There are multiple channels through which members engage with the credit union, which is accompanied by a tremendous amount of data, which makes the overall marketing function complex for credit unions. There are two big issues which credit unions are facing are:

• How they can connect better and use data within their organization, and,
• How they can embrace the new digital age and outreach in a way that is more helpful for members and prospective members.

This article discusses MarTech and designing the best fit stack, which will help Credit Unions reach out to their members effectively and drive impact by focusing on these key areas.

What is MarTech?

• Depending on the marketing task you want to complete, you will find software outside to help perform that task. When you need more than one tool, MarTech helps you in such situations.
• MarTech is a set of technology tools that helps you efficiently achieve your marketing goals. Different tools from different vendors or tools from the same vendor can be put together in a stack and used accurately and in a streamlined manner.
• Common MarTech Stack components are as follows. (Please note that this list is not exhaustive.)
  • Attraction- Search Engine Optimization, Content Creation, Advertisements, Targeted landing pages, Social Media Marketing, Webinars.
  • Engagement- Marketing automation platforms, CRM/customer tracking platforms, Chatbots, Email marketing software, Sales Engagement Tools, Retargeting software.
  • Analysis and Optimization- Web Analytics Softwares, Business Intelligence Platforms, Lead Management Software, Conversion Rate Optimization Tools.

How to design your stack?

• Process proceeds technology. You have to define your process upfront before you talk to any vendors. – Jay Famico.
•  Focus first on core infrastructure and the data that flows into it- Jay Famico.

MarTech stacks should reflect the long term visions for your organization. Your stack should be related to your defined processes and the tools should be selected in a manner that makes it possible to achieve your definite goals.

• Look at your member lifecycle. Identify where members spend most of their time, and then communicate your messages accordingly. Decide what the communication end goal will be.
• Get the foundation right. What is it that you wish to do, and what are the pieces you need to achieve that? It is important to design that solid foundation.
• Develop a plan for MarTech. Identify the short and long-term goals; note the tools which contribute to these goals, where gaps are present. Scan the market for new MarTech Solutions and invest in people who will help you optimize and maximize on these solutions.

Other important considerations are as follows. These considerations are not prerequisites but should be considered at the beginning when defining your stack.

• Your tools should be able to work well when integrated.
• The data should be centralized so that data integrity can be ensured. It should work well with real-time processing.
• The stack should be able to provide multi-channel experience, provide data insights and analysis, and scalable and flexible solutions.

CONCLUSION

Your tech can be best sourced by having a ‘best in breed thinking’, which means that you try to choose for each need a superior selection. It is crucial to think about what your organization’s goals are, what are the messages you wish to deliver, and the vehicle through which you want them delivered before deciding on the technology.