Cookies to Connection: Credit Unions Embrace First-Party Data for Better Member Relationships.
***UPDATE AS OF 07/22/2024 – Google has decided to cancel sunsetting cookies, reversing its course from the 2020 announcement. Instead, they will be offering a “new experience that will let users make an informed choice”*** It’s time to tell the Cookie Monster to take a seat. In today’s digital marketing world, the importance of first-party data has come into sharp focus, especially as third-party cookies and pixels are being phased out. For credit unions, which rely heavily on personalized member engagement and trust, leveraging first-party data has never been more crucial. Let’s explore why first-party data is essential and how credit unions can effectively harness it in this new era of privacy. Understanding the Shift Away from Cookies & PixelsThird-party cookies and pixels have long been the backbone of digital marketing, enabling advertisers to track user behavior across different websites and deliver targeted ads. However, growing concerns about privacy and data security have led to significant changes. Major browsers like Chrome and Safari are eliminating support for third-party cookies, and regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) are enforcing stricter data privacy rules. This shift underscores the need for businesses, including credit unions, to pivot towards first-party data. Unlike third-party data, which is collected by external entities, first-party data is gathered directly from interactions with members and customers. This includes data from website visits, mobile apps, social media interactions, surveys, and other direct engagements. The Value of First-Party Data Strategies for Maximizing First-Party Data for Credit UnionsTo fully leverage the power of first-party data, credit unions should adopt the following strategies: As the digital landscape evolves and the reliance on third-party cookies and pixels diminishes, the importance of first-party data for credit unions cannot be overstated. By prioritizing the collection and strategic use of first-party data, credit unions can enhance personalization, build trust, ensure compliance, and ultimately drive better member engagement and satisfaction. Embracing this shift will position credit unions for success in the new era of data privacy. Ready grow your first-party data? Your Marketing Co. has over 16 years of proven experience and skills that can launch your credit union website to success. We create, design and build the best credit union websites that value quality over quantity. Ready to grow? Let’s discuss and build a plan for you!
3 Pillars for Successful Marketing in 2022
How you frame what you do matters. For credit unions to solve people’s problems and provide real solutions, it helps to know what people are ready to hear and believe. To make an impact, however, it helps to know how to spread an idea. As we wind down one year and prepare for the next, here are three marketing pillars you should do with passion and conviction. Because let’s face it: Too many brands never truly connect with their audience, and it doesn’t pay to have great products and services if nobody knows. Video Killed the Radio Star Video is the closest you can come to talking to someone face-to-face. It’s the perfect platform to transfer value, create urgency and win perception. And video is not just for silly cat videos; it’s for credit unions, too. YouTube, alone, has more than 2 billion users each month, which is roughly one-third of total Internet users. More than half of YouTube views come from mobile devices. YouTube reaches more 18-34 and 18-49-year-olds than any cable network in the U.S. And 50% of Internet users look for videos related to products or services before visiting a store. Think about how we consume social media today as well. How much of it is a video on Facebook, Instagram and TikTok? Also, consider this: 60% of young adults in the U.S. primarily use online streaming to watch TV, according to the Pew Research Center. Online video, whether it be YouTube advertising, mobile and display ads, over-the-top (OTT) streaming ads, or connected TV (CTT), will continue to grow in 2022. And don’t think the only messaging must be in the way of commercials about products and services. Video can be used for employer branding and recruitment, staff training, testimonials, your credit union’s brand story, and so much more. Get a Social Life We’re way beyond whether social media is an option for credit unions. We know it is an essential way to reach consumers. However, the key to success in 2022 is humanizing your credit union’s brand using the medium. How do you do this? You replace product pitches and self-indulging chest-thumping posts with conversations that solidify the foundation your credit union has with its community. Recently, we had one credit union that saw 400 more engagements and impressions grow 511% in a month – not by posting more, but by being simply more active in the community. Share community-related events. Share the successes of your staff and members. Create a sense of belonging. Use engaging videos and photos. Or in other words, connect, connect, connect instead of promote, promote, promote. Stick With It If I mention State Farm, Geico, Progressive, Allstate, USAA, Liberty Mutual, Farmers and Nationwide, I bet you can recite a jingle, catchphrase, pitchman, or a mascot. These insurance companies realize repetition breeds familiarity, and familiarity develops a level of trust. Why do they all advertise? They want to be top of mind for when you decide to switch. If a consumer leaves, chances are they will switch to a brand they know. The same is true among banks and credit unions. If you want to convince consumers you’re a better banking option, you must be top of mind. Of course, big banks and big insurance companies have big advertising budgets. Too often what we see small- and mid-sized credit unions respond with is switching from promotion to promotion. The challenge here is there’s no synergy with the brand. The final pillar for 2022 is to define your brand attitude and stick with it. For example, actor Jeremy Brandt tells us Capital One is “banking reimagined.” He may talk about slick cafes, checking accounts, mobile banking, etc., but in the end, the brand’s story stays front and center. Your credit union has a powerful story to tell, but can you gain traction? To create the future you want to see, repetition is the key.
