When used effectively, digital marketing campaigns can result in increased customer engagement and exponential growth for financial institutions. However, this type of strategy is only effective if consumers are receiving communications that are relevant to them. When irrelevant offers are being shown to uninterested consumers, time and money are being wasted. This is where marketing automation comes in. Marketing automation assists in streamlining the digital marketing process by automatically identifying qualified leads and targeting them with relevant offers. This removes the need for time-consuming manual lead prospecting and valuation.
Credit Union Marketing Automation
DeepTarget’s unique approach to marketing automation provides consistency across an array of different digital channels. Read our brief guide on marketing automation for credit unions!
What is Marketing Automation for Credit Unions?
Marketing automation strategies can be useful for credit unions in several ways. Automation tools can be used to generate new leads, nurture leads, deliver personalized communications, and more. Completing these tasks manually can be costly and time-consuming. By leveraging automation and marketing technology, these tasks can be completed quickly and at a lower cost.
Benefits of Marketing Automation for Credit Unions
Many credit unions have yet to take advantage of marketing automation technology. According to a 2017 survey conducted by the Digital Growth Institute, less than a third of financial institutions are utilizing a marketing automation platform and approach.
Credit unions that employ a marketing automation system have a major advantage as they can reach consumers faster, and with personalized, relevant content. Below are some additional benefits that credit unions can receive from utilizing marketing automation.
Brand Consistency in Messaging
Developing consistent marketing communications that aren’t boring or repetitive can be challenging. To deliver consistent communications, your financial institution must have a clearly defined brand identity, tone, and values.
Marketing automation assists in this process in several ways. Automation tools can be used to collect data, schedule campaigns, and create consumer segments. Collecting historical campaign data allows marketers to see which campaigns were the most successful and identify which variables result in a campaign performing well. Scheduling campaigns gives marketers time to review the content and verify that it is consistent with the brand image they worked so hard to establish!
Consumer segmentation ensures that the right offers are being sent to the right customers at the right time. By automating these marketing processes, credit unions can deliver consistent communications in a cost-effective and efficient way.
Marketing automation assists in this process in several ways. Automation tools can be used to collect data, schedule campaigns, and create consumer segments. Collecting historical campaign data allows marketers to see which campaigns were the most successful and identify which variables result in a campaign performing well. Scheduling campaigns gives marketers time to review the content and verify that it is consistent with the brand image they worked so hard to establish!
Consumer segmentation ensures that the right offers are being sent to the right customers at the right time. By automating these marketing processes, credit unions can deliver consistent communications in a cost-effective and efficient way.
Consolidation of
Marketing Materials
It is not uncommon for financial institutions to keep copies of previous marketing materials for future use or reference. This allows for previous templates or assets to be reused, speeding up the content creation process.
However, once a brand has collected a wealth of marketing assets, it can be difficult to sort through the seemingly endless list of files. Marketing automation solutions can be used to sort this data and create a centralized database of templates, messages, and images for content creation.
By using an automated database centered around consolidation and organization, marketers can quickly source relevant assets and create new campaigns with ease.
However, once a brand has collected a wealth of marketing assets, it can be difficult to sort through the seemingly endless list of files. Marketing automation solutions can be used to sort this data and create a centralized database of templates, messages, and images for content creation.
By using an automated database centered around consolidation and organization, marketers can quickly source relevant assets and create new campaigns with ease.
Personalization and Targeted Ads with Automation
Marketing automation doesn’t just collect data from your email campaigns, it can also keep track of user data and behavior on your site. This consumer data is crucial for segmentation and personalization within your marketing sector.
By automatically segmenting your audience, marketing automation tools make it much easier to create targeted offers. Information such as the user’s first name, age, and geolocation can be used to make communications unique to each consumer.
Personalizing ad content was impractical prior to automation due to the time it required, but now it can be done with the click of a button. Consumers are more likely to engage with content that they believe was made specifically for them. Due to this, personalized content often leads to increased user engagement and return on investment (ROI).
By automatically segmenting your audience, marketing automation tools make it much easier to create targeted offers. Information such as the user’s first name, age, and geolocation can be used to make communications unique to each consumer.
Personalizing ad content was impractical prior to automation due to the time it required, but now it can be done with the click of a button. Consumers are more likely to engage with content that they believe was made specifically for them. Due to this, personalized content often leads to increased user engagement and return on investment (ROI).
Scalability and Efficiency through Automation
For financial institutions, scaling up marketing campaigns can be a hefty task. Implementing a marketing automation system can make this process less daunting by centralizing marketing operations, nurturing leads, and reducing manual labor. By automating labor-intensive tasks, automated systems make upscaling marketing efforts a much simpler process.
Analytics and Reporting to Improve Campaigns
Automated marketing campaigns are not only more cost-efficient and effective, but they also provide deeper consumer insights and performance reports. This customer data helps your team answer three main questions:
- What to advertise?
- Whom to advertise to?
- When to advertise?
Marketing automation software answers these questions with valuable member insights. Marketing automation tools can even track what new members search for on your site and which pages they visit. This data can be used to trigger behavior-based campaigns, which are communications that are automatically sent to users based on their activity on your website. For example, you could send an email to every user that searches “home loan near me” and provide them with more information about the topic. Knowing your audience allows you to hone your targeted advertising, provide more value to consumers, and increase consumer engagement. (Source: CU 2.0)
Common Marketing Opportunities for Automation
Outlined below are some of the most commonly utilized marketing channels and opportunities for credit unions to deploy
marketing automation.
Email Marketing Campaigns
Email has continued to be the most effective digital marketing channel. However, consumers are now getting more emails than ever before. A successful email campaign has to stand out amongst the sea of emails in every user’s inbox, meaning that sending one generic email to every customer won’t cut it anymore!
An email marketing automation tool can be used to create dynamic consumer segments, allowing FIs to send out large email campaigns that are still unique and personalized for each user. Email campaign automation can be utilized in several ways including lead nurturing, welcoming new customers, gathering feedback, and increasing brand affinity. Automation in email marketing had led to many new ways of strengthening the relationship between credit unions and their consumers.
Birthday emails, for example, are a great way to remind your members that you care about them. Email automation allows you to be more engaged with consumers and provide them with more value through your marketing.
SMS Marketing
Even though it is most commonly associated with email, marketing automation can be used to manage campaigns across multiple platforms. SMS is one way that marketers can reach mobile users specifically. These communications are more direct and often require personalization to be successful.
SMS campaigns are a great way to try out automation, as it is a simple and cost-effective platform with tangible results. SMS promotional messages typically feature a personalized greeting, followed by a call-to-action and URL. These messages can automatically be sent to new users when they open an account and used to nurture them through the sales funnel. SMS communications can also be used to send automated account alerts or urgent updates to consumers. SMS campaigns are most effective when used as part of a broader multi-channel marketing plan.
In-App/On-Site Advertisements
Web and mobile platforms can also benefit from automation. Many marketing automation software solutions include content-creation features, which can assist in the creation of banner ads for mobile or web users. These content-creation features allow FIs to create a library of ad templates. Having a library of templates significantly reduces the complexity of the content creation process and allows ads to be produced more efficiently and with greater consistency.
Targeted ads can also be utilized on these platforms. By analyzing user traffic on your website or mobile app, marketing automation tools can determine which banner ads to show to specific user segments. This allows users to have a unique experience regardless of which platform they utilize!
DeepTarget is a Leading Marketing Agency
for Credit Unions
DeepTarget’s innovative marketing solutions for credit unions have been trusted by thousands of financial institutions across the country.
Be sure to check out our managed services and contact us for a free demo!
Integrated Marketing Solutions for
the Financial Sector
The DeepTarget Digital Experience Platform (DXP) is an intelligent digital marketing and sales solution. We weren’t the first to offer marketing automation solutions, however, we are unique in the fact that our DXP platform allows FIs to design marketing campaigns for multiple channels in one place. DXP is a hosted app with an open API enabling financial institutions to engage with their customers from thousands of concurrent user touchpoints.
Traditional single-channel implementations of DeepTarget have resulted in an over 500% increase in ROI for hundreds of credit unions and banks across the country! Now, with DeepTarget DXP, financial institutions can use one campaign to engage with users and reach their marketing goals across multiple digital channels.
Automation and user intelligence make the DXP platform easy to set up and deploy, while macro and micro performance analytics offer deep insights that financial institutions can use to continually optimize their campaigns.
Contact Us Today for a Free Demo
Our representatives would be happy to demonstrate how DeepTarget can take your bank to the next level. If you would like a demo of our services, you can reach us at info@deeptarget.com, or feel free to give us a call at (256) 217-4055.
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