5 Signs Your Credit Union’s Marketing Needs a Tune-Up

By Mark Arnold

Marketing is the engine that drives credit union growth. And like your car or truck, if your engine is not performing at optimal levels, a tune-up is often needed. 

A recent Harvard Business Review article noted, “companies that make the decision to put marketing at the core of their growth strategy outperform the competition, according to McKinsey research. Specifically, companies who view branding and advertising as a top growth strategy are twice as likely to see revenue growth of 5% or more than those that don’t.”

So how do you know if it’s time for a credit union marketing tune-up? Here are five signs your credit union marketing needs a tune-up along with a solution for addressing those challenges.

Your Growth Numbers Are Slow

Member growth flat or declining? You may not have a member growth problem—you may have a marketing problem. Loan growth volume not where you want it? You may not have a loan problem—you may have a marketing problem. Need more checking accounts for low cost of funds? You may not have a checking account problem—you may have a marketing problem. 

Marketing should consistently drive awareness and engagement with your products. If your campaigns are not attracting new members, new loans and new checking accounts then it’s time to examine your messaging, your channels and your targets. It’s time for a marketing tune-up.

Your Marketing Pieces Look Stale

Let’s be honest: some (most?) credit union marketing material is pretty “run of the mill.” Or in some cases just plain boring. But as Duct Tape Marketing author John Jantsch says, “No one talks about a boring business.” So are your credit union marketing pieces looking stale and boring? 

One reason marketing gets stale is because we focus on the product features. But remember this tenant: features tell, benefits sell. If your marketing material looks like it has for the past two, three or even five years it’s time for a marketing tune-up.

Your Website Hasn’t Had A Visual Refresh in Three Years or Longer

When was the last time you visually refreshed your website? If the answer is longer than 24 or 36 months, then you already have an outdated site. You read that right: you need a redesign every two to three years.

Consider these stats:

• It takes about .05 seconds for visitors to form an opinion about your site
• 57% of users say they wouldn’t recommend a business with a bad mobile site
• 75% of consumers judge your credibility from your website design

Because so much of your marketing is digitally focused now, if your website is out of date, it’s time for a marketing tune-up.

Your Differentiator Isn’t All That Different

In working with hundreds of credit unions from coast to coast, we often ask the question, “what makes your credit union different?” The answers we almost always hear: “Service, people and community.” Guess what: if everyone is saying the same answer, then those values are not really all that different.

Your board, management team and staff need alignment on your unique value proposition. If you ask those three groups what your brand stands for and give three different answers, that’s a red flag. A strong brand will resonate across your website, social media, frontline staff and even member conversations. If your brand message is not clear (to everyone), it’s time for a marketing tune-up.

Your Strategy Feels Outdated

The financial services space is moving at an incredibly fast pace these days. Lightening fast. If your marketing strategies are stuck in 2019, you’re clearly behind. As Forbes noted recently, “If your marketing strategy feels outdated, it may need an overhaul.” For example, what percentage of your marketing budget is allocated to traditional rather than digital channels? Even with digital, some experts are arguing that SEO is dead. 

Marketing is changing. Artificial intelligence and automation are basics. Video is king. Short-form content drives engagement. Hyper-personalization wins. Leveraging data is a must-have. User experience (UX) trumps generic message pushing. If your strategy is not aligning with new marketing trends, it’s time for a marketing tune-up.

Tune-Up Solution: Conduct A Marketing Assessment

So what’s the best way to tune-up your marketing? Conduct a marketing assessment. A marketing audit does not refer to the compliance side of things. Rather, a marketing assessment dives deeply into strategies and tactics. It gives you the good, the bad and the ugly along with strategic and tactical improvement suggestions.

Ultimately, an outsider’s vies provides powerful feedback for your marketing. Of her marketing audit, one credit union CEO said recently, “We learned to glance at our competitors and glare at ourselves.”

When you’re doing a tune-up, you’re doing some glaring. If your credit union has any of the five signs above, then it’s time to start glaring at your marketing. It’s time for a credit union marketing tune-up.

Mark Arnold is founder and president of On the Mark Strategies, a consulting firm specializing in branding and strategic planning for credit unions. You can reach Mark at mark@onthemarkstrategies.com or 214-538-4147.