As the year draws to a close, credit unions have a prime opportunity to assess their digital marketing strategies and make necessary adjustments for the upcoming year. Let’s explore three essential digital marketing tasks that you should prioritize before the year ends. These tasks are designed to enhance online visibility, engage audiences effectively, and set the stage for a successful digital marketing strategy in the year ahead.
Year-End Content Audit and Refresh:
- When was the last time that you took a look at the content on your website? Is it outdated? Is it relevant? Is it searchable? These are all questions that you should be asking yourself as you audit your credit union’s content strategy. Whether it is your website, your blog posts, your social media or even your emails, taking a look at the evolution of the information that you have shared with your members this year will set you up for success in the new year. What are the keywords that will help you stand out in this ever evolving digital landscape? Are those keywords included on your website and in your SEO strategy? How are you connecting the content on your website to your email and social strategy? Evaluate the connectivity of your content strategy across all of your digital marketing platforms and you’ll be sure to set your credit union up for success in the new year.
Social Media Strategy Review and Optimization:
- Social media is a dynamic landscape, and it’s crucial to ensure that your strategy remains effective. Begin by reviewing your social media analytics from the past year. Identify the platforms that delivered the best results in terms of engagement, conversions, and audience growth.
Consider any shifts in your target audience’s behavior or preferences and adjust your social media strategy accordingly. Explore new features or advertising options offered by platforms such as Instagram, Facebook, LinkedIn, or X.. Even TikTok could be a great place to add some fresh content to your social strategy.
- Consider investing in influencer marketing to expand your reach. Collaborating with influencers in your industry can provide a boost in credibility and help you tap into new audiences.
Data Analysis and Performance Metrics Assessment:
- As a credit union, you can benefit significantly from tracking key digital marketing metrics to measure the effectiveness of your campaigns and strategies. Here are some of the most important digital marketing metrics that every credit union should be looking at:
- Website Traffic:
- – Metric: Unique Visitors, Pageviews, and Traffic Sources
- – Why it Matters: Monitoring website traffic provides insights into the popularity of your credit union’s online presence. Track the number of unique visitors, pageviews, and where your traffic is coming from to understand user behavior and optimize your website for better engagement.
- Conversion Rates:
- – Metric: Conversion Rate
- – Why it Matters: Conversion rates indicate how well your digital channels are performing in terms of turning visitors into members or customers. Track conversion rates for online applications, contact forms, or other desired actions to assess the effectiveness of your website and landing pages.
- Social Media Engagement:
- – Metrics: Likes, Shares, Comments, Click-through Rates
- – Why it Matters: Social media engagement metrics measure the effectiveness of your credit union’s social media presence. High engagement indicates that your content is resonating with your audience. Track likes, shares, comments, and click-through rates to understand which content is most effective.
- Email Marketing Metrics:
- – Metrics: Open Rate, Click-through Rate, Conversion Rate
- – Why it Matters: Email marketing remains a powerful tool for credit unions. Monitor open rates to gauge the effectiveness of your subject lines, click-through rates to measure engagement, and conversion rates to assess the success of your email campaigns in driving desired actions.
- Cost per Acquisition (CPA):
- – Metric: Cost per Acquisition
- – Why it Matters: CPA helps you understand how much it costs to acquire a new member or customer through your digital marketing efforts. It’s calculated by dividing the total campaign cost by the number of new acquisitions. Keeping CPA in check ensures efficient use of your marketing budget.
- **Return on Investment (ROI):**
- – **Metric:** Return on Investment
- – **Why it Matters:** ROI is a critical metric for assessing the overall effectiveness of your digital marketing campaigns. It calculates the return generated relative to the cost of the campaign. Knowing your ROI helps in optimizing marketing strategies and allocating resources to the most successful channels.
- Regularly monitoring and analyzing these six digital marketing metrics will provide your credit union with valuable insights to refine their strategies, enhance member engagement, and ultimately drive growth in the digital landscape.
As the year comes to a close, taking the time to complete these three essential digital marketing tasks, along with exploring new content formats and automation tools, can significantly impact your business’s online presence and overall success. Conducting a content audit, optimizing your social media strategy, analyzing performance metrics, and embracing innovative approaches will position your credit union for a strong start in the new year. Embrace the digital landscape, adapt to evolving trends, and leverage data-driven insights to refine your digital marketing strategy for sustained growth and success in 2024.