This post is part of our ongoing, occasional series on content marketing for financial services.
Credit union leaders need to plan to connect with and serve a member base that’s more connected, diverse and engagement-oriented over the next several years, Mark Arnold of On the Mark Strategies, told attendees at the Louisiana Credit Union League Annual Meeting and Convention in August.
Demographic changes mean credit union marketers will need to be open to new marketing strategies and tactics, if they hope to engage the member of the future.
Consider these traits of the credit union member of the future that Arnold described in his presentation.
More Connected
Like the general consumer population, the member population is increasingly connected and tech savvy. In the U.S., 78 percent of the consumer population consider themselves Internet users, and more than a third of that group go online to manage finances.
There are an estimated 285 million cellphone users in the U.S., and 91.4 million smartphones in use. Consumers today are twice as likely to carry a cell phone than to carry cash, according to Arnold. “Your iPhone is now your iBank.”
Within the next three years, the number of U.S. households banking or making payments via mobile is expected to increase to nearly 50 million. In the future, convenience will be defined more by electronic access than branch location.
Keeping up with online and mobile technology will be an ongoing challenge for credit unions. Online and mobile technologies offer convenient account access and marketing opportunities as consumers look online for information about where to do their banking and advice on managing their finances.
More Diverse
The largest and fastest growing minority group in the U.S., Hispanics, represent 16.3 percent of the population and $863 billion in consumer spending power. Yet more than a third have no relationship with a financial institution, and 88 percent wish that financial institutions would offer services with them in mind.
Credit unions should seek to understand the Hispanic population among their member groups or in their community and develop a long-term strategy for marketing, education and product development.
More Engagement-Oriented
“The member of the future does not want to be sold to,” said Arnold. “They want to be talked to.”
While technology will be a driving force in the future, members are still human beings who want to engage with the people and organizations they do business with. Further, they will demand authenticity.
For credit unions, member-engagement training should replace sales and service training. For credit union marketers, understanding how to engage members through content and social media becomes an imperative.
More Female-Driven
Women have become the dominant economic force in the U.S. because they often control the household spending and make the majority of purchase decisions.
To reach this influential group, credit unions should keep in mind that women are first and foremost connectors. They don’t so much buy brands as join them, which is good news for credit unions.
Women want good value and can see right through a sales pitch. Credit unions can reach out to women by providing valuable content and engaging them in the conversation.
More Micro-Grouped
American society is becoming more segmented, and those segments expect their individual interests to be served. For example, there are hundreds of cable channels targeted to specific interests and demographic groups.
The most successful brands in the future will identify a niche that they can serve very well instead of trying to be all things to all people. This applies to credit unions as well. Identify your best opportunities and own that niche through your service, products and marketing.
Reputation Capital Media Services is a Baton Rouge marketing agency that helps B2B companies and their marketing agencies produce high-quality digital content, including blog posts, e-mail newsletters, white papers and multimedia. Our editors and writers are experts in their fields, which include HR technology, employee benefits, and financial services and accounting. Contact us for a free 30-minute consultation to find out how great content can help you attract and retain your customers.
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