Budgeting for digital
How to make your credit union’s online marketing dollars go further.
How much of your credit union’s marketing budget goes to digital channels?
Consider that nearly 53 percent of a person’s digital life is spent on a mobile device, according to the Nielsen Comparable Metrics Series Report, Q4 2016. Does your marketing budget align with this?
“Evaluate your channels with strategic goals in mind and allocate dollars according to the channels your members predominantly use,” advises Karen McGaughey, VP/client services, principal for CUES Supplier member Weber Marketing Group, Seattle. “For example, if 25 percent of your advertising budget is allocated to print, yet print consumption is closer to 7 percent, you’re missing the boat. Your audience has moved, consuming greater volumes of content digitally on a device. Digital marketing is nimble and quickly adaptable. Use this to your advantage—experiment, measure performance, optimize execution based on success factors and repeat.”
James Robert Lay, founder and CEO of Digital Growth Institute, Houston, recommends organizing your plan and budget in 30-, 60-, and 90-day increments. Like a marathon, condition yourself to adapt and change your plan as needed. He recommends allocating at least 35 percent of your budget to digital and has seen as high as 90 percent.
You can also use your budget to find the right talent.
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