A growing number of individuals from diverse backgrounds are placing their trust in ethical finance organisations, like credit unions, which offer secure savings, affordable credit options, and access to a variety of ethically focused products and services.

A recent report by the Bank of England highlighted that the UK credit union sector now boasts 1.44 million members. This indicates that over 20,097 people have joined a credit union over the past year.

Marketing for ethical finance companies is crucial for growth, competitive positioning, building trust, and fostering community engagement while promoting their distinctive financial products and services.

Why marketing matters for ethical finance companies

• Member growth: marketing assists ethical finance companies in attracting new members, expanding their customer base, and extending their reach within the community
• Awareness: many people may not be aware of the benefits and services offered by ethical finance companies. Marketing raises awareness and educates the public about the advantages of ethical finance companies
• Competitive positioning: ethical finance companies, like credit union companies, compete with traditional banks and other financial institutions. Effective marketing helps credit unions position themselves as viable and attractive alternatives in the financial services landscape
• Product and service promotion: ethical finance companies like credit unions often provide unique and community-oriented financial products and services. Marketing allows them to promote these offerings and demonstrate their value to existing and potential members
• Trust building: establishing trust is crucial in the financial sector. Marketing helps ethical finance companies build credibility and trust among current and potential members
• Community engagement: ethical finance companies are often deeply rooted in local communities. Marketing activities help them connect with the community, sponsor local events, and demonstrate their commitment to community development
• Financial education: marketing campaigns can be used to educate the public about financial literacy and responsible money management, aligning with the educational mission of many ethical finance companies

OggaDoon recently collaborated with Great Western Credit Union (GWCU), the largest credit union in the South West of England. The PR activity included media outreach and we assisted them in raising £1.9 million as part of their Bond Offer. This funding will contribute to furthering their expansion of affordable and ethical financial services across the region. More details about our work with GWCU can be found here.