“We’re in a recession—we’ve got to cut marketing!”
“Since our income is down we need to cut our expenses. So let’s start with marketing.”
“We’re going to pause our marketing efforts until this pandemic and economic crisis passes.”
Do any of those (or similar) phrases sound familiar?
More than likely they are being uttered throughout businesses everywhere, including credit unions and community banks. One problem with all those statements is that they reek of desperation. "If we just cut, cut and cut, then we’ll survive." No. If you just cut, cut and cut you’ll keep bleeding, bleeding and bleeding.
When it comes to your marketing and our current economic climate your financial institution needs to be deliberate and not desperate.
[bctt tweet="When it comes to your marketing and our current economic climate your financial institution needs to be deliberate and not desperate. #creditunions #marketing #leadership" username="jmarkarnold"]
Inc. Magazine noted that “A number of studies show that companies who increase spending during a recession enjoy greater gains in market share than those who cut their advertising investment. In fact, when markets expand, market share is much harder to come by. If your industry as a whole is experiencing a downturn, that may mean the right approach is to increase your marketing spending.”
Marketing is oxygen. You stop marketing and you stop making money. The solution to declining income is not cutting expenses: it’s making more revenue. And the only way you can make more revenue is to invest in your marketing and your messaging. Now more than ever your marketing messages must resonate with consumers.
[bctt tweet="Marketing is oxygen. You stop marketing and you stop making money. #marketing #creditunions #leadership #management" username="jmarkarnold"]
So what does marketing deliberately look like for credit unions and community banks? Consider taking these deliberate measures with your marketing:
Negotiate better advertising rates—media has never been cheaper
Focus your marketing messages—creating a focused message is the best way to generate more revenue
Conduct a marketing assessment—now is the best time to review all your marketing to determine what is working and what is not
Cut your copy—people are too stressed to read your messages in their entirety; so keep them short and sweet
Increase your frequency—now more than ever consumers need to hear from you; don’t stay silent
Review your marketing expenses—a marketing assessment {link to landing page} will also uncover where you are wasting marketing expenses and how you can maximize your marketing budget
Tap into their stress—show how your products and services save them money; you will connect with consumers if you connect with their stress
Pausing marketing does not lead to growth. You still have to do marketing: you have to do it better. You must market deliberately.
