Fun fact about how I compile information and write these blog posts: It doesn’t always happen in one sitting. A perfect example is this very post. I originally started out talking about how “spring is here” and all the wonderful things that come with the season (including the ramping up of the real estate market). However, a few days later, as I resumed writing the post, I believe I saw some snow flurries fluttering outside my spaceship’s windows.
Come to find out that in the state of Ohio, we don’t have four seasons of weather – we have a dozen:
- Winter
- Fool’s Spring
- Second Winter
- Spring of Deception
- Third Winter ç we are here!
- The Pollening
- Actual Spring
- Summer
- Hell’s Front Porch (pardon the strong language – I’m just the messenger!)
- False Fall
- Second Summer
- Actual Fall
In response to winter’s reemergence, I have since re-bundled up, grabbed some hot pumpkin spice-flavored cocoa and resumed this post with the warmth of spring dancing in my head like sugared plums.
As I previously mentioned, spring is the traditional and predictable time when the homebuying and selling “season” kicks off. To get into the right mindset, I just attended an insightful webinar with the myCUmortgage Marketing Team – if you missed it, I encourage you to contact the Training Team and they will be more than happy to provide you with a link to the recorded session.
As most credit union mortgage lenders know, CUs only hold a small portion of the home loan market share (currently around 7%). Yet, we also know that credit unions are best suited to deliver a GREAT homebuying experience to members/borrowers. We’re talking about competitive rates, flexibility, transparency, expert guidance and so much more. So why are we stuck at such a low percentage of overall market share? There are three primary reasons:
- Many CUs lack a competitive mix of mortgage products.
- CUs oftentimes lack the resources and experience needed to effectively offer mortgages.
- MEMBERS DO NOT KNOW THEIR CREDIT UNION OFFERS MORTGAGES!
Personally, I think the third reason is the primary issue at hand. How can we help our members with homeownership if they don’t know we offer mortgages? This is where the myCU Marketing Team focused during most of the webinar, detailing their Direct-to-Member Marketing program that is part of your partnership with myCU, all at no extra cost. This program includes two email campaigns, digital assets, social media posts, a video and printed collateral and signage.
With this program, myCU wants to inform and educate your members on your behalf, and once members become interested in learning more, they are directed right to your credit union. Borrowing a phrase from another spring pastime – basketball tournaments – this is a slam dunk opportunity for credit unions to build their lead pipelines!
To further assist their partner credit unions in maximizing marketing efforts with this program, myCUmortgage simplified the setup and implementation process to a point where the maximum time it would take a CU to get set up is about an hour (and that is an overestimate from what I’ve seen). To get started, a credit union needs to provide some very basic information:
- A list containing member names, emails and additional non-PII (Personally Identifiable Information)
- Contact information on the credit union’s point of contact, which is typically their LO(s)
- A high-resolution logo
- General contact and shipping information for the credit union
Once this is all provided, the myCU Marketing Team works with the credit union to finalize the campaign, set a start date and, once the campaign is underway, provide leads after each email is distributed. Simply put, the partner credit union dedicates about an hour of their time, then sits back and awaits the leads, all at no extra cost (myCU even covers the printing and delivery costs). Like I said, it’s a slam dunk!
If you’d like to learn more about the Direct-to-Member Marketing program, current partners can contact their Partner Success Manager; and I highly recommend taking a listen to the recent Marketing Mastery webinar. If you’re not a current partner, click here and we’ll be in touch soon – be sure to let us know you’re interested in learning more about marketing assistance.
Extra Tip: The components of this campaign are great idea starters for other programs and services that your credit union offers. While we’re primarily focused on mortgages with this campaign, think about what similar print and digital collateral could do to raise member awareness around them.
No matter the size of your credit union or your number of members, the Direct-to-Member Marketing program can assist you in helping more of your members with homeownership. So, step out onto the mortgage court and deliver a slam dunk for your members!