Gaining the Competitive Advantage for Your Credit Union - Part 1: Target Marketing

by Amy Neale

Below is Part 1 of a four-part series we've done on Gaining the Competitive Advantage for Your Credit Union.
 
Ask anyone in the credit union industry what makes credit unions different and you’ll hear: excellent member service, great rates, low fees, responsible lending and trust. And while these are all wonderful traits, they’re not enough. The problem is, this is what most credit unions see as their competitive advantage, which can dilute the overall impact for your credit union. So, ask yourself, “What makes my credit union different?”

Seeking the unique competitive advantage for your credit union can lead to creative thinking, innovation, diverse products and services, a top-notch staff, strong member loyalty and a better bottom line. And if your credit union can already claim these perks, then competition forces you to reevaluate and fine tune what you have.

At CU Solutions Group, we think you should start with four overall areas to focus your competitive advantage on: target marketing, your website, member rewards and performance management.

Right on Target

For effective target marketing, your credit union needs to know who its competitors and members are. Even if you think you already know, start with a survey and market research – you might be surprised at the results!

Evaluate the success of your previous campaigns; it might be time to expand your marketing channels. Although broadcast and print advertising still rank high, digital, mobile and nontraditional marketing are becoming the norm. If your credit union still feels broadcast is the way to go, there are now several affordable channels to choose from – including location-based video networks called “fourth screen.”

Think of the last time you went to the movies or your gym, video networks in nontraditional venues are everywhere. Nielsen’s “Fourth Screen Network Audience Report” discusses this new phenomenon. It uncovered that the average audience for a primetime broadcast TV commercial was three million while the exposure in movie theatres was more than 35 million and at gas stations over 21 million – seven to ten times the audience.

Chances are your competition hasn’t jumped on the fourth screen bandwagon yet. And advertising through companies like Gas Station TV let you target specific geographical areas near your branches at a cost far below traditional TV broadcast advertising and offer your credit union trackable ROI.

Related Services: Market Research, GSTV, Target Marketing