Part II - How Fast Will We See Results From Our Credit Union Marketing Plan?

Last week’s blog featured one of the most common questions we’re asked when a credit union engages us in a strategic marketing relationship:

How long until this stuff starts working?

I realize, you probably need more perspective surrounding those questions regarding the speed of effectiveness of your credit union marketing plan.

Many factors can impact the answer to that question. However, the answer “immediately” comes with the proper execution of digital marketing. The question behind that question is, “but how much will it cost?”

If a potential member types your credit union name into a Google search, congratulations! You have already won their heart. They have chosen you as their preferred provider and are trying to connect. This means you will enjoy an extremely low cost-per-click with a high conversion rate.

But if they type the name of your competitor into the search block, then it will be that other bank or credit union (or maybe even a fintech or predatory lender) that enjoys that extremely low cost-per-click and a high conversion rate.

So, how long will it take to see results from my credit union marketing plan?

The game begins the moment a potential member types their problem or your category into a Google search instead of your name or the name of one of your competitors. Their screen is filled with financial institutions making offers that will solve their problem.

If they see a name they recognize, the game is over in moments. But if they don’t recognize any of the credit unions, banks, or fintechs that come up, several of the options will get clicks.

Back to that other question: How much does that kind of result cost?

The cost-per-click is extremely high when you compete for unbranded “category” keywords such as ‘auto loan’ or ‘debt consolidation.’

Yes, we advocate all of our clients have a sufficient budget for executing a digital marketing plan, so you can be found in a potential member’s time of need. Most importantly, we advocate for our clients to allow us to build their credit union’s brand by digging in to identify that with your team and executing your strategic and comprehensive credit union marketing plan, so people think of them first and like them the best when it comes to that final click.

Bo McDonald

From strat plans to rebrands, YMC President and CEO, Bo, is passionate about helping financial institutions come up with a winning formula. If you’re ready to go beyond the SWOT, you can email him at bo@yourmarketingco.com.

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