When done right, Word of Mouth (WOM) marketing can be one of the most effective communications strategies. Designed to get the influencers of a given demographic or community to do the marketing for you, WOM has the potential not only to increase awareness of your brand, but to shave thousands off your marketing budget each year.

Credit unions have been the benefactor of some major WOM efforts so far in 2009.

Even as the financial services industry struggled with economic and regulatory challenges galore, credit unions shined as a trusted and fair alternative for consumers – and cardholding consumers in particular.

In June, CUs captured the attention of Harvard doctoral candidates with their “gentler” card programs. The scholars in turn shared their opinions with the readers of the New York Times, giving credit unions a matchless PR win.

Glory reigned (literally) one month later as the Pope praised the work of credit unions in a letter to bishops throughout the world.

And in September, financial pundit Suze Orman spoke on her television show about the benefits of using credit union-issued credit cards as opposed to those offered by the major banks.

While it’s true that WOM marketing often involves an element of right-place-right-time, there are certain things you can do to inspire the influencers in your community to speak highly of their credit union experience.

Begin by digging through your member list. Who are the major influencers? Are there media representatives (reporters, producers, personalities), business leaders, philanthropists or civic leaders among your members?

Now, talk to them. Learn how they are using your credit union and what they are happiest with. Are they willing to serve as a speaker at your next event, share your service offerings with their employees, get you involved in their next charity function?

While you may not be able to count the New York Times, the Pope or Suze Orman among your members, chances are excellent that you have powerful leaders who are already on your side. Get them talking!

For more on WOM marketing, visit the Word of Mouth Marketing Association.