What is credit union marketing’s REAL job?

What are your expectations for your credit union marketing team? If your credit union is like most organizations, marketing is taking on a more strategic role, moving from traditional roles such as brand and advertising to new areas, including market-entry strategies and market selection, according to a recent study from The CMO Report.

The study released in March found that traditional marketing responsibilities are still at the very top of the list with the brand being one of the leading functions (94.1%, up from 90% in February 2020.) Other primary responsibilities cited by at least 9 in 10 respondents were advertising (92.3%, up from 86%) and digital marketing (90.5%, up from 86%).

There was one interesting change in the report from 2020 to 2023, and that was revenue growth as a function of marketing. In fact, 41% of marketing professionals who responded to the survey included growth as an objective of their marketing position. This strikes me as odd because I have always believed that the main function of marketing is growth, including revenue.

Brand, advertising, digital marketing, yes, they all are a function of marketing and they should all drive growth. If it doesn’t, nothing else matters. If your brand is not recognized by your ideal members within the community, growth will be difficult. If your advertising message isn’t sealed with a strong value proposition, you will continue to be “the best kept secret.” If you don’t have a solid digital marketing strategy, employing the proper channels with constant review and adjustments, you’re losing to your competition.

 

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