I’m From Missouri, So You Have To Show Me

This week on CreditUnions.com, credit union marketers embrace their pragmatic sides to prove ROI.

For obvious reasons, the idiom I’m from Missouri is one of my favorite expressions. I had no idea when I fell in love with it in the fourth grade that the figurative interpretation of it would eventually lead me to my chosen career, yet here I am dedicating a week of CreditUnions.com to my fellow doubting Thomases.

To kick off the week, Callahan analyst Janet Lee offers five graphs on the state of credit union marketing. It might not surprise you that the growth in marketing spend is slowing, but it might surprise you to learn where credit unions are spending those dollars. Interested in learning more? Click here.

In this post-Great Recession world, credit union marketers must show not only where their budgets are going but also what the credit union is gaining in return. The day after a major marketing push goes live is the beginning of one of the most important and difficult parts of the campaign assigning a real-dollar return on investment.

In How To Calculate The Bang For Your Marketing Bucks, we look at howEli Lilly FCU and Rogue Credit Union quantify and demonstrate marketing success. If you don’t already have a solid measurement strategy in place, then check out these six tips.

Fred Hagerman, chief marketing officer for Firstmark Credit Union, has his own approach if he can’t prove something works, he doesn’t do it. The credit union has invested more than a half-million dollars to improve and track marketing results, and in this week’s Q&A, Hagerman talks about marketing investments, the impact of results-driven marketing, and why big data is just as important for offline communications as online ones.

Marketing success is as much about culture as communication at Langley Federal Credit Union. That’s because the Virginia-based institution takes pride in the fact that all employees regardless of rank, department, or degree share the institution’s wins as well as losses. It’s a culture that’s taken two years, a revamped strategic plan, and a new bonus program to shape. What can you learn about interdepartmental collaboration from this credit union?

If the thought of charging a member fee sounds like a dangerous proposition, you’re not alone, but that’s exactly what Arizona Federal Credit Union started doing in January 2013. Critics condemned the fee as contrary to cooperative values, but the credit union stood firm and attributes its stronger member relationship to that $3 fee. Learn more today.

Along with fees, accurate pricing is a critical consideration for any credit union. Unfortunately, there’s no single foolproof method for pricing products, so we’re offering four pricing models from Silver State Schools Credit Union, WSECU, Ent FCU, and Los Angeles Police FCU. These models take into consideration competition, member income, risk, and engagement, how does your pricing model compare?

July 22, 2014

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