By Tony rizzo
Now more than ever, credit unions will look to the marketing department as a profit driver. OK, I said it. Yes, Credit Union’s are concerned about profit. With declining fee income, plus an aging population whose majority has moved beyond its prime borrowing years, credit unions – and their marketing teams, will have to get smarter regarding growth. This means relying on data analytics to create personal, relevant and specific offers whose outcome can be tracked. It’s time to move your marketing team from the backroom to the boardroom, and in this article we’ll show you what to look for and how to manage expectations of performance.
Gone are the days of the mass-market and broad extravagant campaigns that do little to add monetary value and that fail to link the credit union’s brand promise to tangible results. Today’s smart marketer relies on data-based marketing in the same way a single sponsor in-plant credit union operated 20 years ago – by knowing the member, giving them personal service and relying on word-of-mouth advertising.
Three key words that should be on the wall of every marketing department are: Personal, Relevant and Specific. Only through the delivery of your brand promise and the strategic use of these three words can you truly maximize the marketing investments.