I recently had the opportunity to appear on CU Broadcast with Mike Lawson to discuss 2018 marketing trends. During that show, we talked about what top issues are effecting credit unions as they prepare for the upcoming year with their marketing efforts.
We specifically talked about the three “Ls”
- Live your brand through emotional connections—We are in a commodity business and the only way to not be a commodity is to connect with consumers. We have to shift from being transaction based (or even service based) to being advice based. In other words, your people can’t be order takers. Financial institutions even think service is great and is a differentiator. It’s not. The reality is advice is much deeper.
- Look at your marketing through a marketing audit—If you don’t change your marketing in 2018 you risk becoming irrelevant. You must look at your marketing from an outsider’s or consumer’s view. And one of the best ways to gain that perspective is through a marketing audit. In fact, more and more credit unions and banks are conducting marketing audits because they are seeing immediate strategic and tactical benefits.
- Leverage digital and video—People are reading on average a total of 19 minutes per day (and that includes texts and e-mails!). Yet as a society we are watching over one billion hours of YouTube video every day. So you have to use video in your marketing. Not only that, more and more searches for banking related products begin on a mobile device (anywhere from 40% to 80% of those searches depending on your source). From a marketing budget perspective you must change from traditional marketing spends and invest more in your digital channels. For example, about 35% of your overall marketing budget should be in the digital arena.
For each of the above “Ls” I also gave a strategic step your credit union can take to implement the trend. To see what those steps are, then check out the broadcast here.