The strategy aims to increase membership at a credit union by employing three key approaches. The first strategy involves enhancing the member referral program. By offering incentives, hosting referral competitions, and sharing success stories, the credit union encourages existing members to bring in new ones. For instance, a grand prize for top referrers can motivate members to actively participate.
The second strategy focuses on expanding community outreach efforts. Collaborating with local businesses and schools for financial literacy events and offering consultations at community events help raise awareness. Engaging with community leaders as ambassadors and leveraging local influencers ensures broader reach and impact.
Lastly, enhancing the digital presence boosts user engagement. Updating the website, implementing an online application process, and launching targeted digital marketing campaigns attract potential members. Offering webinars and improving SEO further ensure that the credit union is easily accessible and engaging online.
The strategies
⛳️ Strategy 1: Enhance member referral programme
- Offer attractive incentives for existing members to refer new members
- Simplify the referral process with an easy-to-use online form
- Host a referral competition with a grand prize for top referrers
- Send personalised emails to members encouraging them to refer friends
- Share success stories of successful referrals in newsletters
- Promote the referral programme on the credit union website
- Create referral tracking metrics and report progress to members
- Invite members to exclusive events where they can bring guests
- Engage members with social media campaigns featuring referral benefits
- Provide instant referral rewards upon successful membership conversion
⛳️ Strategy 2: Expand community outreach efforts
- Partner with local businesses to host co-branded financial literacy events
- Sponsor community events and offer free membership consultations
- Collaborate with local schools for workshops on financial education
- Create partnerships with area employers for employee membership benefits
- Develop an ambassador programme with community leaders as advocates
- Offer limited-time membership discounts at community events
- Use local influencers to promote credit union membership benefits
- Participate in community fairs with engaging booth activities
- Provide free consultation days at community centres
- Launch targeted campaigns in community newsletters and publications
⛳️ Strategy 3: Enhance digital presence and user engagement
- Update the credit union website with user-friendly features and member testimonials
- Implement an online membership application process for ease of access
- Launch targeted digital marketing campaigns to reach potential members
- Create informative content for social media on credit union benefits
- Offer webinars focusing on financial tips and credit union services
- Develop an engaging member portal with exclusive resources
- Use email marketing to target potential members with relevant offers
- Solicit feedback through online surveys to improve member offerings
- Create a virtual onboarding experience for new members
- Enhance SEO strategies to improve online visibility in search engines
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
