To measure, or not to measure marketing? This is no longer an option. Across the industry, Senior Management is now calling out marketing officers to prove ROI; to show that the money they’re spending on marketing is generating revenue growth, cross-sales, greater share of wallet, retention – oh and that most elusive all things– profit. Is your marketing generating revenue and profit? Then prove it to your Senior Management.
Tracking is one part of this equation. Yet it’s how you spend marketing dollars that drives this. If you spend your precious resources on projects that are impossible to measure, it puts you in a bad place when it comes time to tally the results. Billboards and TV and radio may be great for the brand, but you can’t usually prove they had any direct benefit you can track with certainty. Because mass media is extremely difficult to measure (if it can be measured at all), credit unions are increasingly spending far less on these media outlets as they seek out “measurable marketing events.” Research from across the globe bears this out. Trending for these past “go to” programs is waning.
So what can be measured? Digital and direct marketing programs. This is why analytics is all the rage. Understanding your members is essential as it will enable you to present specific, targeted and personal offers to your members directly, both online and by mail. And you can measure it all very precisely.
Credit Unions have been effective adopters of both digital and direct marketing. However, they have been too slow to shift greater dollars to these more provable methods of growth. Many credit unions are still spending north of 70% on marketing programs that are difficult to measure. How can you prove the ROI of your marketing when 70% of it is un-measurable? I guess it could work if the 30% you could measure was so fantastic that it covered the cost burden of the 70% that has suspect ROI…
Getting exceptional ROI from your marketing starts with data. Learn everything you need to know here. Credit Unions of all sizes need to leverage their member data so that they can make relevant, specific and timely offers through digital and direct marketing avenues. This is where truly measurable marketing and exceptional ROI begins! And you will be able to prove it!