Connect with Your CU Demographic

CU Marketing Corner

Connect with Your CU Demographics

It’s no secret that the best way to keep business consistent is to be in touch with your demographics. Today, that means connecting with Millennials by creating a sense of community. They have an estimated $200 billion purchasing power, and as such, they cannot be ignored. Most brands don’t want to ignore them but struggle with ways to connect. Companies find it hard to create meaningful relationships with Millennials. Part of the reason is that they thrive in the space we call social media. And while most businesses use it for marketing, Millennials use it to connect. You need to, as well. Follow the tips below to make your tweets and status updates more relevant and engaging. Here are a few important ways to connect with your CU demographic.

1. Be open and take a stand. 

This is perhaps the first rule when dealing with Millennials. They love transparency and authenticity. It makes your brand more human and strips away some of the inherent skepticism the group is known for. Since most brands use social media for the promotion of products and services, there is a tendency for Millennials to discount them as being dishonest or purely out for profit. When you allow yourself to be a bit more transparent, it speaks to your ability to be vulnerable. That will build trust among youth.

2. Make sure your brand is positive. 

Millennials need to have a very upbeat, exceptional experience with your brand. This means staff and employees need to be friendly (and they probably already are). Yet, on social media make sure your posts carry the same tone. Millennials are known for sharing their online experiences with friends, which translates into more potential members for you, as long as you maintain an upbeat, positive environment.

3. Put the focus on the friend factor. 

People buy, simply because they trust the person selling. Remember, people don’t buy from a brand; they make a purchase from an individual. Therefore, try to find a new influencer who has had a positive experience with credit unions, and mention them in an update, tweet, or Instagram post. It’s a great way to spread authority and connect with a group of people who are known to be skeptical by nature. Employing an authentic influencer strategy will elevate your social media marketing.

4. Use video the right way. 

Over the past few years, video content has been on the rise. The fact that Millennials love it has given headway to popular platforms, like Vine. You have to pay attention, though. While YouTube is known for producing quick 3 to 5 minute videos, Vine clips are typically six-second bites. They are easily digestible, and therefore must be content-rich. Make sure the videos you post employ the same tactics. Make sure they are relevant to Millennials, and you greatly increase the chances of your content getting shared widely.

5. Understand future expectations. 

It’s important to keep in mind that sooner, rather than later, Millennials will be part of the business decision-makers that run our world. It’s important to understand that what is now seen as a commodity, will become an expectation. Brand connections and seamless digital interactions will be expectations, rather than nutrients or fads. This could have a huge potential for business, but the implication here is to keep you on your toes so you don’t get left behind the curve. It’s all about creating a very personal experience for a younger generation. Our membership application package is perfect for beginning their relationship with you. We even have Spanish forms available. Our compliant, fillable forms are another way we help you stay connected with this demographic. They allow you to conduct business at a high rate of speed and speak to your understanding of the need for technology to keep transactions fluid. The moral of the story is: if you want to make an impact on a $200 billion market, you have to know how to speak the language and speak it well.

Chat with us for help increasing your credit union demographics by using Oak Tree forms or our marketing services. We know how to connect with the credit union demographic.

New Credit Union Member Acquisitions

Have you ever wondered why it takes so long to gain new members for your credit union? Well, let’s spend a few moments and take a closer look. As it turns out, there are several misconceptions surrounding the industry. The more you can understand the hesitancy of a potential member you can better suit your messaging to help convince them it is time to join your credit union. These credit union myths make it hard to get new credit union member acquisitions.

3 Common Credit Union Myths That Hinder Membership

Eligibility

A common misconception is that most people think credit unions are exclusive clubs. They feel that since credit unions exist to serve a specific group (such as college alumni or a particular industry), they don’t qualify. That used to be the case. But, since rules and regulations have been relaxed, membership eligibility is much broader than it used to be. Conveying that to a potential member could make all the difference.

Accessibility

Many people think that just because they don’t see a credit union on every corner, access is much more limited. However, most credit unions share a banking network. This network opens up access to ATMs and other independent branches, depending on how the network is structured. Communicating the shared network concept to potential members will open up their understanding a bit. Let them know that while they may not see as many physical locations, they will certainly have access to their money.

Switching is Difficult

Many banks have automatic bill pay services, which puts forth the idea that switching to a credit union would be more cumbersome than it actually is. It usually takes one bad customer service experience to encourage people to look elsewhere. When they are in those frames of mind and start looking at your credit union, make sure they understand how easy it is to switch. Most credit unions have free “switch kits” to make the process a lot smoother.

Don’t Lose Members!

That last point is double-edged, for sure. The points mentioned previously shed understanding on why it can be so difficult to gain new members. That last point cuts both ways, though. Customer service is everything. This is what sets the credit union industry apart. Rather than approaching potential members from the perspective of an informal financial institution, credit unions present an emphasis on customer service. When members feel like their needs are met, and they are really valued, they are less likely to look for other places to serve their financial needs.

Of course, our Credit Union Membership Documents package is perfect to help credit unions grow membership rosters and cement them as a part of your credit union family. If you’re not using the package currently, we invite you to give us a try. Our staff is on standby and would love to speak with you. It would be our pleasure to help you streamline the credit union membership process, and make your credit union a more attractive option to potential members. Get a quote at ClientServices@OakTreebiz.com.

Utilizing Expansion Opportunities in 2018

Utilizing Expansion Opportunities in 2018

In a commentary article posted on American Banker our CEO, Richard Gallagher, discusses how and how Credit Unions should be utilizing expansion opportunities in 2018 that are due to the National Credit Union Administration’s recent changes to the field of membership rules. The article explains five positive changes that can impact your credit union. These 5 expansion opportunities can help grow your credit union.

As the new year begins, it’s a good time to ensure your credit union is taking full advantage of the National Credit Union Administration’s recent changes to the field of membership rules. Let’s take a look at five major areas with the greatest potential for impacting positive growth.

1. Core area service requirements

Various changes were made to core area service requirements – most notably, allowing credit unions to focus service to a portion of a statistical core without the perhaps overwhelming obligation to serve a much greater core area, thereby creating opportunities for more organic growth consistent with each credit union’s charter. According to the NCUA, the rule also allows for segmenting the population of a core area without regard to the 2.5 million cap. Credit unions can now serve combined statistical areas so long as they stay under the 2.5 million-population cap, and may also apply to serve adjacent areas, provided narrative submission requirements are met.

Richard Gallagher

To read more about how your credit union can be utilizing expansion opportunities in 2018 and be positively impacted by these recent changes to the field of membership, go check out the American Banker article and then check out our membership documents for your credit union.

_{(note: this is an older blog entry and has been edited since originally posted.)}

2017 Field of Membership Rule Changes

In a commentary article posted on CU Management (Powered by Cues), our CEO, Richard Gallagher discusses how rules and regulations changes made in the part 701 to broaden the field of membership definitions. Here is a quote from the 2017 Field of Membership Rule Changes article:

Among other shifts, the new guidelines open membership to more rural residents.

In late October the National Credit Union Administration finalized changes to part 701 its rules and regulations that broaden the field of membership definitions for federally insured credit unions. The agency announced that, as a result, more Americans will become eligible for credit union products and services effective Feb. 6, 2017.

The change had the added benefit of re-naming NCUA’s consumer office to clarify its function and role in promoting consumer access to affordable financial services. NCUA Acting Chairman and prior Board Member J. Mark McWatters noted that the change would enhance consumer access to credit by sensibly and reasonably updating NCUA’s rules.” He further noted that the “… field-of-membership final rule is consistent with both the letter and spirit of the law.”

The shift was one of the biggest regulatory moves for credit unions of 2016. Banks and other large financial institutions see it as a threat because it could have a substantial positive impact on credit union membership growth. Opponents of the change have threatened lawsuits challenging credit unions’ not-for-profit status.

Richard Gallagher

To read more about these changes to the field of membership rules and how they may affect your credit union go check out the CU Management article and then check out our credit union membership documents for your credit union.

_{(note: this is an older blog entry and has been edited since originally posted.)}

Quality of Life

The Credit Union Contribution

Make no mistake – “Quality of Life” drives us all. Our actions each day, sleeping, waking up, eating, working, exercising, socializing, and so very much more, are all motivated by individual day-to-day factors such as being tired, hungry, lonely, wanting better fitness, wanting to “feel” better, and so on. But at the end of the day, what we all want is a better “Quality of Life”; for us and for our loved ones.  As a part of the Credit Union Community, it is important to think of the quality of life and the credit union’s contribution to it as it pertains to the members and the staff.

This is exactly what your members are after. Each and every member walking through your Credit Union’s door, calling your Call Center, Emailing you, Chatting with you online, Responding to your Direct Mail – they’re all looking for something they believe will improve their Quality of Life – true needs, true wants, and true desires.

Your Credit Union’s internal policies dictate just how far you can go to respond to your member’s needs, wants, and desires, but within those policies, YOU MAKE A DIFFERENCE!

The Difference

This difference – improving their Quality of Life – can be profound. A safe place to invest their money, a debit/ATM card for safe access to their funds, a credit card for important purchases, an auto loan for a better/safer set of wheels, a home equity loan to access their well earned but unassessed property equity – all ways that YOU can help.

There is a saying that being a professional means doing what you need to do even if at times you don’t really feel like it. Passing through this barrier can indeed help you help others, and improve their Quality of Life along the way. By being there where you are, when you are, fully prepared, and knowing your job better than anyone else, you stand to help improve each and every member’s Quality of Life that you come in contact with.

So make your way through your day, of course working on improving your own Quality of Life, but realize that your members are expecting the same – and doing just that is in your hands.

At Oak Tree, like you, we’re constantly taking stock in our purpose in your day by giving you the very best in easy to use forms that are safe, compliant, and purposeful, making it easier for you to do your part to never miss any opportunity to improve your members “Quality of Life.”

For more information please visit www.oaktreebiz.com, and learn about our products & services for your credit union.