Credit unions are seeing tremendous growth — experts predict that the size of the industry will reach $106.2 billion in revenue this year. As consumers change where and how they bank, credit unions have massive opportunities to find new members.
However, given the abundance of banking options (from retail banks to internet banks), credit unions must spend their marketing dollars strategically to capture the attention of potential new members. One powerful credit union marketing channel that boasts a high ROI? Connected TV (CTV) ads.
What are CTV ads?
CTV refers to content streamed on a smart TV or an over-the-top device (like Chromecast or a Roku stick) to reach consumers at home. CTV ads, which are typically full-screen video ads, are served before content or during commercial breaks.
Why should credit unions use CTV ads?
Credit unions have long enjoyed being able to reach existing and potential new members through traditional TV campaigns. But credit union marketing is only effective when you target the right audience at the right place and at the right time — and recent surveys of U.S. banking customers indicate that CTV is the key for credit unions.
Ages 45 and younger are more likely to bank with a non-traditional provider, like a credit union, while those who are 45 and older are more loyal to their existing banking provider. CTV ads let credit unions target younger audiences that are no longer watching cable — or perhaps never did in the first place.
Compared to 2% of Baby Boomers, 14% of Gen Z and 12% of Millennials say it’s important to them that their primary bank acts in the best interest of society and the environment. Unlike with traditional TV ads, you can ensure your message resonates with these viewers by creating different ads that target specific audience segments with unique priorities and interests (e.g., an ad that highlights your commitment to serve low-income communities for a younger audience vs. an ad that features your lower fees and loan rates for an older one).
After the pandemic, consumers have become more comfortable banking digitally, meaning credit unions with easily accessible online services have a leg up on their competitors. Adding dynamic QR codes to your CTV ad that takes people directly to your app or a comprehensive landing page can capture attention and promote your digital offerings.
Beyond these credit-union-specific benefits, CTV yields a 30% higher ROI compared to other marketing channels — despite only averaging less than 10% of total spending.
CTV Ad Tactics That Help Credit Unions Find New Members
For credit union marketers who haven’t explored the world of CTV, getting started with your first campaign can feel daunting. Luckily, these credit union marketing tips for CTV can ensure that you successfully drive an increase in membership:
- Leverage geotargeting features to ensure you’re reaching potential customers close to a branch.
- Use retargeting to reach audiences who may have explored your website but haven’t opened an account yet.
- Target lookalike audiences who resemble your credit union’s existing customers.
- Cap your ad frequency to prevent your audience from suffering from ad fatigue. Similarly, make sure to disperse your CTV budget across different genres and streaming services.
- Create a balanced ad channel mix. Despite all the perks of CTV ads, don’t completely kill your linear TV budget — having both in your ad channel mix ensures that you reach audiences with different TV consumption preferences.
- Develop an omnichannel strategy. Use other ad channels to reinforce the messaging in your CTV ad. Continue the story (and make sure your credit union remains top-of-mind) with social media, display, and other streaming ads.
Ready to level up your credit union marketing with your first CTV ad? Power Marketing can help — reach out to see how we’ve helped credit unions around the country attract, engage, and retain their members.
