My Marketing Strategy
Nicolette Lemmon, President & Founder
Interesting how the Internet has made so many people and their ideas accessible like Nouriel Roubini, an NYU economics professor who has been nicknamed Dr. Doom. I stumbled upon an article on the Newsweek.com site entitled, “The Next Economic Bubble.” The author, Robert Samuelson, mentions how Roubini warned about the financial crisis well before it hit and now has concerns over a new “bubble” that is in danger of bursting. When reading his argument, it points to the Federal Reserve holding interest rates too low and encouraging speculation.
What has that got to do with credit union marketing and financial marketing strategy?
For financial institutions, the impact is that even with interest rates so low, many consumers can’t qualify for loans, so demand is weak. That means money market, CD and savings rates are also low, which does not encourage asset growth for financial institutions, but consumers look for other things to bring a better return.
In figuring marketing strategy for 2010, two things stand out: steal market share by capturing the debt that qualified consumers have at other financial institutions. And, second, retention of the core of those already in the fold is critical to build even deeper relationships and keep them from wandering away to chase rates.
This is not the time to wait and see, it is time to make sure you are in touch with your members and customers to make your foundation stronger!