Automobile Subscriptions – Should Credit Unions Worry?

The newest trend in car ownership is actually not owning a car. A third ownership option has emerged beyond financing and leasing. Automobile subscription models have recently appeared on the market and people are starting to take notice. 

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The Right Channel for the Right Member

Social media has become an exceedingly effective weapon in any modern company’s arsenal. In recent years, it has been a great tool to help credit unions reach their members. Social media provides a different dimension of value to the member, beyond hard selling and promotions. Many that are new to the social media scene ask themselves, should credit unions be present on all social media channels to reach all of their members?

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The Credit Union's Two Most Important Assets

The two most important assets of a relationship between a credit union and their members are trust and education. The member must trust the credit union, or else why would they have an account in the first place? The credit union should reciprocate and build off that trust with high quality educational tools. Teaching the member about financial services and being a valuable resource for the member is a surefire way to keep that trust strong.

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The Misconception of Member Interest

Credit unions and the people who work for them often get excited about the diverse financial products they have to offer their communities. We constantly see newspaper spreads and hear radio commercials advertising the local credit union’s promotional deals; “Memorial Day Rate Special!” or maybe, “.25% off auto loan rate!”

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Dedicated Email vs Newsletter

Email remains one of the most important and effective forms of communication for a credit union. Maintaining communication with your clients and customers is necessary. Needless to say, your email contact list is one of your greatest possible assets when attracting members (or prospective members) towards financial products your institution can offer. In the world of mass email blasts, there are two basic types: First, there are dedicated email blasts, where the entire email focuses on a single promotion or call to action. Then on the other side of the coin, there are newsletter style email blasts. These are communications (usually regularly scheduled) in which the entire email highlights multiple items or calls to action.

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