How to Successfully Launch a New Product at Your Credit Union
Introduction
When launching a new product, credit unions must consider all the elements contributing to a successful deployment. These include creating awareness among members, training staff on product features and benefits, and having processes in place to ensure quality service and support. Credit unions can set their new products up for success by considering all of these factors.
Create a Calendar
Calendaring is an essential part of launching a new product deployment. By sharing key dates and deadlines with members, credit unions can ensure that everyone is on the same page and aware of what they need to do. Necessary steps such as enrolling in the new program, updating a simple password, and downloading an app could all be stumbling blocks for members. The sooner they know about the required changes, the higher your adoption rate will be. Your calendar should also contain dates that marketing campaigns are to land.
Getting the Message Out
When launching a new product, it's vital to create awareness among members so they know it exists and can take advantage of its benefits. It is imperative that members get reminded as many times and in as many ways as possible about your new product deployment.
If members are not made aware of the new product deployment, they may not take advantage of its benefits. Poor visibility could lead to lower than expected product uptake, which would, in turn, impact the credit union's bottom line. Credit unions must create a comprehensive communications plan that includes multiple touchpoints and channels to avoid this.
Communication Channels
Here are ten channels you can communicate with your members:
Website Banners
Newsletters
Buck Slips
Digital Banking Messages
Printed Mailings
Blog Posts
In-branch Displays
Social Media Ads
SMS/Text Messaging
Receipt Messages
Website Banners
Of the list above, the most important is your website. It's essential to ensure that deployment information is near the top of the home page; few users manage to scroll past the screen break. You can include banner ads, popups, or even rotator images to convey your message. Make it easily accessible by having a clear and prominent link to more information. Plus, make the URL for more information extremely simple so it can easily be rattled off. For example, you could use "yourcreditunion.org/bill-pay" if you deploy a new bill pay solution.
Newsletters
Your newsletter is another vital communication tool, be it printed or electronic. Use it to educate members about the features, benefits, and reasons for launching the new product. Where your message is brief on your home page, your newsletter can convey a plethora of information. You can also include a call-to-action for members to visit your website for more information.
Buck Slips
Buck slips are a great, cost-effective way to promote the new product to your members that may not regularly check their credit union's website or social media accounts. If you didn't know, buck slips are about the size of a dollar bill, usually full-color on coated paper. They can be easily inserted into members' monthly statements.
Digital Banking
If your credit union offers digital banking, you can use it as a platform to promote your new product. Whether it's a new app, online banking platform, or even just an enhancement to your current solution, you can use digital banking to get the word out. Depending on your digital banking provider, you can include banners, notifications, or even interstitials (full-page ads) that promote the launch.
Printed Mailings
Many credit unions create dynamic printed pieces, including flyers and booklets that espouse the virtue of their new product. These flagship pieces can be expensive. Depending on the piece's size and production costs, you may want to use this method sparingly. However, if done correctly, these pieces can be very effective.
Blog Posts
If you have a blog, write blog posts about the launch and share them across social media. Your vendor partners should always share your social media posts. Blogs provide a space for keywords your members will be searching for - the more, the better.
In-Branch Displays
For members that visit your branches regularly, deploy "in-store" displays to generate awareness. These can be anything from table tents to posters to larger stand-up displays. You can even give away promotional items like pens, notepads, or water bottles with your launch messaging. Make sure your tellers and other front-line staff are prepared to answer questions about the new product. They should be able to explain the features and benefits of the product, as well as how it can benefit members.
Social Media Ads
With today's social media technology, it is incredibly easy to target your ad to a set of narrow demographics. You can have your message in front of a select group of users for a few hundred dollars. For instance, you can target residents of a particular ZIP Code who like credit unions and are between the ages of 35 and 44.
SMS/Text Messaging
In today's world, nearly everyone has a smartphone. And with that comes the ability to receive SMS or text messages. You can deploy a text-messaging campaign to promote awareness of your launch and restrict it to only your credit union members. SMS technology is gaining more adoption among credit unions, quickly becoming a preferred channel for many members. Text messages can be scheduled, and for the user, it doesn't take much effort to engage. Depending on your SMS/Text vendor, you can target a particular group of people similar to social media ads.
Receipt Messages
Use your transaction receipts to inform your members of the upcoming launch. You can include the launch date and a brief description of the product and how it can benefit your members. ESP's FORZA has receipt messages as a free option.
Training is Key
Your credit union's staff are the front line when it comes to launching and promoting a new product. It is essential that they are properly trained on the features and benefits of the product, as well as how to use it. All too often, new products are launched without proper training for staff, which can lead to issues down the road.
When training staff on a new product, it is vital to cover all bases. This includes an overview of the product's features, use case scenarios, and how to troubleshoot common issues that members may have. Staff should also be trained on any new processes or procedures associated with the product.
After the initial training, it is essential to provide ongoing support for staff. It is also important to review any processes that must be followed to provide quality service and support. By adequately preparing your team, you can help ensure a successful launch.
After the Launch
After the initial training, you must provide ongoing support for your members. One of the most critical aspects of ensuring quality service and support is having a process in place for handling member questions and concerns. This could be as easy as having an email link on your website or as complex as hiring a third-party call center. Even though we live in a time where technology is everything, having an actual human answer the phone is still the method most prefer to resolve major issues. Dedicating staff to strictly answering phones during the first few days of a major launch will go a long way in satisfying your members.
In Conclusion
Taking the time to deploy a new product correctly can mean the difference between success and failure. Following the tips in this blog post can give your credit union the best chance for success. Each step is crucial in ensuring a smooth and successful launch, from creating awareness among members to training staff and providing quality service.