How Segmented Marketing Can Make a Difference at Your Credit Union

If your credit union is looking to create a great credit union experience for its members, it may be time to market to their needs and interests, not just their location or age. Specialized segmented marketing lets your credit union identify targeted groups of members and then create offers and promotions relevant to their traits and known behaviors. Examples of these member groups would include:

• Members that don’t currently have your credit or debit cards
• Low or inactive card holders
• High or low credit card balances or lines of credit
• Lower FICO score members (for secured cards or credit rebuilder programs) 
• Psychograpics like lifestyle, interests, values, etc.

By approaching your marketing from this niche perspective, you’ll be sharing relevant products and services with your members and studies have shown that the response rate for these efforts is higher than with traditional marketing. The DMA National Client Email Report (2013) discovered that around 30% of email revenue comes from targeting specific segments. Plus, your email marketing unsubscribe rates and costs will be reduced. 

Before you start putting together a specialized segment campaign, here are a few things to consider: 

• Put a plan in place before you go after a segment
• Learn as much as you can about your targeted demographic
• Make sure your research and data is local and current
• Keep it fluid – be open to changing your approach, your segment or anything else that might stand in the way of success

Whichever approach you take to help create a great member experience at your credit union, your members should know the credit union mission is the basis for all you do. And if you keep your member’s needs, interests and goals in mind throughout the process, you’ll end up with members that will be members for life.

To learn more about creating a great member experience, click here to read the latest CU Solutions Group e-newsletter on the topic.