River Valley Credit Union is taking a three-phase approach to data-driven marketing, says
Eric Gagliano, senior vice president, sales and marketing.
Two challenges
Data-driven marketing lets you show members you know them and can address their financial challenges, says Josh Wilson, senior vice president of marketing at $2.1 billion asset Whitefish (Mont.) Credit Union.
He says credit unions often encounter two challenges in this area:
Justifying the high expense of data-driven marketing and demonstrating results. This typically becomes an issue when decision-makers lack confidence in the potential results.
Making data-driven marketing scalable. This requires the marketing team to create and manage dozens of microcampaigns each year.
To make investments in data-driven marketing pay off, Wilson says credit unions must translate data into actionable insights.
He adds that data-driven marketing communications must show you know who your members are, which includes using their preferred channel for engagement.
“The heart of data-driven marketing,” Wilson says, “is understanding your membership and communicating how your credit union can solve members’ financial challenges.”
Data-driven marketing best practices
Seek marketing automation and data partners who can help you overcome data challenges and determine your next steps.
Make member onboarding your first ongoing campaign.
Hone data expertise by seeking education and experience.
Strive for insights into member behavior.
Respect members’ preference for privacy when personalizing emails.
Make marketing omnichannel by reaching members with the right message at the right time using their preferred delivery channel.
Combine traditional and data-driven marketing approaches. You may still need branding Campaigns that establish your identity in the community.
Focus on achieving strategic goals and solving problems.
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
