Be sure to align with the CU’s overall goals.
by. Karen Bankston
Growing the credit union in alignment with strategic goals entails careful planning and execution, say marketers who shared this assortment of useful approaches and considerations.
Follow the Numbers
Over the last three years, the marketing team at $847 million/71,000-member Texas Trust Credit Union, Mansfield, Texas, has stepped up its reliance on metrics to measure the effectiveness both of its traditional and online campaigns, says SVP/Marketing/Business Development Amber Danford, a CUES member.
The marketing department gathers data and develops quarterly, monthly, even daily reports, and Danford meets weekly with AVPs to review the results and look for possible improvements. “We identify what to stop, start and continue—what worked, what didn’t, and what we might want to continue with minor tweaks,” she says. “Acting on metrics can mean the difference between a mediocre and a great effort. That’s become the way we do business.”
Toward that end, Texas Trust CU sets concrete goals for marketing and member service staff and tracks progress toward their attainment. For example:
- Business development has an annual goal of opening 920 active checking accounts, defined as having a regular direct deposit of at least $500 or 10 debit card swipes totaling at least $100 in the first 60 days after the account is opened.
- Front-line staff are expected to produce 312 qualified referrals for additional products, including insurance, mortgages, investments, auto loans, and business services each year.
- The marketing staff has an annual goal of hosting 200 on-site events to open accounts at local businesses, new and existing SEGs, area schools, etc.