With limited marketing budgets and personnel, it is so important to make sure you are making the best decisions for marketing planning. While every market is different and every organization has its own strengths and weaknesses, the questions below help you focus on the credit union’s goals.
Equally as important, in our datamining for clients we have found that less than 20 percent of their customers/members were profitable. In fact, some clients had ten percent or less contributing 120% of the profit that subsidized the other 90%.
This leads to making sure that your marketing plan does include efforts to increase revenue with current customers/members and building deeper relationships to retain those who are most profitable.
Here are some product marketing questions:
- What do you have planned for preapproval loan campaigns directly to members to build business?
- What credit card campaigns do you have for getting low use/zero activity cardholders engaged and what credit limit increase campaigns do you have planned to remind and reward members of the value of being a cardholder?
- What HELOC campaigns are set up to remind zero balance and low balance accountholders to use the great low rate option for their needs?
- What insurance product campaigns do you have planned to enhance non-interest income and glue members closer to you?
- What cross-over campaigns do you have planned for new indirect auto loan account holders to get them to take on more products?
- For high deposit balance account holders, do you have an investment partner campaign for offering assistance with future investment strategies and to build non interest income?
While these may seem common sense to some, the campaigns mentioned are often lost when focusing on non-targeted promotions to the membership. Digital solutions, new online banking enhancements, gift cards, and other things may be important to promote, but not nearly as important as filling the need to generate revenue AND a deeper relationship with the customer/member.
Plus, the more of a niche that you market to, the more chance you have of getting their attention for a better marketing ROI!