What Did We Get for the Marketing Dollars Spent?
In today’s competitive marketplace, every marketing dollar must work hard to provide results. When you are tasked with planning a promotion, it is helpful to determine what it will take to recover the marketing costs you plan to expend.
- Marketing Cost Recovery – As you plan the marketing promotion or campaign, determine how many products must be sold to recover the marketing costs. For example, if you plan a loan promotion, using one year of the loan interest earned against the marketing costs, you can determine the number of loans you will need to recover the marketing costs. Using this tool also allows you to determine “the numbers” before the promotion is finalized and if necessary, talk it over with the senior management team.
- Marketing Return on Investment (ROI) – Once you have made the effort to run the promotion, the key is to review the degree of success from the results achieved. When you provide ROI numbers to senior management after the promotion is completed, you facilitate the discussion of the success, or how you might want to tweak the next promotion.
- Marketing Dashboard – When using data points for tracking, you will always look to support the Credit Union’s annual goals. This becomes easier when you set up a dashboard. Tying to corporate goals with a dashboard allows you to uncover opportunities or shift strategy as needed.
For more help with tools for setting up your dashboard, marketing cost recovery and ROI, contact us at LemmonTree. Or, if you would like to know more about having a live coaching session with Dennis Koepke, VP, for you and your team, email us at 7solutions@lemmontree.com.