Going into 2020 credit union marketers find themselves with an expanding list of missions to accomplish and a marketing shopping list that just seems to grow longer.
As a follow-up to The Financial Brand‘s analysis of overall credit union marketing spending in 2018 compared to 2015, we reached out to a cross-section of credit unions for specifics about their 2020 marketing spending plans. We wanted to know not only how much they expected their marketing budgets to change in 2020, but where the money was going, especially where spending plans were shifting from past patterns. We also asked about anticipated spending on martech, where literally thousands of tools are out there now.
Only one institution planned to reduce marketing spending, and this was because efforts had been so successful in the past that regulators wanted management to slow the institution’s growth for a bit. Most credit unions plan to hike marketing budgets in 2020, with one in the process of pushing for an increase of 25% over 2019 levels in order to support a major branding effort.
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