U.S. economy is not in a recession and definitely not overheating,” Pineda told News Now . “Changes in monetary policy after all are meant to influence an underperforming or an overheating economy.” Household spending growth has been moderate, and housing has shown additional improvement, the committee said. Labor conditions continue to improve with declining unemployment and solid job gains. Inflation is anticipated to remain near its recent low level in the near term,...

Read Complete Article HERE>»

Credit Union Lending Picks Up in Most Areas

Credit unions were increasing their portfolios in most areas in June, except business lending and new car loans, where portfolios fell for the 24th month in a row after seasonal adjustments, according to a CUNA Mutual Group report released Tuesday. The Madison, Wis., trade group’s Credit Union Trends Report showed new auto loan balances were $141 billion on June 30, falling at a 3.3% seasonally adjusted, annualized rate from May to June, part of the May-through-October peak car-buying season. Credit unions held $252.4 billion in used car loans on June 30, up 1.2% from May without seasonal adjustments. The Trends Report made slight adjustments to CUNA’s Monthly Credit Union Estimates released earlier in the month. In this case, its changes allowed total auto loan balances to show a slight 0.3% un-adjusted May-to-June gain, compared to being flat in the CUNA report. Steve Rick, chief economist for CUNA Mutual Group and the report’s author, said gains were stronger in other areas, includ...

Read Complete Article HERE>»

Facial recognition to secure payments will exceed 1.4 billion globally by 2025

BASINGSTOKE, U.K.– The number of users of software-based facial recognition to secure payments will exceed 1.4 billion globally by 2025, from just 671 million in 2020, according to a new study from Juniper Research. “This rapid growth of 120% demonstrates how widespread facial recognition has become; fueled by its low barriers to entry, a front-facing camera and appropriate software,” Juniper said, noting the research identified the implementation of FaceID by Apple as accelerating the growth of the wider facial recognition market, despite the challenges to facial recognition during the pandemic with face mask use. The research recommends that facial recognition vendors implement robust and rapidly evolving AI based verification checks to ensure the validity of user identity, or risk losing user trust in the authentication method as spoofing attempts increase, Juniper reported. Fingerprint Sensors The new research, Mobile Payment Authentication: Biometrics, Regulation & Market Fore...

Read Complete Article HERE>»

Don't say NO to your members anymore!

Does the following scenario occur at your credit union? If it does, we have a solution for you! A member comes in into your credit union and wants to know if you will loan them a couple of hundred thousand $$$ to buy a building, or can you loan him some seed money to start a new business or purchase equipment for the company they currently own, and you say, “the credit union doesn't do those kinds of loans”. Does this sound familiar? How many times do you and your staff say NO and literally tell a member to “go down the street or go somewhere else” ? Well, now, you have another option. CU First Responders Finance (CUFR) CU First Responders Finance, LLC (CUFR) is a partnership between the National Council of Firefighter Credit Unions, Inc. (NCOFCU) , and Biz Lending & Insurance Center, Inc. to provide business lending origination programs to NCOFCU member credit unions. CUFR will provide you with a turnkey operati...

Read Complete Article HERE>»

What should your credit union budget for in 2025?

As we enter the fourth quarter, many credit union leaders are starting to turn their attention toward planning for 2025. With a myriad of options and new technology, it’s crucial to prioritize services that set credit unions apart while encouraging growth. In this article, we explore several key areas credit unions should consider when preparing their budgets for the coming year. Expanding membership One significant trend shaping the financial landscape is the exodus of big banks from rural communities . This presents a golden opportunity to expand membership to new communities. However, this expansion doesn’t necessarily require traditional brick-and-mortar branches. Credit unions can leverage technology to provide services efficiently and cost-effectively. Some alternative service delivery methods include: Interactive Teller Machines (ITMs) : These advanced ATMs allow members to interact with a live teller via video, providing a personal touc...

Read Complete Article HERE>»

What Trump’s ‘one big beautiful’ tax-and-spending package means for your money!

Trump’s megabill will bring sweeping changes for household finances. President Donald Trump signed his “one big beautiful” tax-and-spending package on July 4 — legislation that will bring sweeping changes to Americans’ finances. After the Senate passed its version on July 1, the House Republicans on July 3 voted to approve the multi-trillion-dollar domestic policy legislation and send it to Trump’s desk for signature. The final bill makes permanent Trump’s 2017 tax cuts while adding new relief, including a senior “bonus” to offset Social Security taxes and a bigger state and local tax deduction . The plan also has tax breaks for tip income , overtime pay and auto loans , among other provisions. The GOP’s marquee legislation will also enact deep spending cuts to social safety net programs such as Medicaid and food stamp benefits, end tax credits tied to clean energy an...

Read Complete Article HERE>»

Boston Firefighters Credit Union sets up fund

Posted Mar. 27, 2014 @ 7:35 pm ROSLINDALE The Boston Firefighters Credit Union has created a fund to help support the families of Lieutenant Ed Walsh and Firefighter Michael Kennedy. "In difficult times like these, I am so proud to be mayor of a city that comes together to help our neighbors in need," said Boston Mayor Martin J. Walsh. "Since yesterday's tragic events, we've experienced an outpouring of support from across the city, state, and country. So many people have expressed a willingness to help, in some way, as we grieve the loss of Lieutenant Walsh and Firefighter Kennedy." "Although no donation can heal the wounds suffered by the Walsh and Kennedy families, we are grateful to the Boston Firefighter's Credit Union for helping us create a focal point for peoples’ generosity, and to the people of Boston, of Massachusetts, and of the United States, who have once again shown the power of a community to help healing process begin." ...

Read Complete Article HERE>»

Sunday Reading - How were the National Parks started?

America's 'Best Idea' How were the National Parks started? America's National Park System includes roughly 85 million acres of US territory, equal to the size of Germany, set aside by federal law for preservation. There are 63 areas officially designated as national parks—including the Grand Canyon, the Great Smoky Mountains, and Acadia—and more than 400 additional smaller units ( see map ). In 1872, Yellowstone was established as the first national park dedicated to public enjoyment and recreation, though its foundation also displaced several Native American tribes . By 1916, the growing system required the creation of the National Park Service to preserve its lands for future generations. Eventually, hunting and logging were banned in the parks, though regulated extractive activity is still permitted in nati...

Read Complete Article HERE>»

First-responder Credit Union Newsroom

Search This Blog