Grow your slice of the digital pie
A successful marketing strategy means defining goals, using data wisely and giving members the starring role.
Digital has magnified the marketer’s playground, providing both new tools and new channels for reaching audiences. Despite the innovation, there remains a constant: Marketing abhors a vacuum. “The truth is, if you’re not occupying at least some of the space in your market, it’s guaranteed someone else will,” says Terrill Herbig, president of The BA Group, a credit union marketing firm based in Northfield, Minnesota. “Big banks, community banks and fintechs all are occupying the space of current and potential members, and the competition is only going to get stiffer.”
Currently, the financial services sector accounts for 12% of digital ad spending, or around $15.65 billion, according to a 2019 report by eMarketer. “This investment makes it critical for credit unions to find their digital focus, one that not only embraces their brand but helps to define and support overarching goals and communicate relevant messages with target audiences,” says Herbig. “Without a share of the digital pie, it’s difficult for credit unions to elevate their brand, let alone give back to members.”
Achieving digital focus will also help a credit union to sharpen its goals and service objectives. These can vary by credit union and segment—for example, brand affinity, product adoption or enhanced relationships. But it requires understanding the tools available and differentiating between the strategic and tactical processes, stresses Herbig. “Strategic activities will define your goals over time as well as the key, measurable objectives to achieve them. Tactical actions, however, are task-related and will provide guidelines on how to best use specific channels and resources, based on their respective strengths.
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