January is one of the best months of the year. Fresh starts. New goals. Yearly predictions. The challenge, of course, is that by February fresh starts stall, new goals miss, and predictions fail.
But when it comes to marketing, you never want to see your credit union or community bank fail. The upcoming year is going to provide unique challenges: a potential economic downturn, a potentially unengaged staff and a plethora of banking options for consumers.
So, what are credit union and community bank marketers to do in 2023? Here are three tips for the new year:
1. Connect with consumers about their economic pain.
The economic headwinds are still blowing against consumers. No matter what numbers you track, the average middle- or low-income family is still feeling the pain of rising everyday costs.
From a tactical messaging view, address those pain points directly. Use phrases like “we are here for you,” “save your hard-earned money” and “reduce your monthly payments with a consolidation loan.” As Donald Miller says, “You’ve got to understand the pain points your customer feels.”
In 2023, stop talking about your products. Start talking about consumers’ pain (and how you can reduce or eliminate it).
2. Conduct a marketing assessment.
In a tight economy, you must watch every marketing dollar you spend like a hawk. Your marketing budget must yield results and a positive ROI. But is it?
There’s only one way to know for certain you’re getting the bang for your marketing buck: conduct a marketing assessment. Have someone from the outside review your efforts to determine if you are employing the right strategies and tactics. Improving your marketing improves everything in your financial institution. As one of our clients said after a recent marketing audit we did, “We have learned to glance at our competition and glare at ourselves.”
In 2023, stop assuming your marketing works.Start reviewing your marketing with an eye towards improving it.
3. Invest in video.
Video is no longer just a trend. It is a must-use marketing medium.
Consider the following stats: video content is 1,200% more likely to get shared than images and text combined; Americans spend an average of 323 minutes per week consuming video content and revenue of marketers who use video grows 49% faster compared to those who don’t. When it comes to your video strategy, your credit union or community bank should have an overall brand video, testimonials, employee spotlights, product overviews and financial education among other uses.
In 2023, stop asking “should we use video?” Start using video everywhere.
As you review your 2023 marketing strategy, here’s a bonus tip: invest in marketing while others are cutting. When budgets are tight, the first line item most banks and credit unions butcher to save a few bucks is marketing. That is the absolute wrong strategy to implement.
When talking to one of our clients recently, the CEO made the remark, “Now is the time to double-down on our marketing efforts. We’ve seen in the past that successful financial institutions actually grow their market share by increasing their marketing while others are reducing it.”
The upcoming year could be the best ever for your marketing efforts. If you talk directly to consumers about their pain points, honestly assess your marketing and invest in video, you’ll set up 2023 as a major growth period.
Kick off this growth spurt today with a free marketing assessment consultation.