Marketing teams aim at bringing marketing to the table as a strategic leader. Marketing automation tools help marketing teams collect, understand, and use data in a simpler, faster, and calculative manner. It is easier to reach out to members and potential customers in the right manner, with the right message and at the right time, which provides insights for the most strategic questions.

While the type of solution you use for marketing automation is a factor in generating returns, it is not the only factor. In this article, we discuss what some initiatives which are important for Credit Unions and what are the learnings which can be applied in this front.

The insights for this article were collected through the CUlytics Webinar on Digital Marketing Automation-Opportunities and challenges from the discussion between David Eldred, Chief Experience Officer, Solarity Credit Union, Mia Perez, Director Marketing and Business Development, Louisiana Federal Credit Union, Royce Ngiam, Vice President Marketing and Business Development, Partners Federal Credit Union, Dane Font, Digital Marketing Specialist, IDB Global Federal Credit Union and Naveen Jain- Founder, CULytics.

1. COVID 19 and Market Automation - Should we give automation tools a rest and stop bombarding members with emails?

   • Credit Unions have been able to utilize BI and data to come up with varied marketing techniques, and to do so would be a huge opportunity missed out.
   • Marketing automation has helped reach out to the members sympathetically.
   • Now is the time to show members how the organization is there for them and send the right messages in the right context.

2. Fighting the Perception - Is marketing only about selling and sending messages to members whether they like it or not?

   • Credit unions do marketing as a solutions provider and try to get into the mindset of the consumer so that member knows that the credit union is more than just a financial institution.
   • The beauty is that marketing automation platform channels are multiplatform, and they enable communication and track behavioral changes.
   • People who do not want services are not burdened. Example- Car loan-related messages will not be sent to unemployed people.
   • Expectations of members have changed, priorities have changed. The content has changed, but the marketing channels and roles have not changed.

3. Is marketing a supporting function or leading function?

   • Marketing is a support function in a way, but it is an orchestrator of what the organization decides to do.
   • Marketing is structurally embedded in many organizations by being responsible for metrics like deposit growth, member growth, etc.
   • Speak the language of the CFO. Justify the cost. Marketing automation is measurable. It is easier to show the results and outcomes which the organization can latch on to.
   • Marketing is an extension of all departments. It’s an essential part of moving your organization forward, what needs to be done, what has to be done.

4. What is the right time to start looking at a marketing automation solution?

   • The right time to look at marketing automation is to do it from the beginning.
   • Setting up the ideal infrastructure takes time and it is an ongoing process, but you should start as soon as possible.

5. Should credit Unions wait for data quality to reach a particular standard?

   • Data quality is never perfect, you will be waiting forever.
   • It is more important to have relevant data. Use the data you have and show those results, and keep aiming for better data.

6. Use of predictive models- Should or should not?

   • Some Credit Unions have been indulging since the beginning in the use of predictive models like Consumer segmentation models, relationship models, propensity models, and have witnessed beneficial returns.
   • It is also an observation that indexes based on transactional behaviours, can often prove to be more powerful. Access to this data is a challenge that needs to be addressed.

7. Some top values marketing automation has delivered.

   • Access to members anywhere, anytime, and employees trained to be aware of products, ready with information, at all times.
   • Personal outreach increased for members who were actively engaged.
   • Correct segmentation and members receive promotions for products they are genuinely interested in.
   • Generating Converting leads capable of upselling and cross-selling.

8. Some metrics commonly cared about in the marketing domain.

   • Conversion rate-The rate which indicates by what percent are leads converting to customers.
   • The total cost of acquisition of the lead- Which also helps indicate profitability and lifetime value of members.
   • Membership Growth- The rate at which membership has grown in a particular period.

Conclusion -

No matter how effective a solution or third party data is for other credit unions, you have to test whether it is effective for your credit union. Do more of things which help you deepen your relationship with members? Know that the consumer has power. Be convenient. It is important to be in synergy with other teams like IT, Finance, and Operations to deal with risks like Privacy and Security threats. Use marketing automation to unlock digital capabilities and optimize the use of tools you presently have.