by: James Robert Lay
A few days ago, we visted the past and reviewed ourtop 20 digital marketing resourcesin 2014. Today, we'll take a peak into the future as we explore three digital marketing predictions for credit unions in 2015.
1. Overall Digital Marketing Budgets Will Increase
As consumers continue to adopt digital channels for everyday banking transactions, and as they use digital channels when researching consumer products, credit unions will increase digital budgets as they change their marketing to match evolving consumer behavior.
However, the big question we often hear from financial institution's is, “How much should we spend in digital?” The Marketing Budgets 2014 Report from Econsultancy in association with Responsys (Download the infograph) found that 71% of organizations are planning to increase their digital marketing budgets.
This increase of dollars will be pulled from traditional marketing budgets. On average, the organization's surveyed spend 38% of their total marketing budgets on digital. More importantly, these organization's reported that 35% of their revenue is generated through their digital channels.
With that said, credit unions should expect to invest a minimum of one third of their marketing budget in digital channels. If digital is their primary source of lead generation, conversion and cross-selling, they should invest an even greater proportion of their marketing budget.
Furthermore, credit union marketers will set aside dollars within their budgets for proper digital marketing training. According toAdobe’s Digital Distress study, marketers believe marketing has changed more in the past two years than in the past 50 years.