Make a plan

Writing a marketing plan is a big job, and it is something that needs to be done if you truly want to get the most out of your marketing dollars. However, the prospect of a marketing plan doesn’t have to be daunting. Knowledge is power and, if you know these important elements as background to your plan, you are well on your way to developing a winning gameplan for 2015.

1. Know your objectives

What business “problems” are you trying to solve with marketing? What are the reasons your credit union is marketing to its members and/or the community? Having a clear definition of the objectives the marketing plan should meet will help you choose the right tactics and also help you identify what things aren’t the best use of your marketing dollars for next year.

Additionally, a solid marketing plan doesn’t stretch itself too thin. You will make the biggest impact on your goals if you choose no more than three to five overall objectives for your marketing efforts.

2. Know your goals

If you don’t know your goals, then you won’t be able to measure your progress on them, which will make quantifying the marketing investment all but impossible. As a marketer, you are charged with spending every marketing dollar in the most responsible way possible.

For example, if your goal is to generate $20 million in new loans, you and your team should first determine which loan types are involved in that goal. How many of each loan do you need to reach that goal? See number three below about product profitability, which you’ll need to know if you want to see exact numbers. Lastly, what tactics are you going to employ in each loan category to meet this $20 million loan growth goal?

3. Know your product profitability

Time to go make friends with the CFO! A lot of marketers hate numbers, but it can be a lot of fun to learn how much money each product and service contributes to the bottom line of the credit union. Moreover, it makes your job a whole lot easier if you know exactly how many auto loans or checking accounts you need to reach your goals. Knowledge is definitely on your side with this particular piece.

4. Know your audience

This is a time-tested debate in credit unions. Yes, you may serve “everyone” in the community. However, unless you have specifics on the best members you want to have who get the most value out of membership at your credit union, your marketing pieces/messages aren’t going to resonate with anyone in particular. Look at niche groups, underserved markets, and specific psychographics and/or demographics to help narrow down on these “best members” for your credit union. Once you have this piece defined, figuring out how and where to talk to these best members will be much more than a guessing game.

5. Know your differentiator

Is it always the best loan rates? Savings rates? You’re open on weekends? You have the best technology in your market? Your checking account is one-of-a-kind? Like #4 above, in order to have a membership base that truly loves your credit union and uses it as their primary banking relationship, your credit union can’t try to be great at everything. What do your current members love about you? What do you want to be known for among your members and the community? If you aren’t sure what your differentiator is, performing a good member survey and a competitive analysis would be a great place to start.

Your differentiator and your target audience will help you to craft the right message at the right time so it resonates with the right members and/or potential members.

Now that you have these five pieces in place, you have a great start on a solid, smart, and practical marketing plan for 2015 that will reach the credit union’s goals and make you look like the rock star marketer you are!