4 Key Trends Redefining Affiliate Marketing Strategies for Credit Unions

Credit unions play a vital role in their communities, but due to tight budgets, they often struggle to attract new members and increase their influence. Traditional marketing is expensive and untargeted, leaving many credit unions looking for better options. That’s where affiliate marketing comes in – a cost-effective and scalable strategy that is quickly gaining traction in the financial industry. By leveraging trusted third-party partners, credit unions can reach the right audience, grow membership, and stay competitive without breaking the bank financially.

Affiliate marketing allows credit unions to work with trusted external platforms, blogs, and influencers to expand their reach and efficiently attract new members. This strategy not only helps credit unions overcome budget constraints, but also provides insight into consumer behavior and preferences. Affiliates often have a front-line view of market trends because they have direct insight into consumer behavior, interests, and intent.

The 2024 Financial Affiliate Marketing Report brings together actionable insights and perspectives gleaned from 110 finance-focused affiliates and publishers surveyed across North America. The report focuses on the latest trends, product priorities, and challenges in affiliate marketing, and how financial brands like credit unions can leverage these insights to succeed.

Here are select takeaways relevant to credit union executives and marketers planning their 2025 strategies.

1. Consumer Product Trends: Investing and Savings Remain a Priority

According to a survey of U.S. publishers, 25% expect demand for investment products to be the highest, while 21% see the greatest growth potential in savings products.

Credit unions looking to find products that can help them attract net new members can consider savings and asset management solutions. These products continue to be in high demand and are a great starting point for members to learn about your credit union. For these campaigns to be effective, it’s important that your product features are relevant and competitive in the marketplace.

2. Corporate Product Trends: Lending Continues to Grow Vertically

The report also highlights that demand for corporate loans is expected to increase, as stated by 50% of U.S. publishers. This presents an opportunity for credit unions, known for their low interest rates and personalized service.

Affiliates specializing in small business lending can be valuable partners for credit unions looking to expand their business lending services. By leveraging their member expertise and customer base, credit unions can reach and help small business owners in need of capital, strengthening their presence in the community.

3. Anticipated Challenges for Affiliate Marketing in the Financial Sector

Economic uncertainty and changes in search engine algorithms are top concerns for U.S. affiliate marketing in the financial sector. Many affiliates are exploring alternative marketing strategies to adapt to these challenges, such as diversifying marketing channels to include video content and email marketing. Credit unions looking to build affiliate partnerships will be at an advantage by taking a long-term, diversified approach. For example, consider testing promotions across multiple products to identify the best opportunities and address market uncertainty.

4. Cost-effective acquisition and brand credibility: Key benefits for credit unions

According to the report, 46% of U.S. affiliates highlight cost-effectiveness as a key benefit for financial institutions using affiliate marketing. Additionally, affiliates can increase brand credibility, mentioned by 23% of surveyed affiliates.

With limited marketing budgets, credit union marketers often find it difficult to rely on channels like search and display to achieve efficient acquisition results. Affiliates typically operate on a results-based, cost-per-account model, which allows credit unions to increase expense predictability as well as increase credibility through high-quality review and comparison coverage. Helpful Tip – Affiliates work best when your products are available nationally, so consider making certain products available to a wider audience.

Final tips for credit unions from financial expert partners

Surveyed partners offered these top tips for success for credit unions considering or expanding their affiliate marketing efforts:

• Choose the right partner: Be willing to work in a performance-driven environment.
• Empower your partners: Consider them part of your team and share best practices and marketing resources with them to achieve better results.
• Offer competitive cost per acquisition (CPA): US publishers highlight that offering reasonable CPA rates can lead to more meaningful growth for financial brands.

Affiliate marketing is a valuable strategy for credit unions looking to grow membership while keeping costs down.