How to Amplify Your Credit Union’s Word-of-Mouth Marketing Strategy
Word-of-mouth marketing is a powerful strategy for credit unions to increase their membership. According to a report by Nielson, 92% of consumers trust recommendations from people they know. Meanwhile, less than half of consumers trust online ads.
Word-of-mouth marketing does not simply happen with luck. To increase referrals, credit unions can turn their members into advocates by providing life-changing products and services, unmatched digital and in-person experiences, and interactive solutions that are shared seamlessly with family and friends.
Let’s explore why word-of-mouth marketing should be a top priority for credit unions and how Ovation (formerly Paperwork) naturally creates a shareable experience for members.
Why Credit Unions Need a Great Referral Marketing Strategy
When choosing a financial institution, consumers look for trust and credibility, and word-of-mouth referrals are a source people tend to trust more than other marketing strategies. This can be explained by “social proof,” the idea that when people are unsure of what to do, they take cues from those around them.
For example, when someone is looking for a bank, they’ll likely ask friends and family if they like where they bank. If one institution gets rave reviews, it’s extremely probable they’ll go with that institution over one people feel apathetic about. And according to the research, there’s a good chance they’ll choose the institution with a personal recommendation over the one they see in online ads.
The key to turning apathetic reviews into rave reviews is an emotional connection. Research from Invesp states that companies that inspire emotion receive 3x more word-of-mouth marketing than companies that don’t. Fortunately for credit unions, finances are extremely linked to emotion, and helping a member out of a difficult financial situation is sure to inspire positive emotion.
For a deeper dive into how financial wellness increases members’ emotional connection and engagement, read this post.
The Power of Ovation with Word-of-Mouth Marketing
Forbes defines successful word-of-mouth marketing as credible, social, repeatable, measurable, and respectful—all qualities that Ovation seamlessly integrates into its financial wellness experience.
Ovation guides members through every aspect of their financial health, providing personalized action steps to help them improve their financial well-being. With real-time progress monitoring and account tracking, members gain a measurable snapshot of their financial standing and clear insights into areas that need attention.
What sets Ovation apart is its ability to form a strong emotional connection with members—offering personalized financial guidance through an automated yet tailored experience that adapts to each user’s unique circumstances. This approach builds trust, confidence, and engagement, encouraging members to share their success and experiences with others.
Because Ovation is a white-label solution, all of these positive interactions, trust, and financial wins are associated directly with your credit union. Whether accessed via web or mobile, Ovation meets modern consumer expectations by providing an intuitive, digital-first experience that makes financial wellness accessible anytime, anywhere.
Want to transform your members into loyal fans? Schedule a demo today.