Earlier this month, I started making calls to various credit unions across the country (if you’re one of them, please feel free to comment). I’ve been asking each one the same questions about their current marketing programs, and again and again I get the same response -- they all seem to agree that an improved website is desperately needed, and that they are not nearly proactive enough with their social media efforts. It struck me that for the first time since I’ve been in this business, no convincing was required -- everybody understands that new media marketing is a must. The only excuse I keep hearing for not properly addressing the issue is budget … or the lack thereof.

I suppose it’s not entirely fair to label the budget response an “excuse.” We are, after all, experiencing a recession that has slowed everyone and everything down considerably. However, the argument that I think needs to be made (and made better), is that now more than ever, credit unions MUST become web savvy to market themselves to younger generations … despite budget constraints.

Although there appears to be a much clearer understanding of the web-based marketing solutions available to them, credit unions are still tending to follow a more “traditional” approach to member acquisition. Given the costs associated with direct mail and print-based marketing, and the minimal ROI, it’s no wonder they’re so reticent to spend on anything extra at a time when the budget is so strained. I get it … but I can’t get on board with the idea that there are still credit unions out there spending money exclusively on print-based solutions.

My best guess is that these CUs just don’t know what’s really possible with a properly optimized web presence and comprehensive search engine marketing and social media strategies. They seem to understand that results-based solutions are better, but aren’t really sure what that means. There isn’t nearly enough time in this post to outline all the possibilities … more information will have to come later … but let me just say this: regardless of whether or not you know what’s possible, it’s important to realize that the competition is doing everything they can to capture market share that would otherwise be yours for the taking -- and almost always, their strategy involves member acquisition through online channels. Now is not the time to reduce marketing … it’s time to implement a results-based strategy centered around complimentary web-based initiatives.

Rather than just cutting back on predominantly print-based marketing efforts to save money, credit unions should start spending their marketing budgets on initiatives that produce measurable results. With online initiatives, they will benefit from improved brand recognition and market share, and more important, they will begin to see a growth in new membership segments … specifically, the under 30 crowd.

If you’ve had trouble getting through to those twenty-somethings, here’s a tip: stop sending them direct mail! If they can’t engage your institution electronically, they will go somewhere else!

So here’s the point: don’t spend less … spend differently! Improve the ROI with marketing efforts that actually work. There’s no time to waste – contact me today to get started!


Sara Jamieson
Director of Business Development
SaraJ@ThinkBIGSHOT.com

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