How credit unions can overcome marketing challenges
by. David Hadaway
Credit union marketing professionals face multiple challenges, such as a general lack of consumer trust in the banking industry. The Financial Brand’s annual “State of Marketing in Retail Banking” study surveyed 300 financial intuitions worldwide and found 34 percent of respondents cited their “major challenge” to be insufficient budgets or manpower.
Marketers need better tools to measure results
Additional concerns have to do with analytics, return on investment and strategies. In fact, 30.8 percent claimed measuring performance is a major challenge. Assessing return on marketing investment is crucial for knowing whether a campaign is effective. Getting the big picture of the campaign will provide financial marketers with insight into which tactics work and which strategies don’t. With ROI tools, credit union marketing professionals will have access to invaluable information, allowing them to make informed decisions for upcoming campaigns.
Some marketing vendors give credit unions the ability to monitor campaigns, pricing and promotional effectiveness over time. They also make it possible to segment members to optimize promotions and determine strengths and weakness associated with the campaign. All of this information will feed into the planning of the next marketing move.
Promotional campaigns succeed with effective strategies
In the next year or so, marketers plan to execute a bunch of promotional campaigns, so many that 32.3 percent of respondents in The Financial Brand survey believe the presence of too many initiatives is a major challenge. For example, 68.9 percent of financial marketers cite mobile banking solutions as the top promotional product to implement, while 67.3 percent said they were interested in mortgage loans and refinancing. With so many initiatives on marketers’ plates, they need the most lean and effective strategies to increase customer acquisition and retention numbers.