CFOs are, understandably, making budget cuts across the board right now.
As the economic downturn following COVID-19 takes its toll on the market and on individual consumers, credit union and community bank leaders are looking for anywhere they can cut spending.
But the question is: how do you know what to cut?
Like a medical operation gone wrong, certain budget cuts might help temporary needs but cause serious long-term damage.
This is a recipe for stress and disaster.
Enter the Marketing Assessment, your CFO’s best friend during budget cuts for three reasons:
1. Know which marketing expenses to cut and which to keep
Marketing can be expensive, but it doesn’t have to be. In fact, you can do some of the best marketing for free. A Marketing Assessment will show you what marketing dollars aren’t getting you the ROI they should. It will also give you suggestions for more profitable marketing efforts that take less time and money.
Eliminate the guesswork. Make confident, informed budget decisions that will actually work.
2. Learn what’s working and what’s not
It’s easy for marketers to get too close to their work. We get comfortable with the routine. Suddenly we look up and we’re using the same marketing strategy we have for the last five years. Unfortunately, marketing can’t afford to work that way.
The best marketing—the kind that keeps you in business—is all about focus. Focus on what works, kick out everything else. (A very important thing for CFOs to do during budget cuts).
3. Get double digit loan and new member growth in one year
Remember the old saying, “It takes money to make money”? The statement is misleading. It takes money spent on the right things to make money.
The reality is this: if you don’t market to your consumers right now, you’ll become obsolete. You’ll no longer be top of mind and people will forget about you. You won’t grow and your competition will pass you. (In fact, credit unions and community banks who conduct marketing assessments see double digit loan AND new member growth in just one year.)
The cost of doing nothing is simply too high. How you handle the next three to four weeks will determine if you’re in business next year or not.
You cannot afford to do nothing.