With a constant influx of varying data, outlining effective marketing strategies can confuse even the most experienced marketer in which way to sway. Is direct mail worth it? Isn’t digital marketing the way to go as the years progress?
There is no clear answer to whether either strategy will work for your specific institution, but with some analysis of your current and potential membership you can find clarity. Some pros of both media platforms may have you understanding the effectiveness of each, for your unique membership:
This includes direct mail, radio, point of sale, print publications, broadcast, telephone, outdoor displays, etc.
It’s important to note that the perception of traditional media phasing out with innovative technology is not exactly accurate. Both print and digital media channels will continue to evolve with industry advancements.
Pros of Print:
Tangible – Connecting through sensory recognition like touch connects more substantially with an audience and creates a longer-lasting, more trusted connection. Also, a member can share with relatives or potential new members.
Memorable – printed advertisements exist outside of the common scroll where cognition is lowered; attention and understanding are higher with quality print marketing materials.
Community Powerhouse – Traditional media in a small community will grow brand awareness quickly when implemented strategically around geographic areas (i.e., posters, brochures, stickers, radio, etc.).
This includes social media, digital ads, email marketing, content marketing, influencer and affiliate marketing, etc.
Digital marketing is pretty much a necessity with the age of technology only becoming more innovative by the minute. There are a lot of tools to take advantage of, and it can become very overwhelming to work out a strategy of “useful” vs. “not so useful,” but it’s ultimately worth the time.
Pros of Digital:
Cost Effective – Not only is digital marketing much cheaper than printing, it is substantially less risky.
Analytics – A big pro of digital marketing is being able to gather data and information from all your efforts, and start learning from these metrics to boost ROIs.
Reach – Tailoring your content to match different targeted audiences is a huge benefit, not to mention the amount of impressions available through digital platforms.
Ultimately, your credit union can benefit from a combined strategy that includes both traditional and digital marketing. To include your entire potential membership, you’ll want to consider your personas (learn how to craft personas here). In the past, if a credit union built more branches, the results were a greater share of new accounts. Then results would begin to get stagnant. These days with different demographics and trends evolving, members want options and features that match their lifestyle. A good mix of modern banking models with community-driven marketing strategies is what your members may expect as all the channels work together seamlessly to reach them.
Let Oak Tree create a strategy that reaches your FOM with cost-effective, customized marketing services. Learn more today