One of the fundamental tenets of marketing is, "Those companies that emphasize marketing during a bad economy recover faster and emerge stronger when the economy improves."
It's been proven time and again through case studies in numerous industries, but when it's YOUR institution ... facing shrinking spreads and changing regulations ... the gamble seems awfully risky. If only we had some apples-to-apples statistics to prove it...
Thanks to a Callahan and Associates article released on May 10, we now can base our marketing decisions on relevant data.
This study looked at the marketing expenditures of 645 credit unions and segmented them by:
- Institutions that decreased marketing expenses
- Institutions that kept marketing expenses relatively flat
- Institutions that increased marketing expenses
The study then compared these groupings based on factors like: loan growth, deposit growth, checking growth and member/customer growth.
The bottom line is that those institutions that increase marketing are more likely to experience:
- Higher loan growth in all areas (except mortgage). In fact, those that increased marketing were the ONLY group to experience positive auto loan growth.
- Higher checking growth
- Higher IRA growth
With the onslaught of negative media towards the "Too Big to Fail" banks and the positive national coverage of credit unions and community banks, the environment is better today than it ever has been for you to position yourself for growth. You don't necessarily need a big bank budget to take market share, you simply need to make yourself part of the community conversation.
Awareness and differentiation can drive growth. And when you partner with a marketing firm with a ROI Guarantee, there's nothing left to chance .. and the upside is positioning your institution correctly ... moving forward with expert help at your side!
Inset is a chart from the referenced CreditUnions.com article
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