“We’re spending money, but there’s nothing to show for it.” If you’ve said that about your credit union marketing, you’re not alone. You may have increased your budget. You may have tried something new. I even know of one large credit union that eliminated its entire marketing budget and didn’t see any change in its numbers.
So what’s the secret? There isn’t one. But we commonly see these 3 fatal flaws in credit union marketing that can hold you back from success.
- Not identifying and speaking to your ideal member. If the response to “who is your ideal member” is “anyone who needs a loan” you’re going to struggle to grow. Unless you’re selling ice cream or tacos, you’re not going to please everybody. When crafting your credit union marketing plan and message and choosing placements, you must know your ideal member inside and out. By understanding the demographics and characteristics of your ideal potential member, you’ll be able to target your marketing efforts, gain new members and earn more new loans. The more specific you are, the more success your credit union will enjoy.
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