Nook Blog

Creating Engaging Newsletters: Best Practices for Credit Unions

Written by Pete Keers | Jul 10, 2024 5:14:47 PM

Previous posts have illuminated the potential of the Niche Experiences marketing strategy to significantly increase wallet share, a testament to its effectiveness in member engagement. In considering this innovation, however, credit union decision-makers often ask if Niche Experiences replaces their organizations’ newsletters.

The happy reality is that newsletters and Niche Experiences can work together in the quest for greater member engagement.  

The Newsletter Legacy

Newsletters have been a staple of credit union marketing for decades. Prior to the prevalence of the Internet, mailing printed newsletters was a common promotional vehicle. Although printed versions continue to exist, the digital revolution has dramatically reduced the cost of creating and distributing newsletters.

Perhaps because of their longevity, many newsletters have changed little over the years and feel stale. So, now is an excellent time to review some best practices to refresh this valuable communication tool.

Know Thy Audience(s)

A relic of the printed era is a single newsletter for all members. Two factors supported this limitation in the past. First, segmenting members into groups was easier once computers became more prevalent. However, even if segments could be identified, printing and mailing multiple versions for different segments was a costly and complex undertaking.

Once digital composition and distribution innovations caught up with member segmentation technology, credit unions finally had the opportunity to target member sub-groups with tailored content. However, many organizations persist in producing one-size-fits-all publications, which fail to optimize the newsletter's communication potential.

To increase the chances of deeper engagement, a credit union must thoroughly analyze its member base to determine relevant subgroups. This process is part of implementing a Niche Experiences strategy but should be done even if the credit union chooses to focus on newsletters. Creating relevant sub-groups sets the stage for effective content creation.

Sharpening Content

Although newsletters have existed for a long time, they continue to be an effective communications medium. According to a recent Forbes magazine article,

“Not only have newsletters proven to be highly resilient, but they've also demonstrated an ability to adapt and evolve. What was once considered an outdated medium has now become one of the most direct and effective channels for communication. It enabled organizations to connect with their audiences more intimately and targeted.”

The primary goal of a successful newsletter is to get and keep the reader’s attention with relevant content. As member segments are identified, each must be evaluated for unique information preferences. For example, using segments defined by age, young, single members will have much different interests and priorities as compared to those who are older and retired.

However, credit union marketers must not confine themselves strictly to financial topics. Non-financial content appeals to members in all segments, too. Depending on the segment, examples might be travel, food, parenting, sports, health, or entertainment. Providing a mixture of financial and “lifestyle” subjects is more likely to attract and hold the reader’s attention. It also may have the beneficial effect of casting the credit union in a positive light as a trusted institution that understands members’ well-being and interests.

While this content approach seeks to deepen trust overall, subtle calls to action within the content can also directly promote credit union sales. For example, an article about trends in new cars can include a link to the credit union’s auto lending offers.

Subject lines must be carefully crafted to stimulate members to open the message for newsletters distributed digitally via email marketing campaigns. Content should also be organized to support “scan-ability.” Headings, subheadings, and bullet points allow the reader to digest the content quickly in a short time but also provide motivation for continuing to read the entire article if they choose.

Visual Appeal

The look and feel of a newsletter are just as crucial as its words. The layout and overall visual treatment should strongly support the credit union's brand. For example, engaging color schemes, images and font must all be blended to stimulate reader interest. Charts, graphs, and calendars are also examples of adding visual attractiveness.

Getting It Out There

Not being confined to the good old U.S. mail has revolutionized newsletters. They can now serve as the centerpiece of an email marketing campaign. Social media and websites can also be distribution points.

These digital channels also allow sophisticated analytics to determine who opened the newsletter, the degree to which they accessed individual content elements, or clicked links to further content and offers. Comparing the results across segments can help understand what content worked and should be used in the future and what was ineffective.

Effective distribution depends on optimizing frequency. Knowing the preferences of each segment regarding how often they’d like to receive the newsletter will minimize the risk of providing too much information too often, which could lead to reader fatigue and ultimately ignoring the newsletter.

Niche Experiences Tie-In

Newsletters continue to be an effective marketing option in the digital age. However, combining them with a Niche Experiences strategy has the potential to elevate member engagement exponentially.

A newsletter can provide a preview or summary of the wider variety of content available within the Niche Experiences channel. Member familiarity with a newsletter can make introducing Niche Experiences much easier by generating awareness and inviting members to view Niche Experiences content.

At the same time, content produced for Niche Experiences can be easily repurposed for newsletter use. This production efficiency makes accomplishing a synergistic Niche Experiences and newsletter strategy much easier.