November 13, 2023
The Best Way to Market Credit Union Holiday Loans
It’s here again, holiday loan season! If you’re wondering the best way to market your credit union holiday loans, here is what you need to know:
First, Understand Your Community
Credit union holiday loans in Austin, Texas, aren’t going to look the same as they do in Albany, New York. Or at least they shouldn’t! Your community and membership are unique to your credit union. That is why they chose you as their trusted financial institution. The “people helping people” mentality CUs are known for isn’t just a general statement. Successful credit unions consider the wants and needs of their specific field of membership.
If you live in a winter wonderland state, you could incorporate a snowscape or fireplace theme in your advertising – as your members may use funds to purchase things like skis, winter boots and other attire, or electric fireplaces.
Second, Understand Your Target Audience
You need to know which members are more likely to apply for a holiday loan. For example, you don’t want to create a campaign geared toward Gen-Z members; they are the least likely to apply for a holiday loan in 2023. Look at the data from last year; who applied for holiday loans? Compile demographic information to determine what the average age and household income was.
Once you have this data, you can create advertisements your target audience will relate to. You’ll also gain an understanding of the most effective placement for your paid ads.
Third, Advertise Strategically
Again, this step involves delving into your data. Where will your target audience most likely see/hear about your credit union holiday loans? Is it Facebook, the local newspaper, radio, or your cable network? This truly depends on understanding your community and your target audience, as was detailed earlier.
Once you know where to advertise, then decide when. See when your target audience usually engages with your ads on social media and when they tend to watch TV or listen to the radio. This will also help you decide the frequency of your holiday loan ad placement within each platform. Does your target audience listen to a specific radio station on the way to work and home? Then have it run twice a day at those times! Do they visit Facebook early in the morning, around lunchtime, or at the end of the workday? Keep these in mind when scheduling your advertisements!
If your community has a popular shopping center, be sure to advertise within if the business allows. Whether it be via digital kiosks or printed flyers, consider adding a QR code that will quickly and easily bring potential consumers to your holiday loan landing page.
Finally, Monitor & Adjust
Marketing is an ever-changing gig. What worked well for you last year may fall flat this year. Your work isn’t done once you hit the schedule button; you need to monitor its reach and engagement throughout the course of the campaign. If your boosted ad isn’t getting much traction, consider pausing it and replacing it with a different graphic. If you’re halfway through the campaign cycle and haven’t had many holiday loan applications, be prepared with a backup plan. Create a few different versions of your radio ad, TV commercial, or social media advertisement. Also, be sure to have printed materials you can display in your branch lobbies or at the teller line.
There are several ways to market credit union holiday loans. The best way for your credit union will be different from your neighboring CU. That’s why it’s important to do your research, utilize your data, and be prepared to make changes!