“Financial Literacy” is a $2 term that basically just means keeping your members knowledgeable about the industry in which you operate. In the development of your credit union marketing plans, consideration should be given to showcase your commitment to your members and the community, and an effective way to do this is to develop avenues to help keep your members financially educated.
Focusing on the financial literacy of your community can not only boost your public reputation for gaining new members, but also build new opportunities that your current members might not have previously considered.
Did you know that 73% of adults believe they could benefit from professional financial advice about everyday finances?
Ensuring your members are financially literate is a more genuine approach of putting action where the heart of your message is – to help them with their financial decisions. Some tangible and actionable examples could include holding seminars, webinars or even classes for members.
The range of subject matter can vary from a variety of financial topics. For instance, if the goal of your credit union marketing strategy is to showcase a lower interest rate for a particular loan or credit card compared to the competition, host a class about the value of building credit with a responsible plan in mind, which happens to feature your promotional account or rate.
If you’re not looking to showcase a particular item, then preventative workshops are a great idea. The rise of the digital age has consumers more concerned than ever about security issues, like Identity Theft. In 2012, 12.6 million people were victim to identity theft, totaling $21 billion according to CUNA (Credit Union National Association). Creating awareness about Identity Theft not only helps the consumers, but also could save your own organization from a larger crisis as well.
Ultimately, your credit union marketing team can tackle a consumer based topic or case study as a Slide Share Presentation that can be amplified through your digital assets, websites e-newsletter and/or social media. This is not only more accessible to more potential/current members, but also builds your organization’s digital reputation as an authority on the matter.
Over 63 million Americans indicated that they would reach out to a professional non-profit credit-counseling agency for help if they were experiencing financial issues related to debt. Pushing financial education for your members and community can help position your credit union as the one of the first resources they turn to.
Do you hold community or member seminars or webinars? What are some of the credit union marketing plans you have in store for your institution? Share your successes in the comments below.