Your credit union's 2009 marketing budget is probably due in a few weeks. How will this year's budget differ from past years? While your credit union CFO may sometimes voice concern about the size of the marketing investment each year, the budget will still most likely increase again in 2009. In fact, the average credit union over $100 million in assets has increased their investment in marketing by 12% per year throughout the 2000s.
What will be different in 2009? How will you measure the impact of your credit union's marketing plan?
2009 Marketing Plan
Based on conversations with marketing leaders at credit unions, marketing plans tend to be very tactical. They include lists of to do items and the expectations of cost. The link between the marketing plan and the objectives of the credit union are not made. Metrics showing the impact of the marketing program on the credit union are not complete.
A successful marketing plan should highlight the organization's overall plans and link the goals of the marketing program. There should also be specific goals that highlight the impact of the marketing program for the coming year. After these two components are discussed, then the tactical items can be included in the marketing plan to round out the budget.
Section 1 of the Marketing Plan: Credit Union Objectives Aligned to Marketing Objectives
What are the strategic objectives at the organization for the coming year? How does the marketing program fit into these strategic objectives? Is market growth, member relationships, or differentiation priorities at the credit union in the coming year? If so, then marketing objectives focused on relationship building with existing members, developing communication techniques to reach a new market or SEG could be included in the plan. These decisions should be made before moving into the tactical part of the marketing plan.
Section 2 of the Marketing Plan: Specific and Measurable Goals
You have outlined the objectives for the marketing plan. What is considered success for the credit union in 2009 and beyond? Marketing can play a huge role in meeting these success factors. Some common measurements for success in credit union marketing plans include:
- Market share in core market
- Services per member
- Net membership growth
- Checking account growth (% with direct deposit)
- Credit card growth (active cards)
A set of sample charts shows how you can measure your performance.
Section 3 of the Marketing Plan: Specific and Measurable Goals
The last section of the marketing plan includes the tactical items. The tactics highlight what you are going to do to reach the goals and follow through on the objectives. This portion of the marketing plan will most likely include:
- Product development
- Market research and market share analysis
- Communication Plan – Direct Plan
- Communication Plan – Advertising
- Communication Plan – Internet marketing
- Community Involvement / Sponsorships
What are your priorities for marketing in 2009?
What metrics will you use to measure your success in marketing in 2009?
Let us know what you think.
A Webinar will be hosted on this topic in October. Join us for insight and best practices in maximizing your marketing budget.