5 things you never knew about credit union marketing (but need to)
If you view marketing as an expense, I’ll save you three minutes and say skip this article. If you view marketing as an investment in growth and are constantly curious about how your credit union marketing can be better, stick around for a few minutes.
Several times per year, I meet with credit union leaders curious about this “outsourced marketing” thing. They’ve never done it. They’ve never tried it, but what they are doing currently isn’t working, so they crack the door open and ask a few questions. Or the credit union leader has tried to outsource marketing, but they spent more time explaining what a credit union is to their general practitioner agency and got frustrated and gave up.
Whether it’s marketing (or another credit union function), I want to share 5 things I have learned from my credit union marketing clients over the years and they have found valuable about outsourcing their credit union marketing:
ROI significantly outweighs the initial cost
Remember my opening line? If you view marketing as an expense, you will always look at it with a critical eye rather than a curious eye. Our most successful credit unions have leaders that view marketing not as an expense, but as an investment in their growth.
Let’s not sugar coat it though. A major benefit of outsourced strategic marketing is gaining access to an entire team of marketing experts (and credit union experts) typically at much less than the cost of one full-time employee. According to a recent survey, they average salary for a Vice President of Marketing is $164,000. For a small to midsize credit union outsourcing your strategic marketing role could save your more than $8,000 per month!
An outside perspective is an invaluable asset
Hiring an outside marketing agency is certainly a big decision. It can be a gamble. But hiring the right team for your outsourced strategic marketing is a move that can lead to even greater results for your credit union.
The old cliché rings true: “You don’t know what you don’t know.” Less tangible, but equally important as a benefit to outsourcing your marketing is the ability to tap into perspectives outside of your internal team. Unbiased opinions from people who see more than just a single credit union can ask the right questions to see things in a way you’ve never seen them before.
Industry expertise will boost your competitive edge
By outsourcing your credit union’s strategic marketing efforts to a specialized agency, you’re placing this work in the hands of marketing experts who have devoted their careers to helping credit unions like yours succeed and gain the knowledge and resources to make things happen. From developing a brand identity and redesigning your website, to crafting a content marketing strategy and identifying your ideal member—a strategic marketing agency can serve as an extension of your leadership team, taking your vision and transforming it into reality.
Credit unions often lack time and resources
During strategic planning, I have credit union clients who identify great strategies that could propel them to the next level. Before we close the session, I always ask the credit union leaders and board members to identify what could hold them back from achieving the next level and executing those strategies.
“Not a priority” is always one reason. What does that mean? Not directing enough time and financial resources to that strategy. Outsourcing your marketing ensures that enough time is devoted to helping your marketing strategy reach the next level and achieve your goals. Remember, even the best marketing strategy won’t deliver results if it’s not a priority or isn’t consistently executed.
Dedicated focus to specific projects
Many credit unions that hire outsourced marketing already have a marketing manager on the team and view their outsourced marketing team as a Vice President of Marketing to work on the high-level strategy and execute strategic marketing projects, allowing their marketing manager to focus on internal marketing and executing marketing tasks.
I’ve focused on strategic marketing in this particular article, but the benefits of outsourcing carry over to other departments as well. At YMC, I practice what I preach and outsource our finance and marketing functions.
“What, a marketing firm outsources their marketing?” We do, at least the strategy. It allows me to have a partner ask questions and challenge my beliefs and keep me honest.
Perhaps this is the year that you take that next step to grow your credit union by finding the right strategic marketing partner for your credit union.
