Want a promotion? Measure everything.

According to a study from Adobe and Advertising Week 2013, 83 percent of marketers say proving ROI is “extremely important” or “somewhat important.” That said, nearly 8 in 10 marketers expect that proving ROI will become even more important in the next 12 months.  As we come out of the economic malaise of the past (at least in most areas of the country) now is the time to strike.  Marketing will be instrumental in your credit union’s ability to move members to action.

Too many in marketing (and in all areas of “banking”) say they are not asked to prove results.  They are required to simply help the membership.  We can agree that helping members leverage the resources of the credit union is valuable.  It is essential.  Yet if you are going to capitalize on the opportunities present right now, and get a seat in the boardroom (senior management) you have to prove you belong.  The only way to assure you get there is to prove it by showing the results coming from your marketing.

Build your 2014 plan emphasizing how you will prove your ROI.  Eliminate or reduce your dependency projects that provide little or no proof.

If you are a credit union and haven’t asked for a copy of my recent book “Marketing Execution”, ask for one, and I’ll send it to you free with my compliments.  In it, I outline a number of ways that marketers are getting incredible results that they can both prove and repeat with their marketing.  Getting your members to respond to offers on new loans and deposits helps you, the member and the overall Credit Union brand.  Are you getting measurable results?

Growingly, credit union marketers are returning to the tried and true methods of Direct Marketing.  Why?  Two reasons:  one, it works – and two, it is completely measurable.  Not sure how to get the most out of direct mail?  Check out the white paper, the 9 Essentials of Direct Mail.  Finely targeting offers to just the right members is most important.  That’s the list.  Make it as small as you can.  It costs less to mail less, and your response rates will be better for it.  Make a compelling offer.  This is where most struggle.  Work with a creative agency to get tangible counsel, if necessary.  Last and least important, is the creative itself.  Anything you send to your membership must fit your brand.  They need to know it is from you.  Beyond that, while there are absolutely ways to amplify the response rates, getting that offer in the mail to your targeted list is more important.  In other words, take action.  Don’t seek perfection in creative.  And should I mention this – measure the results!

If you aren’t sure you can manage pulling together targeted lists, making a compelling offer, getting them in the mail or measuring, get help.  There are plenty of folks in the business that can help.

If you want a promotion and access to the boardroom – you need to prove your marketing ROI.  It has never been more important for you and your credit union.  Results.  Nothing else matters.

Jay Kassing

Jay Kassing

Jay Kassing is President of MARQUIS, a Texas based provider of marketing analytics solutions including MCIF/CRM software, MCIF services, profitability, compliance, consulting and direct mail creative/fulfillment. Jay has ... Web: www.gomarquis.com Details