Trend Spotter

As troubling news in the economy continues to unfold, it has become increasingly important for credit unions to use their marketing savvy to create a thoughtful, strategic marketing plan for 2009. A recent article from Advertising Age entitled, 'Consumers Curtail Consumption' written by Matthew Creamer, examines the changes occurring in consumer behavior as a direct result of current events. One survey conducted by Lightspeed Research, has found that 80% of (the survey's) respondents have changed their buying behavior in the past few weeks, hitting product categories at all price points. The same survey also indicates that only "one'tenth of respondents have purchased a car in the past three months or plan to purchase one in the next three." After taking a minute to think about what these statistics could mean to your credit union, here are some helpful ideas to keep thinking positive at your credit union:

1. Stay in front of your members as a trusted source. Your members may not be ready to purchase or invest right now, but it is important that they know you're there for them when they're ready.


2. Leverage your members' success stories. Use member testimonials to help advertise how quick and easy your loan approval process is or the great rate they got when they refinanced their vehicle with your credit union.


3. In regards to your vehicle loan business, use this as an opportunity to have a vehicle refinance promotion or advertise your rates on pre-owned vehicle loans.

What's your credit union's plan for responding to the tough economy? Share your story with us below!

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How often does your credit union examine the effectiveness of its e-mail campaign? According to Return Path, a New York-based e-mail services company, 77% of e-mail delivery problems are based on sender-reputation. In Target Marketing's '5 Factors for Measuring Your E-mail Reputation', author Britt Brouse summarizes Return Path's suggestions to improve the reputation of your e-mail messages.

Taking preventative measures is the best way to defend your sender-reputation. To keep your complaint rates low, consider providing subscribers with "detailed sign-up options so they know exactly which content they subscribed to." Return Path also suggests instructing subscribers to add your (e-mail) address to their address books to prevent being marked as spam. To avoid a high hard bounce rate, they recommend that "during registration, ask recipients to enter their email address twice to avoid mistakes."

What successes or difficulties has your credit union experienced with its sender-reputation?

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The current economic crisis has left consumers reeling. They're not sure where they can go for their banking needs, which financial institution they can trust or what they should do next. The good news is credit unions have been receiving a lot of positive publicity from the media as safe havens from the tumultuous economy.

As credit union marketers, how can we build off these positive reviews to ensure our members, as well as consumers, continue to value credit unions as safe, secure financial institutions?

Referencing 'How Financial Marketers are Staying Afloat', by Kristin Della Volpe, from iMedia Connection, here are a few tips from the iMedia Financial Marketing Summit that took place in New York City a few weeks ago:

1. Go back-to-basics with your marketing. A strong emphasis on trust should be the focus of your messages.


2. Be sure that you are utilizing the correct marketing channels for the delivery of your message. For example, while it is a good idea to have a 'safe and sound' message on your website, using social media networks such as Facebook, may not be the best use of your marketing efforts to build trust.


3. Be the expert your members can trust. Consider educating your members about the current economic crisis through webinars or seminars. Addressing our economic situation in this format will help to secure your credit union's place as a trusted financial institution.

How has your credit union positioned itself as a safe, stable financial institution during this economic downturn?

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