New marketing approach inspires membership growth in Merthyr Tydfil
20 Apr 18
In the past eight months Merthyr Tydil Borough Credit Union (MTBCU) has increased membership thanks to a new marketing approach.
Eight months ago MTBCU employed a new Business Marketing & Liaison Officer, Lewis Maybank, as resulting in a transformation of their marketing approach. Lewis has worked hard to build networks in the borough, hosting employer engagement events and working with the local community in the private and third sector.
At the credit union’s recent AGM they reported a successful year which saw membership increase by 24% and lending increase by 15.5% to £1,177,869.
Lewis believes that marketing is essential to growth of the credit union’s networks. He said: “Since we have taken a new approach with marketing, monthly membership sign ups have increased 3x the figures we usually have. The message what we want to send out is clear: what is a credit union is? How do they operate? What services do they provide?
“99% of people I have met outside the sector do not have a full understanding of what the credit union is so it’s my job to spread that message in various platforms.”
The credit union has advertised on small billboards across the borough and advertised loans and saving products on the back of local buses. They have also been very active on social media platforms; they promote their payroll partnerships on Twitter in order to attract new employers to use their services. They have also created a short video that advertises the credit union with the aim of attracting new members.
You can view the promotional video here.
Lewis believes that staying active in your marketing approach is the key to success, he says : “Consistency is key for the credit union, whether that is on social media or being mentioned in local press, you must be consistent with the awareness to the outside community of the credit union sector.
“We have found that getting more involved in the borough by hosting and attending different events to promote the credit union has opened lots of doors for us in terms of raising brand awareness which leads to an increase in membership.”
MTBCU has been promoting financial wellbeing in workplaces across the Merthyr Tydil area. Most recently Tydfil Training has committed to offering staff ethical loans and savings with the credit union. Across Wales lots of work is being done with ‘The Credit Unions of Wales Payroll Partner Scheme’ which sees employers work with their local credit union to offer the payroll schemes direct from their salary.
Each new business receives a Payroll Partner Accreditation mark which demonstrates their commitment to giving staff access to savings and affordable credit. An impressive 140 businesses across Wales have gained the Credit Unions of Wales Payroll Partner mark.