Bump, don’t butcher your marketing budget

“We believe in investing during economic downturns.” – Tim Cook, Apple CEO

The economic storm clouds are all around credit unions and community banks.

Inflation is at a 40-year high. Loan demand is slowing. Delinquencies are creeping upwards. And that’s not even mentioning the “R” word. No matter what economic indicators you follow, most all of them point to some type of slowdown.

And when the economy slows, most financial institutions start cutting, especially when it comes to their marketing budgets. But is that the right strategy to take?

Raise Your Budget, Raise Your Growth

Rather than cutting, cutting, cutting, the top performing credit unions and banks actually bump, bump, bump their marketing budgets during hard economic times.

 

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