Would your members pay for your marketing?
What’s that you say? Pay? To receive our direct mail, emails and statement inserts? Uh, I don’t think so.
Okay, then let’s look at this a different way.
Would your members be willing to pay, say $5, for some information that would teach them how to save $50/month on a car loan? Absolutely. Over the life of that loan they’re going to save hundreds of dollars for their $5 investment. That’s a good deal no matter how you look at it.
And that’s what we want your members to do.
No, we’re not actually suggesting you ask your members to pay for marketing (though if your CFO gets wind of the idea, she might), but it’s certainly how we want your members to feel – as if the information you’re giving them is so valuable, so worthwhile, so helpful, they’d pay for it.
What’s important here is that you change the objective of your marketing from selling to helping, and make it valuable for your members.
Instead of trying to sell them a car loan or a new Visa card, show them how to save money by refinancing with your products. Teach them about the great new free app you’ve developed that helps them track their spending and encourages them to save for something special. Share tips on how to buy a new house they can afford. If you give them valuable information they can actually use, they’ll come to value, trust and believe in you – the perfect atmosphere in which to foster a long-lasting relationship.
These days we’re all searching for the best way, the right way, the easiest way, the cheapest way, the fastest way to do things. (Heck, sometimes I’ll even look up products online after I’ve bought them, just to make sure I haven’t spent my money foolishly.) We all seek information, and your credit union can be ready with the information your members need to make the right choices.
Oh, and be sure tell your CEO and CFO that from now on, you’ll be busy helping your members, not selling them.
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