Over 90% of consumers read online reviews before purchasing a service from a local business. Selecting a credit union is no different.
In fact, 90% of loan and mortgage consumers search Google before selecting a provider. And after their research, loan and mortgage consumers spend an average of $ 28,435.
If your marketing efforts don’t include review prioritization, it’s time to make a change.
Here are three ways that online reviews can help your credit union find new members:
1. Capture local searches
Consumers search for a credit union like yours, right on their mobile device. Searches containing the phrase “bank near me” have increased by over 60% in the past two years.
And these organic searches are driving consumers to call financial service providers: 64% of inbound calls are from organic search.
Local searches are essential for capturing new member prospects.
To capture local searches, claim your Google My Business listing for each branch and request reviews for each location individually.
2. Improve your search ranking
Over 80% of loan and mortgage customers (and over 90% of check cashing customers) don’t have a specific business in mind when they start their search online. And because 75% of all clicks go to the top three to five results, converting those organic leads should be a top priority.
To convert more leads, you need to improve your overall search ranking. And to improve your search rankings, you need to understand what’s going on to show those top results.
Relevance (how close your business is to search terms), Distance (how close your business is to the searcher), and Awareness (the overall awareness of your business, including the number of reviews and the average score of ‘reviews) add up to showcase the best results in Google.
However, results can be prioritized based solely on relevance and importance scores, even if your business is not the option closest to the searcher.
To increase your chances of appearing in the best results, start asking for SMS reviews (they have higher open rates than email) and respond to all negative reviews.
3. Show where members are looking
New members start their search for a new credit union right from their phone. For financial planning and management research, mobile searches have increased by 70% over the past two years.
Almost 50% of all financial services phone calls come from mobile search. And 52% of paid search leads on phones come from a mobile device. It is clear that mobile is an important channel for new prospect members.
To make sure you show up where new members are looking, show up in the right places online. Prioritize Google reviews to increase your chances of appearing in search results, then embed your reviews on social media platforms and your website.
To learn more about how reviews are impacting financial institutions more than ever, see the 2021 State of Reviews for FinServ report.
JAMIE COSGROVE is Vice-President, Financial Services, at Podium.