Marketing matters to your bottom line. Marketing needs a seat at the C-Suite table. Marketing will singlehandedly determine the success of your financial institution.
Marketing, marketing, marketing.
As a team of seasoned credit union marketers, that’s easy for us to say…but far more difficult for you to prove to your boss and executive team.
Without results and data, proving the value of marketing will be an impossible task.
For proof on the power of data—and the power of marketing—look no further than our friend Rory Rowland. Rory is a pioneer in the credit union movement who recently launched a manager training program that teaches managers how to guide their employees toward success using coaching principles.
His podcast, “Coaching for Potential,” debuted in 2017. For the first 6 months, Rory relied solely on word of mouth marketing for the podcast…and got zero downloads. None. The podcast seemed like a flop.
Rory is passionate about leadership development and wanted to see managers succeed through coaching. (For the record, his unique coaching style really does work and has helped credit unions across the country foster a culture of growth.) So, he switched approaches. He started email marketing – 15 months after the initial launch of the podcast.
With a series of just three emails to about 400 people, the popularity of the podcast grew exponentially. He’s now at nearly 1,250 podcast downloads per month…where this time last year he had just 10, yes 10, total downloads per month. That’s a 12,400% increase. Because of an email marketing plan.
“With no real marketing, I had no real results,” said Rory. “Marketing worked miracles!”
To listen to Rory’s coaching podcast click here: Coaching for Potential.
As a credit union or bank marketer, here are three questions you need to ask yourself now:
- Does your credit union or bank have an omnichannel marketing strategy that includes email and social media? Without a strategy, you have no direction. Developing a marketing strategy will help you know what constitutes success, what numbers to track and what changes to make.
- Are you being consistent with that marketing strategy? One of the key components of a strong brand is consistency. You must be consistent with your marketing message. If you’re not implementing the strategy and regularly monitoring success, then you won’t get results.
- Have you conducted a marketing audit? A marketing audit conducted by an objective third party will show you the gaps in your marketing. It will tell you what you’re doing well and where you have room for improvement. It’s the best way to grow your marketing results and stay ahead of current industry trends.
As Rory said, “It’s rewarding to do something you truly enjoy, but even more rewarding to see the positive results from it. To help people grow is the impact I want to make in the world.”