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The Impact of Digital Marketing Trends on Credit Unions and Financial Institutions

Colleague Mark Schaefer recently published a post, 10 Epic Shifts that are Re-Writing the Rules of Marketing, that is a must-read. He asked marketers throughout the industry how marketing was shifting profoundly. One area that I see a lot of activity in is the ability to personalize the relationship with the prospect or customer. I stated:

This data flow could mean “the death of mass media and rise of targeted, personalized marketing experiences through ABM and similar tools. We’ll see experience-based KPIs and experience analytics beyond simple sentiment and customer satisfaction.”

Everywhere you look in marketing, algorithms, automation, artificial intelligence, bots, and every other technology are all being applied to try and solve the same problem. Companies are utilizing technology to engage with their prospects and customers on a personal level, providing an exceptional experience. While we don’t have the resources to engage on a personal level with each person, technology is beginning to materialize that will make this capable.

MDG recently published this infographic for the Credit Union Industry, 5 Credit Union Marketing Trends. While the infographic is targeted towards credit unions, all companies should pay attention:

  1. Chat Will Evolve Into a Powerful Engagement Platform – For years, credit unions have thought of online chat as a nice-to-have offering. In 2017, that’s likely to change as consumers come to view chat functionality as a requirement. 24% of Millennials say they would not use a financial institution that does not offer an online chat feature
  2. Segmented Email Campaigns Will Deliver Impressive Results – Email has long been the digital marketing workhorse, and rightfully so. The tactic continues to deliver engagement at a relatively low cost for marketers across all verticals. Segmented email campaigns have 94% higher click rates and 15% higher open rates
  3. SEO Strategy Will Become Content Strategy – Remember when search engine optimization was all about hidden secrets and complex tactics? Those days are over. For your credit union to rank well in search results, it’s necessary to develop web offerings that people want to engage with and potentially share.
  4. Social Networks Will Become (Great) Advertising Networks – Social networks have steadily been evolving from free engagement sites for marketers to pay-to-play platforms. They’re now an essential part of any advertising spend. 74% of marketers say they are spending budget on social advertising and Global spend on social media ads is forecasted to increase by 26.3% in 2017
  5. Events Will Be More Important Than Ever for Engagement – Holding/attending events may be the most old-school marketing tactic. However, that long history doesn’t make it any less effective. 67% of marketers say in-person events are still an effective marketing tactic

While we’re a digital agency here in Indianapolis, even we’re launching a series of regional events to assist our clients reach more influencers and potential buyers. Digital marketing offers amazing opportunities, but it should not be used as a substitute to the warmth and experience of an in-person event or meeting!

creddit union marketing

Douglas Karr

Douglas Karr is CMO of OpenINSIGHTS and the founder of the Martech Zone. Douglas has helped dozens of successful MarTech startups, has assisted in the due diligence of over $5 bil in Martech acquisitions and investments, and continues to assist companies in implementing and automating their sales and marketing strategies. Douglas is an internationally recognized digital transformation and MarTech expert and speaker. Douglas is also a published author of a Dummie's guide and a business leadership book.

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