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January is almost over which means by now you’ve read countless articles on 2020 goals and trends. All of those are important. We’ve even written two ourselves (How To NOT Get Overwhelmed in 2020) and (20/20 Vision For 2020).
While understanding trends and goals is important, when it comes to marketing it’s also important that you examine it. That you ask the right questions.
Here are ten questions every credit union and bank executive should answer now:
Many financial institutions are seeking growth. More new people. However, one of the best ways to grow your overall profitability is to increase the relationships you have with your existing members or customers. Rather than just add and add, how about digging deeper?
If you’ve read anything about trends then you’ve read tons about data. Financial institutions have the data (credit scores, income, shopping patterns, etc.) but are we using that data? While data may be the new oil, you have to convert that oil into gasoline to really make your marketing engine run.
People are no longer reading: they are watching. Which means your website, e-mail and other efforts must include video. Video is no longer an option (it’s a must have). Video testimonials on your site is a great place to start. (Here's one of our favorites about the success Heart of Louisiana Credit Union saw after a marketing review.)
If you’re not tracking your results then you don’t know if your marketing is really working. As John Wanamker famously said, “Half the money I spend on advertising is wasted—I just don’t know which half.” Never let that be said about your marketing efforts.
Trying to be all things to all people never works. So stop trying. The most successful credit unions and banks have defined niches they serve better than anyone. As Donald Miller famously says, “Niches lead to riches.”
Marketing is no longer pushing products. It’s telling stories. Not stories about how great your credit union or bank is: stories about how you’ve helped people achieve their financial success. Don’t tell your story: tell theirs.
While marketing tends to drive campaigns and develop big picture strategy, it’s your front-line staff that must execute those ideas. They are the ones who live your brand. Drawing a better connection between your overall marketing message and the day-to-day interaction your staff has with consumers is a major key to success.
As we tell many of our marketing review clients: cut the copy, cut the copy, cut the copy. Less is usually best. Stop trying to cram a million marketing messages into one piece. Brevity is clarity.
Marketing is one of the most important functions of your financial institution. And when marketing gets better, the entire credit union and bank get better. Want more loans, checking accounts or deposits? Then improve your marketing. One of the best ways to immediately improve your marketing is to complete a marketing review.
Marketing is constantly changing. It's critical you try new techniques. Take some risks with your marketing. Stop doing the same thing every single year.
Growing often means asking the right questions. Answering the above questions is a great way to start your 2020 marketing on a successful path.