Connect With Members Through Experiential Marketing
Connection is one of the main driving forces behind what credit unions do but keeping and maintaining that connection became a lot harder once the pandemic took hold. Yes, Zoom meetings allowed us to continue having face-to-face interactions with people while apart. However, chatting via webcam alone is not enough, especially when many people are wanting to go out and do things in spite of continued COVID cases. (Plus, who isn’t tired of being on Zoom for long periods of time.)
As things begin to warm up in the coming months, people are going to feel more inclined to go outside, travel, attend events, etc. This makes it the perfect times for credit unions to get out and connect with current and potential members once again through outreach and events, but simply being out and about won’t cut it with today’s consumers. That is where experiential marketing can help make those connections happen more naturally.
What Is Experiential Marketing?
Experiential marketing revolves around creating and using branded activities and moments to engage with consumers. This type of marketing strategy allows people to get to know your brand through engaging through personalized and immersive experiences, as well as gaining a better understanding of the brand and what it does. For credit unions, this approach to marketing can work well given how much credit unions support their local communities. Along with attracting potential new members, experiential marketing can also grow existing member relationships, and help your credit union learn and understand what current member needs.
How Do We Create An Experiential Marketing Campaign?
The typical experiential marketing campaign follows one of three formats:
Virtual: A.KA. the format everyone used during the year that was 2020. In the last couple of years, your credit union has probably hosted a few webcasts and happy hours over Zoom, so this format should still be very familiar to your marketing team.
Hybrid: This format, as the name implies, combines technology with in-person to create an experience. For example, you could hold a conference that people can attend at an actual venue such as a convention center while also livestreaming the event for those who can’t attend for a particular reason such as long travel distance to the venue (or COVID safety protocols preventing more than a certain number of people gathering for the event).
In-person: A.K.A. the format everyone is itching to return to since COVID began, and still could not fully take advantage of in 2021. Of course, hosting and attending conferences and conventions is the usual fare for credit unions, but pop-ups and other types of community events should also be on the table for consideration as part of a strategy.
Why Does Experiential Marketing Matter (Now More Than Ever)?
In the case of credit unions, the obvious goal is to meet and connect with potential and current members and build relationships with them, but it goes deeper than that. Experiential marketing can also provide opportunities for your credit union to grow and improve its services and products.
Gathering Data
Having interactions with the community is a great opportunity to gather data in real-time! While potential and current members learn about you, you as a credit union are able to learn what kinds of services and products they are looking for, and that in turn will help guide your marketing strategy going forward. It’s also more important than ever to develop a sense of how member needs are likely to evolve in the future.
Creating True Engagement
Other marketing techniques have their place, but they don’t necessarily generate the most valuable engagement. People want to be treated as humans, and it aligns with the overall mission of credit unions. Active participation in an activity or event allows relationships to come about naturally and in a similar manner to when we played games or hung out with friends as children.
Having A Good Time
Putting together an experiential marketing campaign is hard work, but don’t forget that it’s also an opportunity to have fun! Keep on brand but make it a memorable experience that will stick with all who participate. You don’t have to go crazy and start performing dangerous stunts but creating entertaining games and putting out fun social media posts and videos that encourage people to send responses and get creative for themselves are always on point. This is marketing that doesn’t feel like marketing!
