I had the opportunity this week to listen in on the latest Ask the Experts session facilitated by the myCUmortgage Training Team. If you haven’t attended any of these sessions, you need to check them out, and if you’re planning to attend this year’s Partner Conference, don’t miss the Ask the Experts session LIVE (you can register for the conference HERE).
I’m waiting on my invitation from the Training Team to be one of their mortgage experts, but if I am to be honest, my REAL expertise is in comedy. In particular, my colleagues have often commented on my “Dad” jokes, as you Earthlings call them. For example:
- Do you know what happened when I was reading the book on anti-gravity? I couldn’t put it down.
- Why did the alien get fired from his job? Because he was spacing out at work.
- How do aliens harvest their crops? With tractor beams, of course.
I know… using the term “expert” in this case is quite a stretch, but the Ask the Experts sessions are spot on and full of useful information that helps our partner credit unions to be GREAT mortgage lenders. As I mentioned before, this week I absorbed some solid marketing expertise, and I want to share some of what I learned. You can also watch the recorded Ask the Experts: Marketing whenever you want by visiting your Training Smart Room; just know that it doesn’t include me or my Dad jokes.
Did you know that one of the primary reasons your members or potential members don’t come to your credit union for a mortgage is that they don’t know you offer them? Considering credit unions consistently hold only 9% market share of nationwide originations, it’s fairly evident that this is, indeed, an issue. Plus, for those members who know you offer mortgages, many are still left in orbit around Planet Mortgage because they’re unsure their credit union has a product to fit their unique needs or simply believe they won’t qualify.
It’s time to pull these members out of orbit and bring them in for a landing in your Mortgage Department. If you don’t, you could be missing out on your share of this Big Business. In 2020, according to the Mortgage Bankers Association, total mortgage originations amounted to $3.83 trillion. Yeah, that’s TRILLION with a capital T! And there are plenty more statistics to support this huge opportunity—check it out for yourself with our Big Business Infographic.
Now the question becomes, “How do we let more members know that we offer mortgages and products that fit their specific needs?” As the myCUmortgage expert said in the Ask the Experts session, “One word—Marketing!” You need to get out in front (and stay in front) of your members if you want them to come to your credit union for a home loan. There are so many space lanes (or communications channels, as I’ve heard them called) that lead directly to members. All you need to do is identify the ways in which they like to be communicated with and start the conversation.
What are some of these space lanes, you ask? According to the presentation, there are more than I could ever list here, but a sampling of options includes:
- Social media
- Online and websites
- In-branch advertising
- Direct mail
- Member education opportunities
- Community events
Why aren’t credit unions using these already? I’d say there are two primary reasons. One, they may be intimidated by the thought of doing marketing. If you’re not in communications, marketing can appear to be a vast undertaking and as insurmountable as Olympus Mons on Mars. This isn’t always the case, and there are options available, as I’ll soon explain.
Two, the credit unions have a lack of resources. Many don’t have the staff, time or budget to start wearing another hat and launching a marketing campaign.
While these are good reasons for not marketing, they shouldn’t stop you. For example, a credit union can identify and reach out to local professional organizations and universities—whether its pro bono work or earning college credits, each has individuals who are ready, willing and able to assist with your marketing efforts, most likely at little or no cost.
However, my best suggestion for credit unions strapped for resources—or even those with marketing specialists who are looking for new and fresh content—is the myCUmortgage Marketing Portal. This is a FREE service to our partner credit unions and enables the creation of customized marketing collateral on various topics and in multiple formats. It is newly refreshed and very user friendly. Plus, it features a Marketing Calendar to help you map your marketing efforts over the course of a year. (Note that there is a charge if a partner uses the print on demand and direct mail services.)
To learn more about the Marketing Portal and how it can benefit your credit union, contact your Partner Success Manager.
What types of marketing tips and tricks do you have to share? Are you a user of the Marketing Portal, and if so, what do you think about it and what it offers? We’d love to hear and learn from you, and if you have a solid Dad joke, we invite you to share that, too!
As for me, I can’t help but share just one more gem: I have an unhealthy addiction to space jokes, but I believe that someday I will over-comet.
Keep laughing and smiling, and most of all, marketing to your members. Just don’t use any Dad jokes to gain their attention… that could be Dad-asterous!
Thank you, I’m here all week. Be sure to tip your servers and enjoy a large pour of Romulan Ale!