BANK AND CREDIT UNION MARKETING

‘Staycation’ Loans: Your Pandemic Summer Marketing Strategy

‘Staycation’ Loans: Your Pandemic Summer Marketing Strategy

Since the coronavirus pandemic swept across the country in mid-March, financial institutions have had to pivot their marketing plans completely, re-evaluating promotions to cater toward a struggling economy.

It has never been more important for banks and credit unions, which are often seen as pillars of community, to be responsive to what their customers and members need.

“Financial marketers have the responsibility to understand what their brand represents and help their communities come back from this alternate reality stronger than ever before,” according to The Financial Brand. Quincy Credit Union marketing example

This spring, those needs took the form of emergency relief loans, navigating a restricted budget and remote banking services. This summer, we’re all going to need an escape. But, with the Centers for Disease Control and Prevention still emphasizing how travel increases the risk of contracting and spreading COVID-19, the disease caused by the coronavirus, we can’t go far.

That’s where “staycation,” or lifestyle, loans come in.

image.works has already seen an uptick in this trend as financial institutions transition the traditional summer vacation loan campaigns, marked by beach resorts and getaways, to themes of backyard barbeques and outdoor oases.

With stay-at-home orders in effect as late as the end of May for some states, the desire to spend time outdoors seems more urgent than ever this summer. The CDC says outdoor activities are safer for small gatherings than inside, with social distancing. Whether it’s just a new space to hang out with family or a minimal-risk place to host a small get-together, people seem ready to embrace that trend.

Indeed, Consumer Google search traffic found that pools were the third most searched-for commodity in May, up 200% from April. Inflatables, above-ground and in-ground pools all saw demand.

Financial institutions are well-placed to help those they serve finance low- or high-cost renovations around the home this summer, whether it’s a new deck or new patio décor. Let your customers know you can help them “save” their summer with bright, eye-catching print and digital pieces highlighting ways to turn their homes into personal paradise.

CU Management recommends these tips for adapting marketing strategy amid COVID-19:

  • Focus on what you can offer that will be helpful for your customers
  • Offer messages of support and inspiration
  • Make those messages personal to help connect

DECU marketing example
image.works can help make sure you send the right messages and keep your customers safe, happy and healthy while they find ways to navigate this new “normal.” Contact us to get started on your staycation loan campaign today! 

 

 

 

Sources:

https://bankingjournal.aba.com/2020/05/marketing-amid-coronavirus-dont-let-the-urgent-displace-the-important/
https://www.cdc.gov/coronavirus/2019-ncov/daily-life-coping/index.html
https://thefinancialbrand.com/94215/financial-institutions-marketing-covid-coronavirus/
https://www.cumanagement.com/articles/2020/04/inside-marketing-how-adjust-your-strategy-during-covid-19

Posted by Katy Macek - June 17, 2020