A measurable marketing plan: The key to keeping members

FOMO. It’s a fun little acronym you may have heard those funky fresh Millennials talking about on social media.  For example, “It’s been a long week and I’d rather stay in tonight but I know I’ll have some serious FOMO if I do.”

Short for Fear Of Missing Out, a recent study defined FOMO a little more fully:

… “the uneasy and sometimes all-consuming feeling that you’re missing out – that your peers are doing, in the know about, or in possession of more or something better than you.”

 Maybe you started off the year with a commitment to leveraging marketing as a catalyst for growth and ROA at your credit union, but find the day-to-day “fires” in Credit Union Land are distracting you from executing a plan that will work. Or maybe your credit union hasn’t had a detailed marketing plan in years.  As 2017 continues full steam ahead, it’s not too late if your marketing ducks aren’t in a row. You don’t have to succumb to marketing plan FOMO just yet!

 The Importance of a Marketing Plan

Having a measurable, goal-driven marketing plan in place is critical to your credit union’s success. An investment in the future of your credit union, it serves as the road map in reaching your goals. Perhaps most importantly, a well-developed and organized marketing plan aligns your staff around objectives that are central to the success of the credit union as a whole, which helps them take an active role in the credit union’s growth and empowers them to deliver a higher caliber of member service.

 The absence of a solid marketing plan can actually add fuel to those day-to-day fires that inevitably pop up; without a clear vision and a proactive approach, you’re left to simply react to the competitive landscape or monthly numbers at your credit union. And it’s not just top decision-makers who have to deal with the fallout – your front-line staff is encouraged to cross-sell, but without a plan to bring new members in the door, they’re faced with pitching the same products to the same members – many who’ve already said no.

 Of course, that’s assuming your existing members stay with you. The sad reality is many of your members – even the longtime ones – don’t fully know every product and service available at your credit union. If they’re not regularly reminded of what you offer, or if your competitors’ marketing plan is more enticing, they may take their business elsewhere.

 Trade In Marketing Plan FOMO for Marketing Plan FORO (Full-On Rocking Out!)

If you’re seeing stagnant or negative growth in loans or membership, you can’t afford to wait on getting your marketing strategy in order. A well-executed plan can spur immediate growth that carries over to 2018 and beyond. Don’t miss out on developing a marketing plan for 2017 that will kick your credit union into high gear!

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