There could be an important person missing from your senior management/executive team meetings. I’ll give you a hint: this person is responsible for driving the strategic plan to grow loans and other key performance indicators for your credit union. This person has invaluable feedback when it comes to opportunities for growth, process improvements, new product and service recommendations, and ideas to get the staff more engaged.
Pssstt…it’s the marketing person.
If this seat is empty at your institution, I urge you to reconsider the merits of why your marketing vice president/manager/director/department head hasn’t been included in meetings thus far. It may be because their schedule is already so packed that you couldn’t possibly ask him or her to sit in on another meeting. Or perhaps there is the perception that a lot of the conversation at these meetings is operational and therefore doesn’t apply to marketing.
Ahhh…but that is EXACTLY why your marketing person should be included in these meetings. If you have a seasoned marketing exec, their insights into industry and institutional trends, ROI, staff culture, and organizational goals will not only enhance the meeting as they are the most knowledgeable about potential growth opportunities inside and outside the institution, but it will help to make the marketing efforts that much more successful if this person is very well informed about all aspects of the organization. If, perhaps, you have a less experienced marketing person at the helm, what better way to help them grow than to expose them to the whole of the organization so they can be more knowledgeable about, for example, why loans need increased, who a good target market will be for a campaign, and how that affects the bottom line?
Marketing is the engine that drives all of the operational goals. For example, how is ROA increased? Pinpointing the exact opportunities within your membership/customer base for potential growth and pulling various tactical levers to achieve growth in loans, deposits, products per member and retention. Marketing isn’t about pretty postcards and banners on the website. Marketing is born out of the strategic goals - and even challenges – for your institution.
The results of including this person in your senior leadership/executive team meetings are twofold. As stated above, it will only increase the effectiveness of your marketing efforts and growth in your institution’s key performance indicators. The goal of any organization should be to grow and challenge its people and give them opportunities for advancement. Including the marketing department head will also challenge and grow this person – regardless of tenure- and make them more loyal to your institution, which saves you money long-term as well.
If your financial institution is already including your marketing VP/Director/Manager in these meetings, then I would like for you to give yourself a big pat on the back! Way to go!
And, if you find yourself in the latter category, it’s not too late! Go ahead - the rewards significantly outweigh the risks! You will be on your way to even more amazing growth and success in the future while also having a more well-rounded employee that is a loyal spokesperson for your organization both inside and out.
