When you started in marketing, you may have been attracted to it so you could manage creative projects. With the fast evolution of technology, especially the social media networks and digital advertising, the marketing mix has continued to change and become harder to show direct results.
In a Financial Brand article about how financial marketers are not ready for the future, there was a chart that showed “Budget” was the biggest marketing challenge followed by “Measuring performance and/or proving results (ROI).” This is directly the pressure from the CEO and CFO to prove what they are getting for the marketing budget expended.
So, showing how your marketing is performing requires some focus and tools. Here are four things that you can be track that do not take much time and provide for good discussion about your marketing efforts.
- First, your promotion must have a goal for recovering the marketing costs. Loan promotions are the easiest since there is a revenue component (Interest) that can be used to determine how many loans will be needed to recover the marketing costs.
- Second, once the promotion is complete, the loans attracted provide the revenue (interest for one year) to calculate the Marketing Return on Investment (ROI).
- Third, if there is cooperation with your data processing department, new accounts opened during the promotion can be reviewed to see what other business was attracted during the promotion.
- Finally, relate the promotion results to the annual goals with a Marketing Dashboard.
Helping clients over the years with their marketing planning and tracking, we have developed worksheets for Marketing Cost Recovery, Marketing Return on Investments and Marketing Dashboards. We also created a webinar series to use them all as part of our Credit Union Marketing University. So, if you’re looking for some easy ways to impress your senior team, click here.
Let us help you craft your marketing strategy to achieve your goals this year! Email us at firstname.lastname@example.org or call us at 480.967.1405.