It seems like 2010 started with everyone wearing their running shoes, especially those in the credit union marketing field. You probably already have a task list a mile long of things you want to accomplish this year. But are they the right tasks?
Some of the items listed below are strategic (because marketing is such a strategic priority) while others are tactical and practical in nature. Please feel free to let contribute your own ideas as well!
(1) Devote staff time to social media efforts
Everyone knows your marketing efforts need to focus more on social media (blogs, Twitter, etc.). But that’s not the point of this task (that was on last year’s “To Do” list). For this year, the key is devoting enough manpower resources to your social media efforts. You can’t add “reach our members through social media” without properly devoting at least 10 to 20 hours per week to make it work. Don’t have the time—then outsource it.
(2) Blow up your yearly marketing calendar and focus on a six month cycle
Things are changing too rapidly in today’s economy. Our society is moving at a breathtaking pace. Since we don’t know what the economy (or consumer issues) will take precedent towards the end of the year then move your marketing calendar to a six month cycle. Doing so allows you more flexibility—a must in 2010.
(3) Take advantage of positive credit union press
Every day, more newspapers and news programs talk about credit unions. When a positive article about credit unions runs, highlight that on your website (or link to the online article). Dovetail wherever possible to maximize press exposure.
(4) Focus on women
Women bring in half or more of the household income in the majority of U.S. households and they carry 76 million credit cars (8 million more than men). Strategically, credit unions should treat women as an ideal target market. This might require a long term focus, but keep in mind that women are a powerful economic force.
(5) Take advantage of the economy with cheaper and new opportunities
The economy has negatively impacted many events and corporate sponsorships. Many are scrambling to find new partners. Now is a great time for credit unions to take advantage of areas in which their competitors use to have exclusive rights.
(6) Brand your value
Everyone knows the importance of branding (something you should continue to do). Today’s consumer is all about value. Home budgets are tight and every penny counts. With that as the case, then demonstrate in your marketing materials that your credit union is the best value when it comes to banking.
(7) Follow the REI membership and experience examples
REI is more than an outdoor recreational company—much more. REI is a co-operative and you can be a member of REI. Sound like anything else you might know? REI provides discounts to their members and heavily promotes the value their membership brings. Their stores are also extremely experiential, with rock climbing walls and paddles for doors. Credit unions could learn a great deal emulating REI’s example.
(8) Promote a differentiating product
Is there a product you offer that no one else in your area does? We’re not the “end all, be all” when it comes to marketing at Neighborhood Credit Union. But for the past couple of years we’ve used our Prize Savings account to differentiate ourselves in the market place. For more information about our Prize Savings account, click here.
(9) Make credit union products convenient
Marketers aren’t the only ones racing these days—all consumers are. You must make your credit union convenient or your members simply won’t use you. What convenience products (text alerts, online chat, etc.) are you introducing to your members this year?
(10)Promote opt-in agreement
The regulatory changes credit unions are facing with new opt-in agreements could significantly impact your income. Don’t wait until mid-year to start getting your members to opt-in to keeping their overdraft privileges the same.
2010 is going to be a great year for credit unions, especially those that complete the above tasks. But those are just a few suggestions. What other tasks do you think credit union executives should add to 2010?
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