Rock Valley Credit Union
Rock Valley Credit Union partnered with On The Mark Strategies to engage in a targeted marketing audit to improve the performance and brand of their credit union. Faced with a challenging regional economy hard-hit by the ongoing recession, lack of a visually consistent brand and steep competition, Rock Valley Credit Union saw the value and importance of investing in a comprehensive marketing audit.
“We were in need of consistency of look and overall brand,” said Lori Perkins, Director of Marketing and Business Development with Rock Valley Credit Union. “We reached out to Mark for a marketing audit because we had never had one performed before and knew we needed a solid point of reference for improvement.”
A comprehensive marketing audit was performed in order to help the credit union ascertain its current level of marketing readiness. It provided objective feedback about their marketing programs as well as actionable recommendations for improvements. Specific marketing audit actions taken included:
- Conducted mystery shops and competitive analysis. This included mystery shop experiences of both selected competitors and of the credit union’s own facilities.
- Completed marketing material analysis. This involved a deep-dive into all of the credit unions marketing collateral, including print, digital, website and social media platforms.
- Compiled strategic recommendations. After a review of volunteer feedback, a list of strategic recommendations was offered to help guide the credit union in its future decision-making processes.
- Offered tactical recommendations. More involved with day-to-day operations and tasks that can be resolved relatively quickly, tactical recommendations focused on more granular objectives but were key towards helping complete more overall strategic objectives.
As part of the marketing audit review, On the Mark Strategies recommended multiple strategic and tactical steps for Rock Valley Credit union to consider.
- Implementing a strategic brand plan
- Reducing the amount of copy on marketing materials
- Outsourcing design work to an ad agency (instead of a local printer)
- Shifting dollars from traditional to electronic/digital media buys
- Making the marketing director executive level position and include as part of executive management team meetings and functions
“Before we had no consistency, now we have it,” added Perkins. “Our marketing audit helped us look at ways to improve both qualitatively and quantitatively and also empowered us to begin work on a new universal branding environment that includes our mission, vision and values.” “Business is way up since our marketing audit with On The Mark Strategies,” said Perkins. “We’ve had thirteen consecutive months of positive loan growth since the marketing audit. Our assets are up, new members are up and checking accounts are up. The overall marketing audit process was tough but Mark and his team are honest and not scared to tell you what you need to hear to improve. The marketing audit, looking back, made my job both easier and stronger.”
According to Lederer, “In the last year since we worked with On The Mark Strategies, every month is a record month over the previous year – particularly when it comes to checking accounts and loans. We would not be as successful as we are now without Mark’s help.”
Since its re-brand, Credit Union of Texas increased its Net Promoter Score (NPS) 25% in one year.
Credit Union of Texas is now in a much better position to leverage its strong brand in the marketplace. Executive management and employees at all levels are on the same page about the brand and can give consistent answers about its vision, core values, tagline and creed.
Importantly, the credit union has yet to fully engage its external marketing and advertising efforts related to the new brand. So far, results stem more from internal organic brand growth, not external media buys and marketing spending. This speaks volumes to the value and importance of branding and the way in which On The Mark Strategies helped relate this concept to Credit Union of Texas.
Location: Loves Park, Illinois
Assets: $98 million
We reached out to Mark for a marketing audit because we had never had one performed before and knew we needed a solid point of reference for improvement.Lori Perkins
Our marketing audit helped us look at ways to improve both qualitatively and quantitatively and also empowered us to begin work on a new universal branding environment that includes our mission, vision and values.Lori Perkins