Credit unions provide unmatched value to members, make sure your credit union is messaging this to members on a consistent basis.
The spring auto buying season is in full swing. If you haven’t done so already, now is the time to promote to members the benefits of getting a new vehicle loan through your credit union. I am talking about all the benefits, not just rate. Here is one statistic to help remind you to step up your messaging: 97% of car buyers begin their buying journey online. The best way to stay with your members during the buying process is through your online auto buying platform. This is a robust tool that will help generate leads and provide important information your member needs. Getting your members to visit, research and shop on your online resource isn’t hard. Use cross promotion strategies on other popular areas of your website such as online banking. Don’t stop there, however…Include information about your resource through regular email marketing, social media posting, and in-branch advertising. The more exposure the greater the return.
Still marketing to your members with the same message of rate? Time to change the approach. Focus instead on them, identify their needs and offer solutions to meet these financial demands. Education is key as many younger members just starting out and require assistance in understanding the process. This approach will benefit them and your credit union, by becoming a trusted resource.
Here are some tips to let members know your credit union is serious about lending…
- Let them know car loan money is available
A very simple concept, but one that can escape us. We need to remind members how easy it is to reach their financial goals through borrowing, not just savings. There is money available to everyone…explain the process of how it works and how simple it can be!
- Great relationships with car dealers
That’s right, your credit union needs to boast about the great relationships it has with select local dealerships. This will benefit you and your member during car buying, point this out! Another reason to promote your online platform, all your preferred dealer inventory is located there along with payment calculators, buying incentives, build-a-car feature, trade-in values, what others are paying for cars and so much more. A great lead generation tool!
- Competitive Rates and Terms
Once the member understands the process, it’s time to discuss rates and loan terms. Educate the member on loan terms and the benefits of going directly through your credit union prior to hitting the dealership. Help them understand what they will be paying for the life of the loan to make a good, educated decision. Point out the differences of getting a loan at the time of sale and prior to shopping. Put the power back in your members hands when they decide where to finance their next auto loan.
Credit unions have a great story to tell and provide exceptional value. Many members don’t fully understand the benefits of being a credit union member. Credit unions are experiencing increased growth, year-over-year, the momentum is behind you, use it.