Meatloaf Marketing for Credit Unions
I know it’s a stretch but it’s that time of year when our tastes in the northland begin to gravitate toward heartier fair. So rather than use the obligatory football analogies, I thought I would use a different fall theme. Meatloaf.
Many of us remember Mom’s meatloaf. It’s tried and true and generally it’s easy. This applies to marketing campaigns as well. Many credit unions run the same campaigns year after year with the same offers often at the same time. Don’t dismay, if it’s comfortable and it works, please by all means don’t stop.
However, you may want to consider a few tweaks to your marketing recipe. Does your current approach satisfy your member’s tastes? Are you varying your message and offer to match the diversity of your membership, making your message more relevant? Varying your offer and message starts with an understanding of your members preferences, life stage, credit history, etc. Start with basic definitions of your membership buckets, and from there develop your data and creative strategies.
How do members want to be served? The traditional approach of a letter or postcard may work for some, but may not be as effective for others. Match your marketing channels to your membership. Always gauge response rates of the different channels you use, and build models based on basic demographics. Some members may respond to print, others to direct mail, and others are responding through electronic channels with increased frequency. Once you have an idea of how your members like to be marketed to, emphasize the preferred channel for each group.
Don’t be a gourmet when simple will do. Don’t get embroiled in an overly complex marketing recipe when a simple approach will satisfy your member’s tastes and accomplish your goals. Extravagant creative and overly complex promotions are often fun, but may not be what is necessary. The focus of all campaigns should be to communicate the right offer to the right member at the right time. Creative should always augment the offer and should not be relied upon to persuade the member.
So don’t take the one meatloaf satisfies all approach. Consistently communicate with your members and listen to what they are saying by tracking results. Once you have discerned the tastes of your membership, you can develop your marketing recipe tailored to each member that will generate the best results.
John Blom has 24 years experience in marketing, 16 of which are in the credit union market. He attended the University of Wisconsin-Madison, and has an MBA from Colorado Technical University. He was previously employed with Liberty Enterprises before starting Pinpoint Direct Marketing in 2004.
Pinpoint Direct Marketing creates data-driven, electronic and print marketing campaigns for the financial industry. Its customized campaigns achieve excellent results without premium costs. Learn more about Pinpoint Direct Marketing at www.PDMKT.com or call Kerry Blom, owner, 866-784-7555.
