Measuring and stretching your marketing budget
With interest rates down and compliance changes consuming our already lowered budgets we need to consider result driven and cost effective marketing strategies. The goal is still the same, grow the franchise, but our resources have been slashed. There are three things you could be doing right now to stretch your 2012 budgets, increase your products per member, and continue growing the business.
First take a hard, honest look at your 2011 marketing. How much did you spend in ads, and what was the return? How many direct mail lists did you purchase, was it effective? For 2012 focus on marketing that can be measured, this way if it’s not working you can act fast. Internet marketing gives you information on how many visits you had on your website, where they are located and how they found you. Look into options for measuring how a visit would equal a sale? E-mail marketing can be quantified by allowing members to complete the “sale” on line. Calling members gives you a defined yes or no answer with an earnings estimate based on loan and deposit rates. Call your members, thank them for their continued loyalty, and offer them products and services that will assist them with their daily financial management. To keep costs down focus on your members, you do not have to pay for their information and their loyalty will increase your long term revenue.
How many of your members are signed up for eStatements? It is estimated that for every statement account that is transferred to an eStatement account saves $0.75 per statement, per month. Sounds small; however, if you have 10,000 accounts that currently receive monthly statements in the mail and if just 3% switched to eStatements your potential annual savings would be $2,700. Don’t spend money to save money. Use word of mouth and get your team and members excited about the benefits. Use your website, the phone, email, and your team to do the marketing.
If you are not onboarding, make it a focus for 2012. Building strong relationships with your current membership will increase your products per member and increase your bottom line. Nurture your members and build upon their loyalty. Sincerely thank them for choosing your institution, offer them products and services that coincide with their needs. Get everybody “on-board”, it’s about creating a culture change from order takers to member advocates. Once again, no pricey lists to purchase, you already have all the information at your fingertips and when set up properly you can present an ROI plan before you even start.