Growing Current Member Accounts Using Facebook
Retain existing members, grow your revenue: benefits of growing current accounts according to our marketing team.
Benefit #1: It’s cheaper to retain existing members than to gain new ones.
Here at PLAY, we are experts at credit union marketing and if one thing’s for certain, it’s easier to grow your revenue by focusing marketing efforts on retaining existing members than by gaining new ones.
We like to approach this lowest-hanging fruit method from two different angles. First, by focusing on up-selling current members. Since current members already believe in what your credit union has to offer, it is easier to convince them to apply for a new loan or add on another type of account. Plus, current members will be thankful that they don’t have to invest their time in researching another credit union or visit a different bank in order to expand their financials.
Second, by targeting existing members through online campaigns, such as Facebook, you have the potential to double your revenue. Targeting existing member accounts on Facebook can be simplified by uploading your list of members straight to the social media platform. Best of all, you can trust PLAY to help upload those lists, while still adhering to Facebook’s strict banker’s compliance laws. You need only provide a list with a minimum of 1,000 members in order to get started.
Benefit #2: The more current members invest, the longer you’ll retain their business.
By speaking to current members through a targeted Facebook campaign, members will see how easy it really is to apply for an auto loan online or a new savings account. We like to use simple, straightforward language that tells a story. Our Facebook campaigns work to grow your revenue, for little investment on your part. After you upload your member list once, we will be able to continue working from that list from one campaign to the next.
Take our leap year campaign as an example. Credit Union of American wanted to create an online marketing campaign in order to promote its auto loans for a two-day flash sale during leap year 2020. By using email reminders and strategically placed Facebook and Google Display ads (all while maintaining bankers compliance laws) we helped CUofAmerica close a record-breaking $10.6 Million in funded loans in just 2 days.
The more loans, accounts, and credit cards that a member has through one credit union, the more likely they are to stick around for the long haul. After all, switching banks is a hassle. Since you’ve already gained their trust once, it is a safe investment to build upon that partnership.
Want to see the results of a successful online campaign through PLAY? Check out our Credit Union of America Black Friday case study. Ready to expand current member accounts through Facebook? Let’s grow your business together!